Biden signs order to tackle corporate abuses

BIDEN: "Let me be very clear, capitalism without competition isn't capitalism. It's exploitation."

President Joe Biden on Friday signed a sweeping executive order, urging federal agencies to crack down on anti-competitive practices in sectors from agriculture to drugs… to technology and labor.

If fully implemented, the executive order would, among other things, help lower Americans' internet costs and cut some prescription drug prices.

It also directs the Federal Trade Commission to issue rules to address competition concerns from Big Tech companies, like Facebook, Apple, Google and Amazon. And it will limit acquisitions where large internet platforms acquire potential competitors.

BIDEN: ”No more tolerance of abusive actions by monopolies. No more bad mergers that lead to massive layoffs, higher prices and fewer options for workers and consumers alike. My order includes 72 specific actions... (flash) All told, between rising prices and lowering wages, lack of competition costs the median American household $5,000 a year.”

But the executive order will no doubt kick off a series of fights with the affected industries.

The U.S. Chamber of Commerce issued a statement saying Biden’s move (quote) “smacks of a 'government knows best' approach to managing the economy”. It vowed to put up a fight against some of the initiatives.