United States President Joe Biden speaks about the situation in Afghanistan in the East Room of the White House in Washington DC on July 8, 2021.
Saul Loeb | AFP | Getty Images
The White House will announce a new executive order on Friday aimed at cracking down on competitive practices at Big Tech, CNBC’s Ylan Mui reported.
President Joe Biden’s administration will argue that the largest tech companies are using their power to oust smaller competitors and exploit consumers’ personal information, Mui said on CNBC’s Worldwide Exchange.
The ordinance will ask regulators to adopt reforms such as increased scrutiny of technology mergers and a greater focus on measures like “killer acquisitions” where companies buy smaller brands to take them off the market, Mui said.
The tightened grip on technology giants has led to a decline in innovation, said Brian Deese, chief economic advisor at the White House, in an exclusive interview with Mui.
These platforms have “significant …