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President Biden delivers remark regarding the Afghanistan drawdown in the East Room of the White House on July 8, 2021. Photo: Demetrius Freeman/The Washington Post via Getty Images

President Biden will sign an executive order on Friday promoting 72 initiatives across more than a dozen agencies that aim to reduce corporate consolidation, increase competition and offer benefits to consumers, workers, farmers and small businesses.

Why it matters: It's a sweeping push to fulfill Biden's goals of making the U.S. economy more dynamic and fair, as the administration seeks to crack down on highly concentrated industries like Big Tech and compete more effectively with China.

  • "Having healthy competition is vital to an effective capitalist system,” Brian Deese, Biden’s top economic adviser, told the New York Times. “It is a driver of higher wages, lower prices, more innovation and more business creation."

Details: Among other things, the order will:

  • Establish an administration policy of "greater scrutiny of mergers, especially by dominant internet platforms."
  • Ban or limit non-compete agreements and occupational licensing requirements that impede economic mobility.
  • Lower prescription drug prices by supporting state and tribal programs that will import safe and cheaper drugs from Canada.
  • Allow hearing aids to be sold over the counter at drug stores.
  • Push airlines to refund money when they lose bags or when the in-flight Wi-Fi doesn’t work
  • Ban excessive early termination fees on internet bills, require clear disclosure of plan costs to facilitate comparison shopping, and end landlord exclusivity arrangements that stick tenants with only a single internet option.
  • Encourage the FCC to reinstate net neutrality rules prohibiting the blocking, throttling or paid prioritization of web traffic that were repealed by former President Trump's FCC, the sources said.
  • Increase opportunities for small businesses by directing all federal agencies to promote greater competition through their procurement and spending decisions.

The order will establish a White House Competition Council, led by Deese, to monitor progress on these initiatives.

Read the White House fact sheet.

Go deeper

DOJ sues American Airlines, JetBlue to block "unprecedented" alliance

Photo: Andrew Harrer/Bloomberg via Getty Images

The Justice Department on Tuesday sued American Airlines and JetBlue to block an "unprecedented series of agreements" that will consolidate the two airlines' operations in Boston and New York City.

Why it matters: The civil antitrust complaint alleges that the planned Northeast Alliance (NEA) "will cause hundreds of millions of dollars in harm to air passengers across the country through higher fares and reduced choice," the DOJ said in a release.

2 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.