Highlights How Antimonopoly Champions are Delivering for Working Families 

Washington, D.C. — In his third State of the Union Address, President Biden doubled down on his administration’s commitment to challenging corporate power and celebrating government-wide progress to stand up for working families, small businesses, and local communities.

“From banning mandatory junk fees, cracking down on exploitative algorithmic price fixing, to lowering drug prices for patients, the President doubled down on the antimonopoly policies providing tangible relief to American families tonight,” said Nidhi Hegde, Interim Executive Director of the American Economic Liberties Project. “Enforcers are firing on all cylinders to crack down on corporate lawbreaking, craft new rulemakings to protect consumers, and challenge harmful mergers. Tonight’s State of the Union reinforces this administration’s commitment to challenging corporate power, celebrates the work of leaders like CFPB Director Rohit Chopra, FTC Chair Lina Khan, and AAG Jonathan Kanter, and proves that his antimonopoly policies are a crucial pillar of his economic agenda.”

A recent memo from Economic Liberties compiles the accomplishments of the Biden administration’s competition agenda, highlighting concrete results for consumers, workers, and small businesses.

Learn more about Economic Liberties here.

Key excerpts from tonight’s address include:

For millions of renters, we’re cracking down on big landlords who break antitrust laws by price-fixing and driving up rents. 

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I’m also getting rid of junk fees those hidden fees added at the end of your bills without your knowledge. My administration just announced we’re cutting credit card late fees from $32 to just $8. 

The banks and credit card companies don’t like it. 

Why? 

I’m saving American families $20 billion a year with all of the junk fees I’m eliminating. 

And I’m not stopping there. 

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Americans pay more for prescription drugs than anywhere else. 

It’s wrong and I’m ending it. 

With a law I proposed and signed and not one Republican voted for we finally beat Big Pharma! 

Instead of paying $400 a month for insulin seniors with diabetes only have to pay $35 a month! 

And now I want to cap the cost of insulin at $35 a month for every American who needs it! 

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Too many corporations raise their prices to pad their profits charging you more and more for less and less. 

That’s why we’re cracking down on corporations that engage in price gouging or deceptive pricing from food to health care to housing. 

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The UAW worked like hell to keep the plant open and get those jobs back. And together, we succeeded! 

Instead of an auto factory shutting down an auto factory is re-opening and a new state-of-the art battery factory is being built to power those cars. 

Instead of a town being left behind it’s a community moving forward again! 

Because instead of watching auto jobs of the future go overseas 4,000 union workers with higher wages will be building that future, in Belvidere, here in America! 

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.