On March 5, President Joe Biden launched the strike force on unfair and illegal pricing (strike force) for the purpose of implementing policies in his July 9, 2021, “Executive Order on Promoting Competition in the American Economy.” The strike force on unfair and illegal pricing is co-chaired by the Department of Justice (DOJ) and the Federal Trade Commission (FTC) with the goal to “strengthen interagency efforts to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive or fraudulent business practices.” Some of the key sectors the strike force has vowed to focus on are housing, prescription drugs and healthcare, food and grocery, and financial services.

The strike force’s launch is to continue the efforts of the president’s Competition Council, which was established “to work across agencies to provide a coordinated response to overconcentration, monopolization, and unfair competition in or directly affecting the American economy.” During the last seven months, the Competition Council, which consists of the secretaries of various departments (e.g., agriculture, commerce, labor), has proposed and finalized certain efforts targeted at eliminating high prices and other anti-competitive conduct. More specifically, the FTC and DOJ recently finalized updated merger guidelines to help promote competition, the FTC finalized a rule to ban auto dealers from using bait-and-switch tactics to deceive consumers and from charging hidden junk fees, and the FTC and the U.S. Department of Health and Human Services (HHS) launched a probe into anti-competitive behavior by group purchasing organizations and drug wholesalers that may contribute to generic drug shortages. By the sixth meeting, the Competition Council intends to announce three new actions that promote competition and lower costs, and to release a new report showing that the administration’s work to eliminate junk fees will save Americans more than $20 billion each year.