President Joe Biden signed an executive order Friday to spur more competition as the economy begins ramping up following the COVID-19 pandemic. The action will affect a wide range of industries, in particular, the tech industry.
Biden’s “Promoting Competition in the American Economy” executive order consists of 72 orders for federal agencies. Regarding the tech industry, the president ordered the Federal Trade Commission to establish rules on surveillance and the accumulation of data, bar unfair methods of competition on internet marketplaces and prevent restrictions on allowing independent repair shops and DIY repairs on people’s own equipment also know as right-to-repair. Biden also announced a policy for greater scrutiny of mergers, singling out “dominant internet platforms.”
“No more tolerance for abusive actions by monopolies,” Biden said in Friday’s press conference. “Capitalism without competition isn’t capitalism. It’s exploitation.”
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