Business & Investment

Monopoly-The White House prepares an ordering body to consider antitrust concerns

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© Reuters.File Photo: Amazon, Apple, Facebook, Google logos for combined photos

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Nandita Bose and Diane Baht

Washington (Reuters)-The White House is working on an antitrust executive order aimed at encouraging government agencies to consider how their decisions affect industry competition.

The motivation for lifting such orders arises when Congressmen are promoting drastic antitrust laws aimed at limiting the power of big tech companies, such as: Facebook Inc (NASDAQ :), Alphabet (NASDAQ :) Inc’s Google, Amazon.com Inc (NASDAQ :), Apple Inc (NASDAQ :) are stopping corporate integration.

It was not immediately clear how such an order would help these efforts at Capitol Hill and curb the power of large tech companies that had prospered for years without much regulation.

One source described the order as “well-developed” and said it was based on a 2016 report by the White House Council on Economic and Fiscal Policy. Both sources said it was being addressed by a former Obama administration official currently working for President Joe Biden.

Sources said no decision was made when or when the order would be released.

White House spokesperson Emily Simons did not comment on specific details, but during the campaign the president competed in the U.S. economy, including banning workers’ non-compete obligations and protecting farmers from abuse. He said he had revealed that he was working on intensifying the situation.

“At this time, there is no final decision on any action,” she said.

The White House recently appointed supporters of antitrust reform in key positions. Earlier this month, Biden appointed prominent Big Tech critic Lina Khan as chairman of the Federal Trade Commission.

This followed the appointment of Tim Wu, a candid critic of Google, Facebook and Amazon, as the president’s special aide to competition policy.

Democratic Party Biden is believed to have not yet nominated a person to lead the Antitrust Law Department of the Justice Department and is considering John Sallet and Jonathan Canter, who are involved in the fight against Google.

The Democratic Party’s push for the monopoly power of large tech companies is nothing new. The House Anti-Trust Subcommittee released a bitter report on the tech industry last year after a 16-month survey, proclaiming that Amazon, Apple, Facebook, and Google have taken a variety of exclusive actions.

Big tech companies, in particular, face similar challenges to power around the world, including antitrust investigations in Europe and new legislation to curb power in Australia and India.

Both companies deny that their business practices hurt competition and consumers.

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Monopoly-The White House prepares an ordering body to consider antitrust concerns

https://www.investing.com/news/stock-market-news/exclusivewhite-house-prepares-order-directing-agencies-to-consider-antitrust-concerns–sources-2544301 Monopoly-The White House prepares an ordering body to consider antitrust concerns

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