WASHINGTON (KDVR) — President Joe Biden said big mergers and monopolies eliminate competition and force many workers into low paying jobs with poor working conditions.

“Let me be clear, capitalism without competition isn’t capitalism it’s exploitation,” Biden said.

Biden also said unfair competition hurts consumers.

“Research shows when you have a limited internet operation, you pay up to five times more on average than families in places with more choices,” Biden said.

Friday, Biden signed an executive order directing more than a dozen federal agencies to implement 72 new initiatives promoting fair competition. Included in the initiatives were allowing medications to be imported from Canada, selling hearing aids over the counter, and limiting noncompete agreements that block employees from taking better jobs.

“Done for one reason, to keep wages low,” Biden said.

But Matt Schruers from the Computer and Communications Industry Association argues regulation could backfire and stop innovation.

“That’s why we see higher quality, lower prices, more innovation, it’s because companies are trying to best their competitors,” Schruers said. “If regulators come along and say stop doing that, the consumer is going to be the loser.”