How President Biden's Executive Order Impacts Big Tech

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President Joe Biden signed an executive order promoting competition in the American economy on Friday in a move which Jim Cramer has called anti-business. 

Biden said that the order will lower prices, increase wages, and take another critical step toward an economy that works for everyone.

"Capitalism without competition isn't capitalism. It's exploitation," President Biden said at the signing ceremony.

 The order includes 72 initiatives, which the White House says will improve people’s lives.

Here are some of the ways the order will impact the tech sector:

  • Announces an administration policy of greater scrutiny of mergers
  • Encourages the FTC to establish rules on surveillance and the accumulation of data
  • Encourages the FTC to establish rules barring unfair methods of competition on internet marketplaces
  • Encourages the FCC to revive the ‘Broadband Nutrition Label’ and require providers to report prices and subscription rates to the FCC
  • Encourages the FCC to limit excessive early termination fees in internet service
  • Encourages the FCC to restore Net Neutrality rules undone by the prior administration
  • Encourages the FTC to establish rules barring unfair methods of competition on internet marketplaces

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