President Joe Biden on Friday afternoon is slated to sign an executive order that seeks to rein in the power of big business, with the much-anticipated measure targeting agriculture, banking, tech, transportation and other sectors.
The extensive order’s provisions include one that announces a policy of greater scrutiny of mergers, especially by dominant internet platform, and another that aims to ensure vigorous enforcement against ocean shippers that levy exorbitant charges on U.S. exporters, according to a White House fact sheet.
One other provision seeks to limit equipment manufacturers from restricting people’s ability to repair the equipment, the White House said. Additional provisions aim to ban or limit noncompete agreements, call on the Justice Department and Federal Trade Commission to enforce the antitrust laws vigorously, and encourage the issuance of rules allowing customers to download their banking data and take it with them.
Biden is due to give a speech and sign the executive order at 1:30 p.m. Eastern time.
The order aimed at big business has been expected since last week. A Wall Street Journal report on Thursday revealed that the order would take on consolidation and perceived anticompetitive pricing in the railroad and ocean shipping industries — driving such stocks lower in Thursday’s session.