Lower wages caused by lack of competition are estimated to cost the median American household $5,000 per year, according to a White House fact sheet that cites research from the American Economic Liberties Project – an influential Washington-based anti-monopoly group. No more bad mergers that lead to massive layoffs, higher prices and fewer options for workers and consumers alike,” he said before signing the order.Īntitrust agencies will be told to focus on labor, healthcare, technology and agriculture sectors as they address a laundry list of issues that have irritated consumers, and in the case of drug prices, has bankrupted some. “No more tolerance of abusive actions by monopolies. If fully implemented, the effort will help lower Americans’ internet costs, allow for airline baggage fee refunds for delayed luggage and cut some prescription drug prices, among many other steps.īiden said the order “commits the federal government to full and aggressive enforcement of our antitrust laws.”

economy, urging agencies to crack down on anti-competitive practices in sectors from agriculture to drugs and labour. President Joe Biden signed a sweeping executive order Friday to promote more competition in the U.S.