U.S. President Joe Biden has signed an executive order to promote competition in the U.S. economy for the benefit of consumers.

In remarks before signing the order Friday at the White House, Biden said the measure “commits the federal government to full and aggressive enforcement of our antitrust laws.”

A major U.S. business group criticized the initiative as heavy-handed government intervention in the private sector.

The order requires a dozen federal agencies to manage 72 initiatives aimed at decreasing anticompetitive practices in a multitude of economic sectors.

Biden said, “I’m a proud capitalist. … Let me be very clear: Capitalism without competition isn’t capitalism. It’s exploitation.”

“Without healthy competition, big players can change and charge whatever they want. And treat you however they want. And for too many Americans, that means accepting a bad deal.”

The order targets corporate monopolies and directs antitrust agencies to concentrate their enforcement activities on agriculture, labor, health care and technology industries.

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