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Biden signs order to curb anti-competition practices in US

By Shubhangi on Jul 10, 2021 | 04:30 AM IST

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President Joe Biden signed an executive order on Friday to encourage competition in the economy by asking agencies to curb anti-competitive practices in various sectors including agriculture, drugs and labor.

"Let me be very clear, capitalism without competition isn't capitalism, it's exploitation," Biden said at the White House.

The executive order, if fully implemented, will help lower Americans' internet costs, allow for airline baggage fee refunds for delayed luggage and cut some prescription drug prices, among many other steps, reported Reuters.

"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," Biden said at the signing ceremony.

The rate of new business formation has decreased by almost 50 per cent in US since the 1970s due to big businesses making it difficult for people to break into the market, the White House said.

Biden is targeting corporate monopolies across a wide range of industries including labor, healthcare, technology and agriculture and he aims to implement 72 initiatives for federal agencies to act on.

Department of Justice and Federal Trade Commission (FTC) will be instructed to analyse mergers carefully and also challenge deals that have been closed.

Big Tech companies including Facebook, Apple, Google and Amazon will be issued rules by FTC to address competition concerns.

(With inputs from Reuters)

Picture Credits: Reuters

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