Washington Post: Biden’s bid to take on big business sets off battle over who holds power in U.S. economy

July 9, 2021 Media

President Biden signed an executive order on Friday taking aim at industries where certain companies dominate the market, kicking off a major new battle between the administration and corporate titans that could reshape aspects of the U.S. economy.

The executive order — which contains 72 initiatives — is striking in its scope and ambition, challenging the business practices of America’s enormous technology, health-care, agricultural and manufacturing firms while also aiming to shake up smaller sectors dominated by only a handful of companies, such as the hearing aid industry.

“This represents a massive change in how mainstream Democrats are thinking about the economy. It identifies concentrated corporate power — something both parties previously encouraged — as actually contributing to a broad range of harms for workers, innovation, prosperity and a resilient democracy overall,” said Sarah Miller, executive director of the American Economic Liberties Project, which supports antitrust efforts.

“This is not a Warren or a Sanders administration, but they have fully embraced the need to take on concentrated corporate power across the economy.”