Biden signs executive order to boost competition in economy

July 9, 2021 carleyshaffer1 US 0

WILMINGTON, DELAWARE - AUGUST 19: Democratic presidential nominee Joe Biden appears on stage after Democratic vice presidential nominee U.S. Sen. Kamala Harris (D-CA) spoke on the third night of the Democratic National Convention from the Chase Center August 19, 2020 in Wilmington, Delaware. The convention, which was once expected to draw 50,000 people to Milwaukee, Wisconsin, is now taking place virtually due to the coronavirus pandemic. Harris is the first African-American, first Asian-American, and third female vice presidential candidate on a major party ticket. (Photo by Win McNamee/Getty Images)

Joe Biden appears on stage. (Win McNamee/Getty Images)

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UPDATED 6:21 PM PT – Friday, July 9, 2021

Joe Biden recently announced a wide-ranging executive order aimed at boosting competition in the economy. Biden signed the order at the White House on Friday, which is comprised of 72 specific actions for more than a dozen federal agencies.

This includes limiting the cost of prescription drugs and banning or restricting noncomplete agreements. Biden claimed less competition and more concentration holds the U.S. economy back in Big Tech, Big Agriculture and Big Pharma.

To keep our country moving, we have to bring fair competition back to this economy. That’s why today, I’m signing an Executive Order promoting competition.

It’ll lower prices, increase wages, and take another critical step toward an economy that works for everyone.

— President Biden (@POTUS) July 9, 2021

“Rather than competing for workers, they are finding ways to gain the upper hand on labor. And too often the government has actually made it harder for new companies to break in and compete,” said Biden.

The White House claimed the executive order will promote competition in labor markets in order to raise wages, allow workers to change jobs and to move in between states.