Amplify: Biden Administration Takes on Unfair Competition
Early in his administration, President Biden prioritized the development of a fair economy by signing the Executive Order on Promoting Competition in the American Economy. Through this order, the Administration coordinates the work of federal agencies to take on multinational corporations that use their dominance to limit competition, raise consumer prices, reduce pay to workers and restrict consumer choice, all in the pursuit of historic high profits.
Under the Executive Order, agencies are directed to use their powers to reign in big corporations, helping everyday Americans who pay exorbitant prices for things such as food, medicine, travel, and banking.
Highlights:
Lifesaving medicines such as inhalers and insulin have seen significant price drops.
Bank overdraft fees have dropped by 50% since 2019 resulting in an average savings of $150 per family thanks to CFPB regulatory efforts.
The FTC blocked a megamerger of grocery chains that would have driven up grocery prices and resulted in store closures and layoffs.
Newly adopted rules require airlines to promptly provide passengers with automatic cash refunds when owed because their flights are canceled or significantly changed, or their checked bags are significantly delayed.
The new rules also require airlines to tell consumers upfront what fees they charge for checked bags, a carry-on bag, and for changing or canceling a reservation. This ensures that consumers can avoid surprise fees when they purchase tickets.
Under the Biden-Harris Administration, DOT has advanced the largest expansion of airline passenger rights, issued the biggest fines against airlines for failing consumers, and returned more money to passengers in refunds and reimbursements than ever before in the Department’s history.
The Administration continues to battle Big Tech via lawsuits and other actions aimed at ensuring industry competition and protecting consumers’ privacy rights.
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