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LIVE: Biden to Sign Executive Order in Push for Economic Competition in U.S.
Posted
July 9, 2021
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17:22Now Playing(July 9) President Joe Biden will push for wider competition across the U.S. economy, targeting three industrial sectors where his administration believes consolidation has led to higher prices -- agriculture, technology and drugs -- in a sweeping executive order he’ll sign Friday.
Biden plans to underscore that he’s a capitalist and that competition is the engine of the U.S. economy in a speech accompanying the order, according to a White House official. But he wants the country to return to the “trustbusting mentality” of past presidents such as Theodore Roosevelt and Franklin Roosevelt, the official said.
“Robust competition is critical to preserving America’s role as the world’s leading economy,” Biden says in the order, obtained by Bloomberg News. “Yet over the last several decades, as industries have consolidated, competition has weakened in too many markets, denying Americans the benefits of an open economy and widening racial, income, and wealth inequality.”
The order aims to “reverse these dangerous trends.” It directs more than a dozen federal agencies to begin 72 initiatives to strengthen competition, including with new regulations.
Stocks took the news in stride as the benchmark S&P 500
reached another intraday high, rebounding from Thursday’s
selloff. The Dow Jones Industrial and Nasdaq Composite indexes
also rallied.
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