US President Joe Biden speaks about the situation in Afghanistan from the East Room of the White House in Washington, DC, July 8, 2021.
Saul Loeb | AFP | Getty Images
The White House on Friday will announce a new executive order aimed at cracking down on competitive practices in Big Tech, CNBC’s Ylan Mui reported.
The Biden administration will make the case that the biggest companies in the tech sector are wielding their power to box out smaller competitors and exploit consumers’ personal information, Mui said on CNBC’s “Worldwide Exchange.”
The order will call for regulators to enact reforms such as increasing their scrutiny of tech mergers and putting more focus on moves like “killer acquisitions,” in which firms acquire smaller brands to take them out of the market, according to Mui.
The tech giants’ tightened grip has led to a decline in innovation, White House chief economic advisor Brian Deese told Mui in an exclusive interview.
Those platforms have “created significant problems,” Deese said. That includes “problems for users in terms of privacy and security” and “problems for small businesses in terms of entering markets,” he said.
This story is developing. Check back for updates.