What President Biden’s Competition Executive Order Means for Banks and the Financial Services Industry

    View Author July 2021

    On July 9, 2021, President Joe Biden issued an Executive Order (EO) “Promoting Competition in the American Economy.” The EO affirms that it is the administration’s policy “to enforce the antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony.” While certain portions of the EO apply generally, the EO includes provisions aimed at specific sectors of the economy. Though the financial services sector is one of the specific sectors targeted in the EO, our initial assessment is that the EO and related regulatory actions are unlikely to have a significant near-term impact on the sector. However, there are potentially broader, longer-term implications for the financial services sector to begin to consider.