14:57
Take a listen to the latest Politics Weekly Extra podcast: After a rocky few weeks for Kamala Harris, I spoke to Lawrence Haas, former communications director for Al Gore, about the ins and outs of being a successful second in command to the president.
Is Harris a good vice-president? Politics Weekly Extra
14:36
According to a fact sheet released by the White House, the executive order that Joe Biden will sign today includes “72 initiatives by more than a dozen federal agencies to promptly tackle some of the most pressing competition problems across our economy”.
Among other things, the order will ban or limit non-compete agreements to make it easier to change jobs and raise wages in certain industries.
In the airline industry, the administration is requiring companies to provide clear, upfront disclosures about add-on fees and making it easier for customers to get refunds.
The order will also ease the process of switching banks by requiring banks to allow customers to take their financial data with them to another company.
On the enforcement side, the order calls on the justice department and the Federal Trade Commission to “enforce the antitrust laws vigorously” and “challenge prior bad mergers” when appropriate.
The blog will have more details on the order coming up, so stay tuned.
14:29
Brian Deese, the director of the White House National Economic Council, described the executive order as an opportunity to reset anti-trust laws.
Squawk Box
(@SquawkCNBC)BREAKING: W.H. is rolling out an expansive Executive Order targeting corporate consolidations
“This is not just about monopolies but it’s about consolidation more generally and the lack of competition when you have a limited set of market players,” @BrianDeeseNEC tells @ylanmui pic.twitter.com/LTwyy8vRlH
“This is not just about monopolies but it’s about consolidation more generally and the lack of competition when you have a limited set of market players,” Deese told CNBC.
The economic expert noted some data suggests wages are as much as 17% lower in industries with more corporate consolidation.
“The impulse for this executive order is really around, where can we encourage greater competition across the board?” Deese said.
14:29
Biden to sign executive order to crack down on monopolies
Greetings from Washington, live blog readers.
Later today, Joe Biden will sign an executive order “promoting competition in the American economy,” according to his official schedule from the White House.
Politico reported on the executive order last week:
The White House is crafting an executive order aimed at promoting competition throughout the US economy, a move aimed at lessening the stranglehold of dominant players in industries ranging from banking and agriculture to shipping and air travel, according to three people familiar with the discussions. …
It would also mark a big shift in the government’s approach to the concerns about monopolies that have swelled during the 21st century: No longer content to just enforce antitrust laws, the Biden administration would use federal power to actively spark competition in a vast array of businesses.
The executive order is the latest sign of Biden’s focus on anti-trust issues, which has pleased progressives who have been pushing the federal government to crack down on corporate power for years.
Biden’s efforts to rein in corporate power also extend to his infrastructure plans, as he has called on major companies to pay their “fair share” in taxes to help fund his proposals.
Discussing the need to raise taxes on corporations and the wealthiest Americans, Biden said Wednesday, “I’m not trying to gouge anybody, but, I mean, just get in the game.”
The blog will have more coming up, so stay tuned.