President Joe Biden signed an executive order that includes 72 initiatives he wants over a dozen agencies to undertake to promote competition throughout the U.S. economy
If fully implemented, the effort will help lower Americans' internet costs, allow for airline baggage fee refunds for delayed luggage, among other steps.
The White House says the rate of new business formation has fallen by almost 50% since the 1970s as large businesses make it harder for Americans with good ideas to break into markets. Biden's order pushes the Agriculture Department to act to stop what the White House called "abusive practices of some meat processors," reacting to farmers and ranchers who sometimes say they face too few buyers for their animals.
It directs the FTC to issue rules to address competition concerns from Big Tech companies, Facebook, Apple, Alphabet's Google and Amazon, and limit "killer acquisitions" where large internet platforms acquire potential competitors.
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