Biden Takes On Big Tech In Executive Order To Control Monopolies And Boost Competition

[Update 2:06 pm, Jul. 9]: President Joe Biden signed an executive order at the White House on Friday, making the crackdown on monopoly control to promote economic competition official.

“The heart of American capitalism is a simple idea: open and fair competition,” Biden said before signing the order. “Fair competition is why capitalism has been the world’s greatest force of prosperity and growth.”

[Original Story]:

President Biden is expected to sign an executive order on Friday that aims to break up corporate dominance and boost competition in the U.S. economy, the White House said.

This order marks Biden’s latest economic recovery efforts and will encourage more than a dozen federal agencies to adopt 72 actions and recommendations that will push back against monopoly tactics, particularly in the tech industry.

The move is intended to shape thinking around corporate consolidation and antitrust laws, creating a more fair market for small businsess to grow, according to a White House fact sheet.

This ambitious order, which is expected to be signed at the White House at 1:30 p.m. ET, could target agriculture, banking, healthcare, shipping, transportation and, most of all, technology, Politico reported.

White House chief economic advisor Brian Deese told CNBC that tech giants’ market dominance has led to a decline in innovation and “created significant problems” around issues such as terms of privacy and security.

“The impulse for this executive order is really around where we can encourage greater competition across the board,” Deese said.

When tech titans dominate the market, it creates roadblocks for small businesses to grow, limiting market competition, Deese said. The order is expected to reverse that, encouraging greater consumer protections and competition while promoting greater access to a fair market.

“The overarching objective with the executive order is to make sure the president is encouraging competition in industries around the country,” White House press secretary Jen Psaki told reporters Thursday.