Business groups slam Biden executive order that cracks down on anti-competitive practices

Monica Crowley on Biden executive order targeting American economy, Big Tech

Former Treasury Department spokesperson Monica Crowley weighs in on the Biden administration encouraging the Federal Trade Commission to establish rules on surveillance and data accumulation. 

Business groups railed against President Biden’s executive order that takes aim at what the administration says is anti-competitive behavior conducted by some of America’s biggest industries. 

The Biden administration says a small number of companies are controlling key industries, including Big Tech and banking, leaving consumers with fewer choices and having to pay higher prices. 

Biden signed an executive order in the early afternoon aimed to "promote competition, lower prices, increase wages and spur economic growth," according to a fact sheet.

BIDEN TARGETS BIG TECH IN SWEEPING NEW EXECUTIVE ORDER CRACKING DOWN ON ANTI-COMPETITIVE PRACTICES

The executive order is "built on the flawed belief that our economy is over concentrated, stagnant, and fails to generate private investment needed to spur innovation," said Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce.  

The Bank Policy Institute argued that banking is "among the most competitive, least concentrated industries in America, as anyone who has shopped for a credit card, mortgage or deposit account knows." 

The BPI added that banks "continue to lose business to unregulated FinTechs or government-sponsored enterprises, whose presence in the market current DoJ guidelines inexplicably ignore in assessing market competition."

The National Association of Manufacturers said today’s executive order threatens to "undo our progress by undermining free markets."

The group said manufacturers’ wages have grown by 3%, 2.8% and 3% in 2020 over the past three years, which were the fastest rates of annual growth since 2003. Manufacturers right now have 814,000 jobs to fill. 

The executive order comes as the Biden administration has been seeking ways to get people back to work as supplemental unemployment benefits, difficulties finding childcare and fears over COVID-19 have prevented many Americans from returning to their job. 

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The Labor Department’s Job Opening and Labor Turnover Survey released on Wednesday showed there were 9.2 million job openings in America. 

The Biden administration’s "broadsided claims are out of touch with reality, as our economy has proven to be resilient and remains the envy of the world," Bradley said. 

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