Bloomberg Law
July 9, 2021, 6:27 PM

Biden Says Competition Order to Restore ‘Heart’ of Capitalism

Justin Sink
Justin Sink
Bloomberg News

President Joe Biden signed an order to expand competition across the economy and crack down on monopolistic practices, describing a misguided 40-year “experiment” in letting U.S. corporations consolidate with little regulation that he said has hurt ordinary Americans.

The order targets three industrial sectors where his administration believes consolidation has led to higher prices -- agriculture, technology and drugs.

“The heart of American capitalism is a simple idea: open and fair competition,” Biden said in a speech before signing the measure. He called himself a “proud capitalist” but said that he wants to “ensure our economy isn’t about people working ...

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