Biden signs executive order aimed at increasing competition in US economy

President Joe Biden signed a wide-ranging executive order Friday afternoon aimed at minimizing the stranglehold of monopolies on certain industries.

President Joe Biden signed a wide-ranging executive order Friday afternoon aimed at minimizing the stranglehold of monopolies on certain industries and increasing competition among companies, which the White House believes will benefit consumers by driving down prices. "For decades, corporate consolidation has been accelerating. In over 75% of U.S. industries, a smaller number of large companies now control more of the business than they did 20 years ago. This is true across health care, financial services, agriculture and more. That lack of competition drives up prices for consumers," according to a White House fact sheet. Targeting air travel, labor practices, meat processing and more, the executive order contains 72 initiatives overseen by a dozen different government agencies. Here is some of what's in the order: