American regulators are set to clamp down on firms across the technology, health, banking, and other sectors, as President Joe Biden is set to sign a sweeping order on Friday.
- The measure will mandate agencies to look at ongoing concerns hounding the tech industry and reimpose rules that ban internet providers from improving delivery speeds for an equivalent price.
- The order seeks to increase efforts to reduce prescription drug prices and prohibits pharmaceutical firms from paying generic drugmakers to push back the release of cheaper medicines.
- The measure also pushes the Federal Reserve and the Federal Deposit Insurance Corp. to look deeper into banking mergers and seeks to allow customers to have ownership of their banking data.
- Biden is also looking to implement a limit on non-compete agreements and remove unneeded restrictions on occupational licensing. He also wants companies to be open to consumers being able to go to third-party repair shops.
Other provisions include easing the process for underpaid farmers to sue firms and faster refunds for affected airline passengers.
FB is up 0.51%, AMZN is down 0.48%, AAPL is up 0.58%, and GOOGL down 0.19%.
Source: Bloomberg
