The American economy is booming under the leadership of Joe Biden. After gaining charge of the White House, he has created almost three million jobs for the people. These are the most jobs that a president has created during the first few months of his presidency. Due to the policies of Joe Biden, we are observing a boom in the American economy. We are also observing its impacts on society. It is lowering prices for families. It is also increasing wages for the workers. Due to the faster economic growth, they are also promoting innovation. To promote the interest of the workers, consumers and businessmen, they have signed an executive order on promoting competition in American economy. Here, we will discuss the sections of this executive order.
First Section:
The first section is relevant to the policy on competition in American economy. The cornerstone of the American economy is the fair and competitive marketplace. When we talk about the excessive market concentration, it is facing some problems. In these problems, there come economic liberties, the welfare of workers and much more. Anyhow, the broad and sustained prosperity depend upon the competitive economy. If America wants to preserve its role as a leader in the world’s economy, it has to understand the importance of robust competition. America has to increase the power of corporate employers with the help of consolidation. For the survival of small families, consolidation is also required in the agricultural industry. To bring innovation and growth to the American’s economy, we should work on the IT sector of America. To meet the challenges, we have to implement laws.
Second Section:
In the second section, they have explained the statutory basis of the competition in the American economy. First of all, we have to focus on antitrust laws. It will create a line of defence for the American economy. Secondly, they have shown the reflection of the antitrust laws. Here, we will have to work on the lowest prices of the products. We should also work on the best quality and highly productive material. Thirdly, we should also show consistency with the broader policies. It means that we should show consistency with the traditional antitrust laws. Thirdly, we should design various executive departments and agencies. These departments and agencies will protect the fair competition. Fourthly, we should create an agency that will monitor these departments and agencies. Fifthly, these agencies should use their power of regulatory authority by exercising these conditions of competition.
Third Section:
The government should work on the oversight, investigation and remedies of the agency corporation for competition in American economy. They have divided it into four parts. First of all, they have talked about the overlapping agency. Here, we have to get benefits from the expertise of the agencies. Secondly, we should work on the overlapping jurisdiction. We have to work on it under cases, transactions and industries. Thirdly, it should show consistency with the applicable laws. Here, they have discussed some harm of the investigations. Fourthly, we have to introduce an independent assessment of the businesses under the laws. Anyhow, we can displace or substitute this assessment by following the judgment of the Attorney-general. They have to respond to the agency. For this reason, they have to work under the deadline of the agency action.
Fourth Section:
In the fourth section, they have discussed the competition council of the White House for promoting competition in American economy. For this reason, they have established a competition council in the White House. It will work under the executive officers of the president. This council should show coordination with the Federal government. While coordinating with the federal government, they have to address the problems of overconcentration and unfair competition etc. Thirdly, the council should work across agencies. For this reason, they have to provide a coordinated response to the monopolization and overconcentration etc. Anyhow, the council should not discuss the anticipated or enforcement actions. They have also explained the members of this council in this section. They should hold meetings on annual basis. Anyhow, they can also call meetings under critical circumstances.
Fifth Section:
According to an assignment writing firm, in the fifth section, they have discussed the further agency responsibilities for competition in American economy. The heads of all the agencies can create policies for their authorities. They should work for the improvement of the competitiveness among the small businesses. The Attorney General is the head of FTC. He should encourage all the heads to enforce these laws. Here, they should also work for the potential of the anticompetitive extension. They should also provide choices to the Americans in economic development. To protect the workers from wage collusion, the Attorney General should also work on it. They should also work to provide liberty to the workers to change their jobs. After changing their jobs, they can work in the required firms.
Sixth Section:
In the sixth section, they have discussed the general provisions of competition in American economy. We should apply this law with the availability of the appropriations. Then agencies should also show independence to meet the requirements of this law. The concerning authorities should also implement this order by encouraging the independent agencies. While constructing these orders, we should not think about their otherwise effects. Anyhow, we should provide authority to the executive department. We should also explain the role and functions of the Management and Budget officers. With the help of these orders, we should not provide benefits to any specific firm. It means that we should show equity for all the departments and agencies. As a result, we can easily promote competition in American economy.
Conclusion:
For the promotion of the interest of the American workers and businessmen, President Joe Biden has implemented an executive order on promoting competition in American economy. By signing this order, the president will build economic momentum in society. This executive order consists of six sections. In the first section, they have covered all the policies of the executive order. When we will read the second section, we can know the statutory basis of these laws. In the third section, they have provided oversight and investigation of the agency corporation. After reading the fourth section, you will get a complete overview of the White House competition council. In the fifth section, we will know further agency policies. At last, they have discussed general provisions of this order.
