The White House announced on Tuesday that President Joe Biden has established a new position on the National Economic Council (NEC) to address anticompetitive business practices. Hannah Garden-Monheit, a member of the NEC, has been appointed as the Director of Competition Council Policy. Garden-Monheit, a former U.S. trial attorney with experience in the private sector, stated that she will implement Biden’s executive order on competition and collaborate with the council’s 18 members on new initiatives.
Two years ago, Biden created the council through an executive order to combat anticompetitive practices in various sectors, including agriculture, drugs, and labor. The goal was to find ways to reduce prices for consumers. Garden-Monheit emphasized the use of all available tools to take targeted actions against anticompetitive practices, working with Congress to address issues in agriculture and identifying new areas of focus.
The White House is prepared to build on previous successes in addressing anticompetitive practices in meatpacking, ocean shipping, and consumer junk fees. However, specific targets for future actions have not been disclosed ahead of the fifth council meeting on Wednesday. The retail sector may be one of the potential areas of focus, as National Economic Council Director Lael Brainard previously highlighted its potential for margin compression after COVID-19 price increases.
Biden’s campaign for the presidency in 2020 included a significant overhaul of the U.S. economy, with a central focus on combating corporate greed and power. The increased oversight and actions taken by the administration have faced criticism from the industry, with the U.S. Chamber of Commerce referring to the council as the “Washington Mismanaging the Economy Council” and accusing the Biden administration of regulatory overreach.
Nevertheless, some measures have garnered strong bipartisan support in Congress, such as efforts to address corporate airline and banking fees, reduce the cost of insulin, and make hearing aids more affordable. The creation of the new position within the National Economic Council is seen as a positive development by Morgan Harper, a former Consumer Financial Protection Bureau official, who believes it signifies a commitment to competition policy and rectifying past failures in antitrust enforcement.
Columbia University Professor Timothy Wu, who previously led the White House antitrust push, described Biden’s decision to establish a specific role focused on the competition council as significant. He believes it solidifies the White House’s involvement in antitrust policy and ensures a lasting impact.
In conclusion, President Biden’s administration is taking steps to address anticompetitive practices through the establishment of a new position on the National Economic Council. The Director of Competition Council Policy will work with the council’s members to implement Biden’s executive order on competition and explore new initiatives. While facing industry criticism, some actions have gained bipartisan support in Congress, and the creation of this role is seen as a positive development in competition policy enforcement.
