Biden Administration Issues Sweeping Executive Order on Promoting Competition in the American Economy
Antitrust and Competition Law Alert® | July 15, 2021
Last week, President Biden issued an Executive Order, “Promoting Competition in the American Economy,” that seeks to remedy perceived excessive market concentration and reduced competition across wide swaths of the U.S. economy. The accompanying Fact Sheet states that lack of competition increases consumer prices and reduces worker wages and that the Order is intended to “lower prices for families, increase wages for workers, and promote innovation.” The Fact Sheet frames the Order as firmly rooted in historical precedent, citing to Teddy Roosevelt’s trust busting in the early 1900s and FDR’s “supercharged antitrust enforcement” in the late 1930s. The Order, along with other recent changes at the DOJ and FTC, including the appointment of Lina Khan as FTC Chair, demonstrates the Biden Administration’s commitment to significantly increasing antitrust enforcement in the U.S., including greater scrutiny of M&A transactions and “taking decisive action to reduce the trend of corporate consolidation.”
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