New presidential Executive Order announced to promote competition

According to President Biden, his July 9 Executive Order on promoting competition in the American economy is intended to preserve the “robust competition critical to preserving America’s role as the world’s leading economy.” However, NAM immediately responded with a statement saying the actions “are solutions in search of a problem that threaten to undo our progress by undermining free markets and are premised on the false notion that our workers are not positioned for success.”

Key elements of the order include:

  • A ban or limitations on non-compete agreements.
  • Vigorous enforcement of antitrust laws and increased antitrust challenges to potential mergers.
  • Efforts to lower prescription drug prices.
  • New rules on when travelers are issued refunds when baggage is delayed and airplane services like Wi-Fi are not working.
  • Preventing internet service providers from making deals with landlords so tenants choices are limited, essentially restoring the Obama-era “net neutrality” rules.