ICYMI: Biden Competition Council Applauds First Year of Progress

Saturday marked the one-year anniversary of President Biden's executive order to promote competition across the American economy. This EO prompted a government-wide effort to help lower prices, raise wages, and encourage innovation. And one year in, this Administration is extraordinarily proud of the progress we've made.

For just a few examples: the Department of Justice and the Federal Trade Commission have already scored big wins for Americans-- they have blocked megamergers in the insurance and sugar industries, and stopped a defense contractor megamerger that would've cost taxpayers billions; In just a few months, Americans with hearing loss will be able to buy hearing aids over the counter at a drug store, instead of requiring a prescription – which could save them thousands of dollars; and, the Department of Agriculture is cracking down on the meat processing industry, and supporting new competitors so farmer and ranchers get a fair price.

As members of the Biden Competition Council made clear in marking the anniversary today, they will continue driving structural change to produce lower prices, higher wages, and to make our economy dynamic and competitive.

Council Chair Brian Deese:

"This week marks 1 year since @POTUS signed an historic competition EO and created the new WH Competition Council. Already, the Council has gone above & beyond the initial 72+ EO directives to promote competition in the economy. To name just a few…"
Read the full thread.

White House Council of Economic Advisers:

"One year ago, President Biden signed an Executive Order on Promoting Competition in the U.S. Economy. Today, CEA is reupping a blog that analyzes trends toward market concentration and lays out the importance of competition in the American economy… Basic economic theory demonstrates that when firms have to compete for consumers, the resulting market equilibrium features lower prices, higher quality goods and services, greater variety, and more innovation… Since the 1990s, over 75 percent of U.S. industries have become more concentrated, including meatpacking, air travel, and broadband…"
Read the full thread.

Agriculture Secretary Tom Vilsack:

"I am proud of USDA's work in coordination with the White House Competition Council over the last year to learn from the pandemic and start to add resiliency and more choices for both producers and consumers in the middle of the food supply chain. Far too many companies have seen the pandemic as an opportunity to do more than pass along higher costs, but also to expand profit margins in these concentrated markets. Supporting independent processors and modernizing and reinvigorating enforcement will increase competition, curtail bad actors, and lead to fairer prices for farmers, ranchers, and consumers."

Transportation Secretary Pete Buttigieg:

"With fighting inflation as the President's top economic priority, the Biden Harris Administration's Competition Council has never been more important. I am proud of the work the Department of Transportation has contributed – including work on a new rule requiring airlines to refund fees for passengers when their baggage is delayed or they don't receive services they paid for like WiFi; imposing the biggest fine in DOT history against an airline for failing to issue timely refunds; directly helping Americans get refunds they deserve when their flights are cancelled; and increasing the number of takeoff and landing opportunities for low-cost carriers at Newark Airport. There's a lot of important work ahead, but President Biden's approach – insisting that competition must be enforced and consumers must be protected - is making a difference in ensuring fairness and lowering prices for the American people."

Labor Secretary Marty Walsh:

"One year ago, when President Biden signed the Executive Order Promoting Competition in the American Economy on July 9, 2021, the U.S. Department of Labor began work on a number of initiatives, as part of a whole-of-government effort to promote competition. A competitive labor market is necessary to ensure workers have a level playing field and receive fair wages. We know that workers, families, and the economy do better when businesses compete, and employers do not restrict workers' mobility to find better jobs. The department is committed to continuing to collaborate across the government to address anti-competitive behavior and protect workers…"

Federal Communications Commission Chairwoman Jessica Rosenworcel:

"Our economy thrives on competition. Over history, it has inspired innovation, increased choice, and improved our resourcefulness and efficiency. That's why over the last 18 months, the FCC has helped reinvigorate competition in the communications sector. We've taken action to give families living in apartment buildings more choices for their broadband service, assisted with expanding the reach of next generation 5G networks to more parts of the country, and we are developing more opportunities for companies to build communications equipment here at home. There's more work to do, and we're rolling up our sleeves to make sure it continues."

Director of the Consumer Financial Protection Bureau Rohit Chopra:

"A year ago, the President issued an executive order to launch a whole-of-government effort to promote competition in the American economy. When families and businesses face limited choices, they can encounter higher prices and worse customer service. Congress has charged the CFPB with ensuring that markets for consumer financial products are competitive, so the CFPB is participating in this whole-of-government effort, along with other independent agencies. Over the last year, the CFPB has taken a number of steps to promote competition in our markets. First, the CFPB is working to identify the obstacles for consumers to refinance or switch providers more easily… Second, we have launched an initiative to save families billions of dollars in junk fees. These back-end fees undermine fair competition by obscuring the all-in cost of a product or service… Third, the CFPB is looking to identify the roadblocks that small financial institutions and new entrants face when challenging dominant players…"

Federal Trade Commission Chair Lina M. Khan:

"The President's Executive Order on Promoting Competition in the American Economy recognizes the whole-of-government approach needed to urgently tackle unhealthy concentration and unfair methods of competition across the economy. I look forward to continuing to build on and expand the FTC's collaboration with government partners to ensure that all Americans benefit from fair, open, and competitive markets and the widespread prosperity, innovation, and freedom that they promote."

Surface Transportation Board Chairman Martin J. Oberman:

"Surface Transportation Board Chairman Martin J. Oberman today commended the Biden Administration's efforts to foster competition in U.S. businesses on the one-year anniversary of Executive Order 14036, "Promoting Competition in the American Economy." The July 9, 2021, Executive Order established the White House Competition Council, designed to facilitate agency cooperation in promoting competition in U.S. industries. Chairman Oberman, who has actively participated in the Council's activities, has prioritized enhancing competition in the nation's rail industry where too many rail customers are captive to a single large railroad and for that reason often lack bargaining power to obtain better rail service and competitive pricing for their shipments. Oberman said that the Administration's policy of emphasizing the need for more competition among U.S. businesses coincided with his own commitments to focus on improving rail competition and he welcomed the Administration's underscoring the importance of improving competition as national policy."

Assistant Treasury Secretary for Economic Policy Ben Harris:

"One year ago, @POTUS signed the Executive Order on Promoting Competition in the American Economy because he believes that every worker and business deserves a fair shot in our economy… One year later, @USTreasury has released reports showing that barriers to competition hold down wages for workers by as much as 20% and create distortions in key markets… In the coming weeks, we look forward to releasing our final report from @USTreasury , which assesses the effects on competition of large technology firms' and other non-bank companies' entry into consumer finance markets… The Biden-Harris Administration is committed to building an economy that works for all Americans, and that begins with fair and competitive markets. We will continue to work to ensure that the recommendations in these reports become a reality."

Assistant Attorney General Jonathan Kanter, Justice Department's Antitrust Division:

"The Executive Order has created unprecedented opportunities for the Division to work with partner agencies to promote competition policy. Through public advances in our partnerships and numerous enforcement collaborations, the Executive Order has driven meaningful and widespread benefits to competition in the American economy."