Financial transaction

Biden to sign decree on anti-competitive practices in tech, business and agriculture


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President BidenJoe BidenJohn Kerry to Visit Moscow Officials to Discuss “Global Climate Ambition” Civil Rights Leaders Find Meeting with WH “Encouraging” Amid Voting Rights Battle Pentagon Considering Locations to Send Afghan interpreters as Biden promises evacuations by end of July MORE Friday will sign an executive decree aimed at promoting competition in the economy through 72 initiatives cracking down on anti-competitive practices in several sectors.

The ordinance aims to strengthen competition and make broadband services affordable, encourage innovation and competition among tech companies, tackle prescription drug prices, allow the sale of devices over-the-counter hearing aids in pharmacies, prohibit or limit non-compete agreements for workers, and make it easier for people to get reimbursements from airlines, among other provisions.

In a fact sheet released by the White House on Friday morning, the Biden administration said anti-competitive practices in all industries had pushed up prices, made it harder for employees to negotiate better pay and slowed economic growth. .

The executive order will direct more than a dozen federal agencies to implement these 72 initiatives to promote competition in the United States.

Biden will ask the Federal Trade Commission (FTC) to assess hospital mergers that could affect patient care, especially in rural communities.

Within the framework of the rules applicable to “Big Tech” companies, Biden wants a greater condemnation of mergers between technology companies “especially by dominant Internet platforms, with particular attention to the acquisition of nascent competitors, to serial mergers, to data accumulation, competition from “free” products, and the effect on user privacy.

The president also said he wants to crack down on companies that collect personal information and calls on the FTC to create rules on surveillance and data acquisition. The FTC will also set rules against methods of unfair competition in Internet markets such as “murderous acquisitions”, a method which the administration says is “intended to eliminate a potential competitive threat.”

This would encourage the Federal Communications Commission (FCC) to reinstate net neutrality rules, which were overturned under the Trump administration.

The order will also make it easier for Americans to switch banks by requiring institutions to allow customers to take their financial transaction data with them.

For farmers, the decree aims to increase their income by strengthening what the Ministry of Agriculture can do against abusive practices by meat processors. It also orders the department to issue new rules defining what meat can be labeled “Product of the United States.”

In the transportation sector, the ordinance will direct the transportation department to issue rules requiring an airline to reimburse baggage when a flight is delayed and clearly disclose cancellation fees. It will also require railroad owners to provide passenger rail rights of way and encourage the Federal Maritime Commission to enforce against shippers charging exorbitant fees for U.S. exports.

White House press secretary Jen psakiJen PsakiCivil rights leaders find meeting with WH ‘encouraging’ amid battle for voting rights Pentagon considers locations to send Afghan interpreters as Biden promises evacuations by the end of July Rand Paul’s commits to introduce the repeal of the mandate for public transport masks PLUS said earlier this month that he expected a decree on business practices to be revealed.

“About half of private sector companies require at least some employees to enter into non-compete agreements, affecting more than 30 million people. It affects construction workers, hospitality workers, many blue collar jobs, not just top executives. He thinks that if someone offers you a better job, you should be able to take them. It makes sense, ”Psaki said.

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