Congressional Progressive Caucus Applauds Executive Order to Promote Competition and Redistribute Corporate Power
July 9, 2021
WASHINGTON — Rep. Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus and Vice Chair of the House Antitrust Subcommittee, issued the following statement in response to an executive order from the Biden Administration to promote competition across several sectors of the American economy.
“President Biden promised to build the economy from the bottom up and the middle out, and we’re thrilled to see that he is keeping that promise with what will be a truly transformational executive order.
“The decades-long consolidation of corporate power has only deepened income inequality, stifled small businesses, hurt competition and innovation, threatened the free press, allowed exorbitant prices in necessities like prescription drugs, and entrenched racial inequity in the economy. Today’s order will address these problems and more, with real, tangible results for consumers, small businesses and working people.
“We all know someone who has been affected by anti-competition practices: families who have had to drive to Canada just to buy insulin, travelers losing hundreds of dollars while airlines face no recourse, grandparents unable to participate in daily life because they can’t afford hearing aids, neighbors trapped by predatory banking practices. By unleashing the competition powers of the federal government and empowering everyday people, we can break the grip corporations have on our economy and put money in the pockets of the people who need it.
“Progressives inside and outside of Congress have been some of the loudest voices calling to rein in monopolistic practices and for a redistribution of corporate power. This executive order will go a long way toward restoring fairness in systems that have preyed on working people for far too long.”