Biden’s wide-ranging executive order covers Big Tech, net neutrality and more

The movement to get the FCC to restore net neutrality just gained some serious traction. The White House just announced that president Joe Biden will be signing a new executive order today that will establish a “whole-of-government effort to promote competition in the American economy.” In other words, it’s targeting anticompetitive practices across a wide range of industries, including internet services and tech. 

The order contains 72 proposals and actions, among which it specifically says “the President encourages the FCC to restore Net Neutrality rules undone by the prior administration.” It also asked the agency to consider limiting early termination fees and prevent internet service providers from making deals with landlords that limit tenant choices. In addition, it urged the FCC to revive the Broadband Nutrition Label that was developed under the Obama administration that would offer greater price transparency.

The order also looked at how “dominant tech firms are undermining competition and reducing innovation,” and announced an administration policy of greater scrutiny of mergers. It would give focus on “dominant internet platforms,” especially around “the acquisition of nascent competitors, serial mergers, the accumulation of data, competition by “free” products, and the effect on user privacy.”

As part of its crackdown on Big Tech, the order called on the Federal Trade Commission to “establish rules on surveillance and the accumulation of data” as well as issue rules that would ban “unfair methods of competition on internet marketplaces” and “anticompetitive restrictions on using independent repair shops or doing DIY repairs of your own devices and equipment.” 

In other industries, like banking and personal finance, the order similarly asked for more robust scrutiny of mergers. It also urged the Consumer Financial Protection Bureau (CFPB) to “issue rules allowing customers to download their banking data and take it with them.” 

This story is developing, please refresh for updates.

All products recommended by Stock Market Pioneer are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Leave a Comment