Your Evening Briefing: Biden Takes on Competition With Sweeping Order
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U.S. President Joe Biden said “open and fair competition” is the key to successful American capitalism in a Friday address at the White House. He then signed an executive order intended to clamp down on monopolistic business practices.
Photographer: Alex Edelman/CNPFulfilling one of his campaign promises, U.S. President Joe Biden signed an executive order intended to crack down on monopolistic practices while expanding business competition. The directive targets three industrial sectors in which the White House said consolidation has led to higher prices: agriculture, technology and drugs. “The heart of American capitalism is a simple idea: open and fair competition,” the Democrat said. Inside the sweeping order are 72 initiatives affecting everything from restrictive noncompete clauses to drug imports from Canada. Economists say the actions will boost business in the long-run. — Margaret Sutherlin
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