Biden’s executive order to promote competition in the U.S. economy includes over 70 initiatives

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© Reuters. FILE PHOTO: Signage is seen at the Federal Trade Commission headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly

By Nandita Bose and Jarrett Renshaw

WASHINGTON (Reuters) – President Joe Biden will sign an executive order on Friday that includes over 70 initiatives the White House wants over a dozen agencies to undertake to promote competition throughout the U.S. economy, according to two sources familiar with the matter.

The order goes after corporate monopolies across a broad swath of industries such as technology, banking and airlines and pushes government agencies to consider how their decisions will impact competition in an industry, according to the sources.

Reuters first reported Biden’s plan to issue a competition executive order. Details have since emerged on specific actions the administration plans to take that will impact industries such as farm equipment manufacturers, banking and the labor market.

Some of the measures in the executive order include directing the Department of Justice (DOJ) and Federal Trade Commission (FTC) to carefully review mergers that are leaving fewer options for small businesses and direct the agencies to enforce antitrust laws vigorously, according to one source.

It directs the FTC to issue rules to address competition concerns from Big Tech companies and ban or limit non-compete agreements, the source said.

The order also encourages the FTC to issue rules that prevent manufacturers from limiting ability of consumers to repair their own devices or equipment, with respect to a number of industries, including the tractor industry, according to two sources.

President Biden will deliver remarks and sign the executive order at 1.30 pm ET.

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