Biden’s executive order seeks to rein in major US firms

The US president’s directive seeks to address the sharp increase in the consolidation of industries over the last two decades, which has raised worries that the biggest companies are choking off competition and innovation.

President Joe Biden will sign a sweeping executive order designed to promote competition across American industries and in the labor market, calling on regulators to take steps to lower drug prices, toughen merger enforcement in technology and banking and give workers more power to change jobs and negotiate higher wages. While there’s a long way to go from a presidential directive to final regulations, the president’s directive seeks to address the sharp increase in consolidation of industries over the last two decades, which has raised worries that the biggest companies are choking off competition and innovation. The White House blames declining competition across the economy for raising prices for consumers for necessities like prescription drugs, lowering wages for workers and acting as a drag on growth and innovation.