Daily Times

Vowing to reset the economy for the benefit of everyday workers and consumers, President Joe Biden unveiled on Friday a wide-ranging plan to tilt the balance of power away from corporations and towards “the little guy.”

Biden described the initiative as a shift from what he called Washington’s 40-year “experiment of letting giant corporations accumulate more and more power” as he signed an executive order directing changes on everything from the sale of hearing aids to the disclosure of airline baggage fees.

“We have to get back to an economy that grows from the bottom up,” he said. The order, which drew strong praise from consumer advocates but a scathing response from some industry lobbying groups, outlines 72 initiatives across the federal government and announces the creation of the White House Competition Council to monitor progress. A White House fact sheet cited earlier moments in US history when presidents confronted corporate power, such as the trust busting push by President Theodore Roosevelt in the early 20th century that gave “the little guy a fighting chance.” The move comes as Biden’s legislative agenda faces challenges in a closely-divided Congress. The Democratic president has scored some Republican support for a scaled-down infrastructure package, but his other initiatives have failed to garner their support.

Big Tech targeted

Executive orders provide another policy mechanism for presidents, although, unlike legislation, they can be reversed by a successor’s pen and have less weight than laws. Achieving the policy’s goal of lowering drug prices, or improving small farmers’ hands in negotiating with meat processors, will take extensive action from other government bodies and may require years to materialize, experts said.