President Donald Trump has rescinded a sweeping 2021 executive order issued by then-President Joe Biden aimed at boosting competition in the U.S. economy. The move, confirmed by the White House on Wednesday, unravels a central Biden initiative that targeted anti-competitive practices in industries from agriculture to pharmaceuticals and labor. The Justice Department has endorsed Trump’s decision, framing it as part of an “America First Antitrust” agenda focused on free markets.
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Biden’s Antitrust Push
Biden’s July 2021 order sought to enforce antitrust laws against excessive market concentration, abuses of corporate power, and monopolistic practices. It addressed sectors including labor and healthcare, with goals such as lowering airline fees, scrutinizing large mergers, and making markets fairer for consumers.
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Justice Department’s Response
The Justice Department praised the revocation, claiming Biden’s approach had been “overly prescriptive and burdensome.” It said the administration is now working to streamline the Hart-Scott-Rodino Act merger review process and reintroduce targeted consent decrees.
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Role Of Elizabeth Warren Allies
The Biden initiative was backed by senior economic officials, many tied to Senator Elizabeth Warren, who was instrumental in creating the Consumer Financial Protection Bureau under Barack Obama. Trump has repeatedly attacked the CFPB, announcing plans to slash its workforce by 90%.
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Impact On Consumers
Advocacy groups say dismantling these policies has cost Americans at least $18 billion in higher fees and lost compensation due to corporate misconduct. The figure comes from a June analysis by the Student Borrower Protection Center and the Consumer Federation of America.
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Criticism From Former Officials
Hannah Garden-Monheit, Biden’s former competition policy director, accused Trump of betraying his “Make America Competitive Again” promise. She argued that instead of protecting workers and small businesses, the move benefits “the rich and powerful.”
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Political Context And Reactions
Trump’s rollback reflects a broader ideological shift away from Biden’s regulatory strategy, emphasizing fewer government restrictions and more market autonomy. Supporters say it will foster economic freedom, while critics warn it erodes protections against corporate abuse.