Biden signs executive order to promote competition

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US President Biden has signed an Executive Order on Promoting Competition in the American Economy aimed at enforcing antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony. The order recognizes that a whole-of-government approach is necessary to address overconcentration, monopolization, and unfair competition in the American economy. Agencies are to further the polices that support the development of pro‑competitive regulations and approaches to procurement and spending, and by rescinding regulations that create unnecessary barriers to entry that stifle competition. The Federal Maritime Commission must “vigorously enforce the prohibition of unjust and unreasonable practices in the context of detention and demurrage pursuant to the Shipping Act,” and seek recommendations on improvements from the National Shipper Advisory Committee.  The World Shipping Council responded that normalized demand, not regulation will solve supply chain delays.

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