President vows ‘robust competition’ to curb tech, drug and ag prices

WASHINGTON — President Joe Biden will push for wider competition across the U.S. economy, targeting three industrial sectors where his administration believes consolidation has led to higher prices — agriculture, technology and drugs — in a sweeping executive order he’ll sign Friday.

Biden plans to underscore that he’s a capitalist and that competition is the engine of the U.S. economy in a speech accompanying the order, according to a White House official. But he wants the country to return to the “trustbusting mentality” of past presidents such as Theodore Roosevelt and Franklin Roosevelt, the official said.

“Robust competition is critical to preserving America’s role as the world’s leading economy,” Biden says in the order. “Yet over the last several decades, as industries have consolidated, competition has weakened in too many markets, denying Americans the benefits of an open economy and widening racial, income, and wealth inequality.”

The order aims to “reverse these dangerous trends.” It directs more than a dozen federal agencies to begin 72 initiatives to strengthen competition, including with new regulations. Agriculture, technology and drugs are a particular focus, according to the White House official. The official asked not to be identified discussing Biden’s remarks in advance.

The Health and Human Services Department will be directed to come up with a plan within 45 days to counter high drug prices. The Agriculture Department is directed to make it easier for cow, pig and poultry farmers to sue slaughterhouses if they’re underpaid or suffer retaliation. And the Federal Communications Commission and Federal Trade Commission are instructed to establish rules for internet providers and tech companies’ use of data.

Several Cabinet members and top agency leaders will also speak at the signing event, including Attorney General Merrick Garland, HHS Secretary Xavier Becerra, Commerce Secretary Gina Raimondo, Transportation Secretary Pete Buttigieg, FTC Chair Lina Khan and Acting FCC Chair Jessica Rosenworcel.

Business lobbies quickly lined up against the administration’s move.

“This executive order smacks of a ‘government knows best’ approach to managing the economy,” the U.S. Chamber of Commerce said in a statement. The initiative is “built on the flawed belief that our economy is over-concentrated, stagnant, and fails to generate private investment needed to spur innovation,” the chamber said.