US President Joe Biden has signed an executive order aimed at suppressing large technology companies and encouraging competition. This step indicates Biden's desire for tighter control over large technology corporations, which the US administration accuses of вЂњundermining competitionвЂќ.
вЂњCapitalism without competition is not capitalism. This is exploitation, вЂњ Biden said at the signing ceremony of the decree on Friday.
The decree contains 72 actions and recommendations that ten federal agencies will have to implement, the BBC reports. The White House assumes that large technology companies collect too much personal information, buy up potential competitors and unfairly compete with small businesses. The document contains several key recommendations: more thorough verification of mergers in the technology sector, permission for the Federal Trade Commission (FTC) to establish new rules for data collection, the introduction of a ban on unfair methods of competition in Internet markets.
The Biden administration is also focused on optimizing the work of other sectors. The decree, in particular, encourages other government agencies to take measures to strengthen competition in the field of health, tourism, and agriculture. After full implementation, this will allow, for example, selling hearing aids without a prescription, as well as prohibiting fees for early termination of Internet contracts. The decree is also intended to make it easier for consumers to claim compensation from airlines.
However, Biden's order does not mean that these recommendations will take effect immediately. The relevant state bodies can amend the decree, and companies can appeal some provisions of the document in court.