Washington, D.C. — Today, President Joe Biden signed an executive order that will lower prices for consumers and spur economic growth by cracking down on anti-competitive practices in a wide range of industries. Following the signing of the order, Andres Vinelli, vice president for Economic Policy at the Center for American Progress, issued the following statement:
For decades, everyday Americans have borne the brunt of higher prices and lower wages as an increasingly small number of corporations have dominated the U.S. economy due to unfair, anti-competitive practices. Anti-competitive behavior by large corporations has made it more difficult to change jobs, start a business, get the care you need to stay healthy, or even fix a product that you already own. Economists have long cited anti-competitive practices as a drag on economic growth and a driver of both economic inequality and the racial wealth gap.
With today’s executive order, President Biden is leveling the playing field for consumers, workers, farmers, patients, and small-business owners. Today’s executive order directly addresses some of the most egregious anti-competitive practices in banking, tech, agriculture, health care, transportation, and labor. This executive order, along with the policies contained within the bipartisan infrastructure framework and the administration’s Build Back Better plan, will help the country to recover from the coronavirus crisis more quickly and equitably as well as generate a new era of long-term economic growth.