WASHINGTON: President Joe Biden will sign an executive order on Friday that includes 72 initiatives he wants over a dozen agencies to undertake to promote competition throughout the US economy, according to a fact sheet released by the White House.

The order goes after corporate monopolies across a broad swath of industries such as technology, banking and airlines and pushes government agencies to consider how their decisions will impact competition in an industry.

"Inadequate competition holds back economic growth and innovation," the White House fact sheet said. "The rate of new business formation has fallen by almost 50% since the 1970s as large businesses make it harder for Americans with good ideas to break into markets."

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Reuters first reported Biden's plan to issue a competition executive order in late June. Details have since emerged on specific actions the administration plans to take that will impact industries such as farm equipment manufacturers, banking and the labor market.

Some of the measures in the executive order include directing the Department of Justice (DOJ) and Federal Trade Commission (FTC) to carefully review mergers that are leaving fewer options for small businesses and direct the agencies to enforce antitrust laws vigorously.

It directs the FTC to issue rules to address competition concerns from Big Tech companies and ban or limit non-compete agreements.

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The order also encourages the FTC to issue rules that prevent manufacturers from limiting the ability of consumers to repair their own devices or equipment, with respect to a number of industries, including the tractor industry.

The order also establishes a White House Competition Council, led by the Director of the National Economic Council, to monitor progress on finalizing the initiatives in the order.

Biden will deliver remarks and sign the executive order at 1:30 pm ET (1730 GMT).