Biden signs sweeping executive order to crack down on Big Tech, bolster anti-trust laws

President Biden signed an executive order Friday that cracks down on anticompetitive practices by Big Tech, labor and other sectors of the economy.

The order includes 72 actions and recommendations, in response to growing concerns about corporate consolidation and the effectiveness of existing antitrust laws.

"The heart of American capitalism is a simple idea: Open and fair competition," Biden said before signing the order, according to Fox News. "That means if your companies want to win your business, they have to go out and they have got to up their game. Better prices and services, better ideas and products. The competition keeps the economy moving and it keeps it growing. A competitive economy must mean that companies do everything they can to compete for workers."

The sweeping order also involves over a dozen federal agencies, according to a White House fact sheet.

The wide-ranging goals and initiatives include urging the Federal Trade Commission to "challenge prior bad mergers" that previous administrations didn't and for the agency to ban or limit non-compete agreements.

Biden asked the FTC, as part of the order, to block exclusivity deals between landlords and broadband providers, according to CNBC.com.

"Lack of competition drives up prices for consumers," the White House said ahead of Biden's scheduled signing of the order. "As fewer large players have controlled more of the market, mark-ups (charges over cost) have tripled. Families are paying higher prices for necessities – things like prescription drugs, hearing aids, and internet service."