Biden signs order to support more competition

President Joe Biden has signed an executive order aimed at strengthening fair and open competition and limiting anti-competitive practices, according to a report from the Associated Press. The order contains 72 actions and recommendations to lower prices, increase wages, promote innovation, and quicken economic growth. Aimed at big businesses — specifically big-tech businesses — the order includes calls for banning or limiting noncompete agreements to help boost wages, providing rule changes that would allow hearing aids to be sold over the counter at drugstores, and banning excessive internet service early termination fees. The order also recommends that the Transportation Department consider rules requiring airlines to refund fees when baggage is delayed or advertised in-flight services are not provided. Biden said of the order, “Capitalism without competition isn’t capitalism. It’s exploitation.” The order has raised concern that new regulations that federal agencies write could trigger major legal battles.