Biden signs new order cracking down on Big Tech

Biden signs new order cracking down on Big Tech
2 Min Read

Daily US Times: President Joe Biden has signed an executive order aimed at promoting competition and cracking down on big tech firms.

The executive order points to Mr Biden’s desire for tougher scrutiny of Big Tech, which the administration has accused of “undermining competition”.

Mr Biden said at Friday’s signing event: “Capitalism without competition isn’t capitalism. It’s exploitation.”

The order includes 72 recommendations and actions involving ten agencies.

It suggests that problems have arisen because of large tech firms buying up potential competitors, collecting too much personal information and competing unfairly with small businesses.

Several recommendations it sets out include:

  • Barring unfair methods of competition on internet marketplaces.
  • The Biden administration is also targeting a number of other sectors with the order.
  • Greater scrutiny of mergers in the tech sector
  • New rules to be set out by the Federal Trade Commission (FTC) on data collection

The move encourages other government agencies to take action to improve competition across travel, healthcare and agriculture.

Once fully implemented, the order would allow hearing aids to be sold over the counter, for example, as well as the ban of early exit fees from internet contracts.

It also intends to make it easier for consumers to claim refunds from airlines. The fact sheet released by the White House says “For decades, corporate consolidation has been accelerating,” describing the order as “a whole-of-government effort to promote competition in the American economy”.

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