President Biden’s executive order attempts to break the chain of corporate consolidation within the agriculture, healthcare, shipping, transportation, banking, and technology sectors. The 72 total orders look to improve the American economy for consumers, workers, and small businesses.
The White House Fact Sheet lists the entirety of the executive order. Below are the major highlights and implications that American taxpayers should note.
Labor Markets
- Increase Worker Wages by strengthening current antitrust guidance to prevent employers from collaborating to suppress wages or reduce benefits by sharing wage and benefit information
- Ban or Limit Non-Compete Agreements as well as unnecessary occupational licensing restrictions that impede career mobility
Healthcare
- Increase Access & Affordability for hearing aids, hospitals, health insurance, and prescription drugs
Transportation
- Lower Airline Costs like baggage and cancellation fees by directing major airlines to issue clearer guidelines
Agriculture
- Boost the Agricultural Market by directing the USDA to manage a healthy supply chain for seeds, feed, equipment, and fertilizer
- Give Consumers Full Transparency with new USDA rules prohibiting foreign corporations from using the “Product of USA” label on meat
Internet Service
- Limit Excessive Termination Fees and re-establish the “Broadband Nutrition Label” to give consumers full transparency & accessibility to view hidden fees
- Prohibit Landlord Exclusivity Agreements that prevent tenants from receiving cheaper and/or better services
Technology
- Protect Personal Information by increasing surveillance and limiting the accumulation of consumer data
- Rid “Killer Acquisitions” to prevent Big Tech from absorbing smaller, would-be competitors
- Promote Independent Repair Shops by eliminating Big Tech’s anti-competitive restrictions that prevent business from flowing to other, third-party repair providers
Banking & Finance
- Increase Scrutiny of Banking Mergers after 15 years of lax federal review which has led to excessive consolidation, and ultimately, raised banking costs for consumers and disproportionately impacted low-income communities
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