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TimesLIVE
2 days ago
- Business
- TimesLIVE
Trump revokes Biden-era order on competition, White House says
US President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the US economy issued by his predecessor Joe Biden, the White House said. The move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anticompetitive practices in sectors from agriculture to drugs and labour. The justice department welcomed Trump's revocation of the order, saying it was pursuing an 'America First Antitrust' approach focused on free markets instead of what it called the 'overly prescriptive and burdensome approach' of the Biden administration. It said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent decrees. Biden signed a sweeping executive order in July 2021 to promote more competition in the US economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for consumers. The initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack Obama. Trump has attacked that agency since taking office, announcing plans to shrink its workforce by 90%. Those moves have cost Americans at least $18bn in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America. Hannah Garden-Monheit, who was the director of competition policy under Biden, said Trump's move undercuts his promise to protect the Americans who need it the most. 'This shows President Trump's claim he would 'Make America Competitive Again' was a sham. Instead of enforcing the competition laws, he's throwing Main Street businesses and workers under the bus while doing favours for the rich and powerful,' Garden-Monheit said.
Indian Express
2 days ago
- Business
- Indian Express
Trump revokes Biden-era order on promoting US economic competition
US President Donald Trump on Wednesday formally revoked a 2021 directive issued by his predecessor Joe Biden to promote competition in the US economy, the White House confirmed. The official order states: 'By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered: Section 1. Revocation. Executive Order 14036 of July 9, 2021 (Promoting Competition in the American Economy), is hereby revoked.' The statement also clarifies that the revocation does not impair existing legal authorities of federal agencies, and will be implemented in accordance with applicable laws and 'available appropriations', and does not create any 'enforceable rights.' Biden's 2021 order was designed to stop unfair corporate practices. His administration said these included things like excessive airline fees and large mergers that raise prices for consumers. The policy was a major effort supported by advisers connected to Senator Elizabeth Warren, who helped set up the Consumer Financial Protection Bureau (CFPB) during Barack Obama's presidency. The CFPB is a government agency meant to protect people from unfair treatment by banks, credit card companies, and other lenders. Trump has long opposed the CFPB and announced plans to reduce its staff by 90%. Consumer advocates say cutting back the agency's work has already cost Americans about $18 billion in extra fees and lost compensation from corporate wrongdoing, according to a June study by the Student Borrower Protection Center and the Consumer Federation of America. As reported by Reuters, the DOJ welcomed Trump's decision, saying it fits with its 'America First Antitrust' approach. Antitrust laws are designed to prevent companies from getting too much market power and blocking fair competition. The DOJ said this new direction would focus on encouraging free markets and avoid what it called Biden's 'overly prescriptive and burdensome approach.' It also plans to simplify the review process for mergers under the Hart-Scott-Rodino Act and bring back more targeted consent decrees – legal agreements used to stop or prevent certain business practices without a trial. Meanwhile, Hannah Garden-Monheit, who directed competition policy under Biden, accused Trump of abandoning protections for small businesses and workers. 'This shows President Trump's claim he would 'Make America Competitive Again' was a sham. Instead of enforcing the competition laws, he's throwing Main Street businesses and workers under the bus while doing favors for the rich and powerful,' she said, as per Reuters. (With inputs from Reuters)
UPI
2 days ago
- Business
- UPI
Trump revokes Biden antitrust EO targeting monopolies
President Donald Trump on Wednesday signed an executive order revoking a Biden-era antitrust initiative. Photo by Will Oliver/UPI | License Photo Aug. 14 (UPI) -- President Donald Trump on Wednesday rescinded a signature Joe Biden-era initiative aimed at promoting competition in the U.S. economy and curbing monopolies, especially in the technology industry. Trump revoked Biden's Executive Order 14036 with an executive order of his own. The far-ranging EO 14036 was signed by Biden in July 2021 to bolster antitrust enforcement to "promote the interests of American workers, businesses and consumers" and protect them from economic consolidation. Trump offered no reason for the revocation, though the Justice Department celebrated the move, saying it will use this as an opportunity to "recalibrate and modernize" its approach to competition policy. "America First Antitrust focuses on empowering the American people in the free markets, not enabling regulators and bureaucrats to prescribe outcomes," Assistant Attorney General Abigail Slater of the Justice Department's Antitrust Division said in a statement. "We are unleashing the new American Golden Age through antitrust enforcement that removes barriers to innovation and opportunity and limits regulatory burdens on free competition." The Justice Department also criticized the Biden initiative as "overly prescriptive and burdensome," and said that the Trump administration is focused on crafting executive orders that are "tailored" and call for lowering drug prices and reducing regulatory barriers.
Economic Times
2 days ago
- Business
- Economic Times
Trump revokes Biden-era order on competition, White House says
U.S. President Donald Trump has revoked a 2021 executive order signed by President Joe Biden that aimed to promote competition across key sectors of the U.S. economy. Biden's order had targeted anti-competitive practices in industries like agriculture, pharmaceuticals, and labor, and was a cornerstone of his economic agenda. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the U.S. economy issued by his predecessor Joe Biden, the White House move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anti-competitive practices in sectors from agriculture to drugs and Justice Department welcomed Trump's revocation of the order, saying it was pursuing an " America First Antitrust " approach focused on free markets instead of what it called the "overly prescriptive and burdensome approach" of the Biden said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent signed a sweeping executive order in July 2021 to promote more competition in the U.S. economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack has attacked that agency since taking office, announcing plans to shrink its workforce by 90%.Those moves have cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of Garden-Monheit, who was the director of competition policy under Biden, said Trump's move undercuts his promise to protect the Americans who need it the most."This shows President Trump's claim he would 'Make America Competitive Again' was a sham. Instead of enforcing the competition laws, he's throwing Main Street businesses and workers under the bus while doing favors for the rich and powerful," Garden-Monheit said. (Reporting by Andrea Shalal and Costas Pitas; editing by Diane Craft and Michael Perry)
The Sun
2 days ago
- Business
- The Sun
Trump revokes Biden-era order on competition, White House says
WASHINGTON: U.S. President Donald Trump on Wednesday revoked a 2021 executive order on promoting competition in the U.S. economy issued by his predecessor Joe Biden, the White House said. The move by Republican Trump further unwinds a signature initiative by Biden, a Democrat, to crack down on anti-competitive practices in sectors from agriculture to drugs and labor. The Justice Department welcomed Trump's revocation of the order, saying it was pursuing an 'America First Antitrust' approach focused on free markets instead of what it called the 'overly prescriptive and burdensome approach' of the Biden administration. It said it was also making progress in streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent decrees. Biden signed a sweeping executive order in July 2021 to promote more competition in the U.S. economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for consumers. The initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with Senator Elizabeth Warren, who played a key role in creating the Consumer Financial Protection Bureau under former President Barack Obama. Trump has attacked that agency since taking office, announcing plans to shrink its workforce by 90%. Those moves have cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America. Biden's order said it aimed to 'enforce the antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony', focused on areas such as labor and healthcare - REUTERS
