President Joe Biden signed an executive order that is seen as his so far strongest effort of promoting competition and aimed at the dominance of big tech companies.
“Capitalism without competition isn’t capitalism. It’s exploitation,” Biden was quoted saying at signing event.
It says there is a problem that large tech companies have access to too much personal information, buying up potential competitors and competing unfairly with small businesses.
The order aims to bolster competition and make broadband services affordable, encourage innovation and competition among tech companies.
A fact sheet published by the White House says that anti-competitive practices across industries have driven up prices, made it harder for employees to bargain for a better wage and stunted economic growth.
The order includes 72 actions and recommendations.
- Greater scrutiny of mergers in the tech sector
- New rules to be set out by the Federal Trade Commission (FTC) on data collection
- Barring unfair methods of competition on internet marketplaces.
The order also addresses competition within health care travel and agriculture.