Washington (News country now)-President Joe Biden signed an executive order on Friday to promote more competition in the economy, urging agencies to combat anti-competitive practices in sectors ranging from agriculture to drugs and labor.

Biden said the order “makes the federal government a commitment to fully and aggressively enforce our antitrust laws.”

“Abuses by monopolies are no longer tolerated. There are no more bad mergers that lead to massive layoffs, price increases, and fewer choices for workers and consumers,” he said before signing the order.

The order targets corporate monopolies in a wide range of industries such as technology, banking, and aviation, and prompts government agencies to consider how their decisions will affect competition in specific industries.

“Insufficient competition hinders economic growth and innovation,” White House fact sheet Say. “Since the 1970s, the formation rate of new businesses has dropped by nearly 50% because large companies have made it more difficult for Americans with good ideas to enter the market.”

The White House stated that since the 1970s, the formation rate of new businesses has fallen by nearly 50% because large companies have made it more difficult for Americans with good ideas to enter the market.

Biden’s actions are aimed at corporate monopolies in a wide range of industries, including 72 initiatives that he hopes more than a dozen federal agencies will take action.

Some of the measures in the executive order include instructing the Department of Justice and the Federal Trade Commission to carefully review mergers that leave small businesses with fewer options, and instructing agencies to vigorously enforce antitrust laws.

It instructs the FTC to issue rules to address competition issues for large technology companies and prohibit or restrict non-compete agreements.

The order also encourages the FTC to issue rules to prevent manufacturers from restricting consumers’ ability to repair their own equipment or equipment in many industries, including the tractor industry.

The order also established a White House Competition Committee headed by the director of the National Economic Council to oversee the finalization of the actions in the order.

The order quantity is U.S. applications for unemployment benefits rose slightly last week Even the economy and job market seem to be rebounding from the coronavirus recession.

The economy is recovering so fast that many companies cannot find employees fast enough to meet growing customer demand. On Wednesday, the government said that US employers announced 9.21 million jobs in May, the highest level since records began in 2000.

While in In June, employers added 850,000 jobs stronglyCompared with a year ago, hourly wages have steadily increased by 3.6%-faster than the annual growth rate before the pandemic, which shows that companies are forced to pay more wages to attract and retain employees.

The Associated Press and Reuters contributed to this report.