Biden Vow to Tackle Industry Giants Confronts Consolidation Wave

Joe Biden’s vow to take on the U.S. economy’s most dominant companies faces a monumental task: combating years of consolidation that have left industry after industry controlled by a handful of firms.

The executive order the president signed Friday puts the weight of the federal government behind a sweeping effort that will target everything from airline baggage fees to soaring prescription drug prices.

In some cases, it will result in incremental changes, but in others, the measure raises the possibility of a slew of new regulations for corporate America and a tougher approach to overseeing how companies do business, ...