The US presidential administration has issued a decree that aims to encourage economic competition. Joe Biden signed the decree on July 9. According to the document, the authorities will tighten control over mergers and acquisitions and limit unfair competition, the New York Times reported.
The authorities are concerned about the possible problems that the economy could face with less competition, including higher prices, fewer choices for consumers, and less freedom for employees to change their employers.
The decree will primarily concern such big tech giants as Google, Facebook, Apple, and Amazon. The document states that these companies dominate the market, are engaged in the takeover of competitors, and use personal user data for their own purposes.
In total, the document contains about 70 initiatives that relate to agriculture, healthcare, banks, and technology companies. According to the authorities, these initiatives will help lower prices, raise workers' wages, and promote innovation and rapid economic growth.
The decree states that the following should be done:
- Strengthen control over mergers and acquisitions deals, especially when it comes to dominant platforms or the purchase of potential competitors.
- Introduce new rules for monitoring and collecting personal data.
- Establish rules to restrict unfair competition.
The resonant antitrust decree signed by US President Joe Biden also ordered the US Trade Commission to introduce new rules regarding the repair of gadgets. A law needs to be issued that prohibits equipment manufacturers from not permitting repair of devices by third parties, which makes repairs too difficult, expensive, or in some cases impossible.
According to the document, users or third parties must have access to the purchase of the necessary original spare parts, manuals, and the required software, as well as the right to repair gadgets independent of vendors.