Donald Trump has revoked a 2021 executive order on promoting competition in the US economy issued by Joe Biden, the White House confirmed on Wednesday. The move further unpicks a flagship initiative by the former Democratic president aimed at cracking down on anti-competitive practices in sectors including agriculture, pharmaceuticals and labour.
Biden signed the sweeping order in July 2021 to tackle what his administration described as corporate abuses, such as excessive airline fees and large mergers that raised consumer costs. The initiative was championed by top Biden economic officials, many of whom had previously worked with Senator Elizabeth Warren, a key architect of the Consumer Financial Protection Bureau (CFPB).
The Department of Justice welcomed Trump's revocation, stating it was pursuing an 'America first antitrust' approach focused on free markets, rather than what it called the 'overly prescriptive and burdensome approach' of the Biden administration. It added that it was making progress on streamlining the Hart-Scott-Rodino Act merger review process and reinstating more frequent use of targeted consent decrees.
Trump has also attacked the CFPB since taking office, announcing plans to cut its workforce by 90%. An analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America estimated that such moves have cost Americans at least $18bn in higher fees and lost compensation for consumers allegedly cheated by major companies.
