Note: This article may contain commentary reflecting the author's opinion.

Yesterday, President Biden met with the Competition Council in order to further discuss existing laws and actions by large companies that prevent competition and actively hurt the average American family. This discussion started because of the President’s recent executive order that aimed to tackle the lack of competition and serve as a response to the increasing market consolidation that multinational corporations have achieved worldwide.

The president explained in the introduction to the meeting that a lack of competition is actively costing the average American household $5,000 per year. Additionally, he expects that this executive order will help shift the American economy from prioritizing exploitation to prioritizing competition between corporations.

President Biden specifically mentioned his administration’s success in getting Americans the ‘Right to Repair’. This aims to prevent large corporations from implementing guards or punishments towards consumers who attempt to repair their devices by themselves or by using a third-party company. This was a big issue with companies like Apple or Microsoft, who would void the consumer’s warranty if they attempted to repair their devices through an unapproved shop. In response, many companies have relaxed their repair restrictions. The Biden administration has also encouraged the Federal Trade Commission to actively block mergers that would hurt the economy. Interestingly, the executive order also allows the Federal Trade Commission to “challenge prior bad mergers”. 

Biden also claimed today that American households can also expect to see stronger protections for farmers and ranchers, changes in the requirements of transparency in the internet and airline industries due to the lack of competition and limitations or outright bans on non-compete clauses that negatively affect the economic mobility of American workers.

For many Americans, this may seem like good news and for the most part, it could be. It will take time to see if these changes will come to fruition in the way that the Biden administration has planned. Overall, however, it appears to be a step in the correct direction for the Biden administration.