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Biden Signs Executive Order to Boost Competition in U.S. Economy
Posted
July 9, 2021
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July 9, 2021
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1:49Now PlayingPresident Joe Biden’s new plan to promote competition across industries and in the labor market can deliver long-run gains for the U.S. economy by boosting productivity and wages, economists say.
The president announced an executive order on Friday that directs federal agencies to ban or limit non-compete agreements -- which make it harder for workers to switch jobs in search of higher pay -- along with a raft of proposals aimed at barring unfair competition between large and small businesses.
While there’s a focus on the technology, agriculture, transportation and drug industries, some of the measures will apply across the economy. The aim is to counter a trend that’s seen market share in many industries become concentrated in a small number of businesses, widening gaps in income and wealth, the administration says.
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