President Joe Biden directed government agencies to craft new regulations aimed at fostering competition in business and labor markets, a rebuke of a 40-year path that he said diminished the country’s economic growth, drove down investment, and led to fewer small businesses.
“The heart of American capitalism is a simple idea: open and fair competition,” Biden said before signing an executive order with dozens of proposed actions for federal agencies at the White House on Friday.
Surrounded by members of his Cabinet, including Commerce Secretary Gina Raimondo, Attorney General Merrick Garland, and Transportation Secretary Pete Buttigieg, Biden declared, “Competition works.”
“Fair competition is what made America the wealthiest, most innovative nation in history,” he said. “That’s why people come here to invent things and start new businesses.”
The order, Biden explained, would push companies to attract consumers through innovation, instead of wielding monopoly power, and allow