What will change with Biden’s executive order for drugs, utility bills, banking and transportation
Objectives and effects of the executive order signed by Biden
Objective: to revive competition on the markets and to protect consumers, workers and small businesses from abuse and violations.
This is the aim of the latest initiative of the American administration with an executive order signed by President Joe Biden. Here are all the details.
WHAT THE BIDEN EXECUTIVE ORDER PROVIDES
The President of the United States, Joe Biden, has signed an executive order – or a measure that directs the work of government agencies – to promote greater competition in the American economy, with the aim of lowering prices for families in many sectors. , raise wages for workers, promote innovation and even faster economic growth.
THE ORIGIN OF BIDEN'S MOVE
How was the executive order born? Biden cited data showing that in more than 75 percent of U.S. industries, fewer large corporations control more business today than they did twenty years ago, and that the rate of new business formation has fallen by nearly 50 percent since the years. 70 to date.
WHAT THE EXECUTIVE ORDER SAYS
The American president "is taking decisive action to reduce the trend towards company consolidation, increase competition and offer concrete benefits to American consumers, workers, farmers and small businesses," reads a document released by the White House. The executive order includes 72 initiatives, addressed to over a dozen federal agencies, which address the issue of competition.
THE COMMENT OF THE SUN 24 HOURS
“Antitrust mission and against the excessive power of the giants of Corporate America for the White House. President Joe Biden, among the protests of big business protagonists, has drawn up an executive order that explicitly targets dominant companies and monopolistic practices in crucial sectors of the economy, from technology to agriculture ", wrote Il Sole 24 Hours .
CHAPTER DRUGS
Among the most important initiatives – reads a summary of Teleborsa – is the one that intends to reduce the prices of prescription drugs, supporting state programs and greater imports of cheap drugs from Canada.
BILLS DOWN
Another goal is to save money on Internet bills by banning excessive early termination fees and promoting transparency on plan costs.
TRANSPORT DOSSIER
Actions are also planned to make it easier to obtain refunds from airlines, and to change banks easier and cheaper.
PRO MARKET
The executive order also encourages major antitrust agencies to focus their efforts on key markets: labor, agriculture, healthcare (which includes prescription drugs, hospital consolidation and insurance) and tech.
BANK DOSSIER
Regarding the banking sector, the Biden administration encourages the Department of Justice and industry institutions (the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency) to update their merger guidelines. banking to "provide more in-depth control of mergers".
CONSUMER CHAPTER
In addition, it encourages the Consumer Financial Protection Bureau (CFPB) to enact rules that allow customers to download their bank details and take them with them in the event of a change of operator.
THE ROLE OF LISA KHAN
At the heart of the turning point will be the FTC. The body now headed by Lisa Khan is entrusted with the fight against corporate strategies that can limit employee compensation and mobility. It should ban or curtail the use of non-compete clauses for employees, now widespread among half of companies to the detriment of 30 million employees including low qualifications. Licensing requirements deemed unnecessary for many occupations will also be cut, currently around 30% of the total. And tight will occur in the coordination capacity of employers to control wages and benefits.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/che-cosa-cambiera-con-lexecutive-order-di-biden-per-farmaci-bollette-banche-e-trasporti/ on Sat, 10 Jul 2021 09:30:02 +0000.