Fact
ba
.
se
Remarks: Joe Biden Meets with His Competition Council at The White House - March 5, 2024
-
Joe Biden Person
-
Tom Vilsack Person
-
Lloyd Austin Person
-
Lael Brainard Person
Joe Biden
Unknown
00:00:00-00:00:04 (5 sec)
"Thank you, pal. [Applause]"
1
Joe Biden
Unknown
00:00:04-00:00:09 (5 sec)
"It's good to see you all and nice to see you all in one spot."
2
Joe Biden
Unknown
00:00:09-00:00:20 (11 sec)
"Look, Director, thank you for that introduction. And thank you all for the work of the Competition Council. It's reducing costs and delivering results for the American people."
3
Joe Biden
Unknown
00:00:20-00:00:36 (16 sec)
"I've said before, capitalism without competition is -- is not capitalism; it's exploitation. And that's what we've been seeing. Although it's in small scale in the minds of many people, when you add up those numbers, they're gigantic. And we're taking it on."
4
Joe Biden
Unknown
00:00:36-00:00:49 (12 sec)
"Here's what's happening: The pandemic disrupted the supply chains. We all know that. I -- I remember -- I didn't think as many people had any idea what a supply chain was, and we all learned really quickly."
5
Joe Biden
Unknown
00:00:49-00:01:07 (18 sec)
"It drove up costs on everything from smartphones to automobiles. But it also -- now those costs are making things -- have come down, but the prices haven't come down. They've stayed up. They've stayed high, and the profits have soared. And it's time for those prices to come back down."
6
Joe Biden
Unknown
00:01:07-00:01:19 (12 sec)
"Look, the good news is inflation is the lowest it's been in three years. In the last -- in last year alone, inflation came down by two thirds. We have one of the lowest inflation rates in the world."
7
Joe Biden
Unknown
00:01:19-00:01:39 (20 sec)
"Many companies have done the right thing: They've helped lower costs for Americans. But even as supply chains are back to normal, some companies are still not passing along the savings to their consumers. Many corporations are raising their prices to pad their profits, charging folks more and more for less and less."
8
Joe Biden
Unknown
00:01:39-00:01:52 (14 sec)
"In fact, some of the small snack companies you won't and -- think you won't even notice what they're doing when they charge you just as much for the same size bag of potato chips, only it has a hell of a lot fewer chips in it."
9
Joe Biden
Unknown
00:01:52-00:02:05 (12 sec)
"I'll tell you what -- I'll tell you who did notice: the Cookie Monster. [Laughter] He pointed out cookies are -- his cookies are getting smaller. He's paying the same price. [Laughs] I was stunned when I found out that's what actually happened. [Laughter]"
10
Joe Biden
Unknown
00:02:05-00:02:17 (12 sec)
"But some companies are also adding junk fees -- you know, the hidden costs that are added to the -- your bill without your knowledge. And some companies have been even caught breaking the law while overcharging consumers."
11
Joe Biden
Unknown
00:02:17-00:02:27 (11 sec)
"The American people are tired of being played for suckers. I mean, it's one thing -- no matter how much money you make, no matter how rich or poor or middle class you are, you don't like being taken advantage of."
12
Joe Biden
Unknown
00:02:27-00:02:39 (11 sec)
"That's why today I'm launching a new Strike Force to -- on Unfair and Illegal Pricing to crack down on companies who break the law while keeping prices high for American consumers."
13
Joe Biden
Unknown
00:02:39-00:02:45 (6 sec)
"The new strike force will be led by the Department of Justice and the Federal Trade Commission."
14
Joe Biden
Unknown
00:02:45-00:02:55 (10 sec)
"If you keep prices high while engaging in illegal practices that are fraudulent or unfair or deceptive or anti-competitive, you -- we will enforce the law. We will enforce the law."
15
Joe Biden
Unknown
00:02:55-00:03:18 (23 sec)
"Today, we're also announcing that the Consumer Financial Protection Bureau is finalizing a rule that will help stop some credit card companies from ripping you off with late fees. Under the law, banks are not supposed to charge late fees that are higher than the cost the banks have to engage to collect the late payment."
16
Joe Biden
Unknown
00:03:18-00:03:36 (19 sec)
"But we estimate banks were generating five times more in late fees than it costs to collect late payments. They're padding their profit margins and charging hardworking Americans more than -- a cumulative effort -- a number -- $14 billion in 2022."
17
Joe Biden
Unknown
00:03:36-00:03:46 (10 sec)
"With the announcement of thi- -- of this new rule, late fees are now going to be down to $8 -- $8 instead of the current average of $32 late-fee payments."
18
Joe Biden
Unknown
00:03:46-00:04:03 (17 sec)
"This action will collectively save families $10 billion in credit card late fees every year. That's the average of $220 in savings annually for more than 45 million Americans who typically have to pay late fees. That's a lot of money."
19
Joe Biden
Unknown
00:04:03-00:04:16 (13 sec)
"And let me close with this. Fair competition is the key to my economic vision to build an economy from the middle out and the bottom up, not the top down. And it's working."
20
Joe Biden
Unknown
00:04:16-00:04:23 (7 sec)
"Wages are up more than prices. Unemployment has reached historic lows. Families are finally getting a little breathing room."
21
Joe Biden
Unknown
00:04:23-00:04:32 (9 sec)
"Prices are still too high, and they shouldn't be this high. That's why we're going to do everything we can to keep lowering costs for working -- hardworking families."
22
Joe Biden
Unknown
00:04:32-00:04:44 (12 sec)
"With that, I'm going to turn this over to Lael, the Director of National Economic Council. But I'm supposed to leave for a meeting with -- meeting with the Business Roundtable on the telephone. But I'm going to hang around and listen a little bit."
23
Joe Biden
Unknown
00:04:44-00:04:52 (8 sec)
"So, with your permission, I'd like to stay a few -- and my staff will tell -- tell me when the drop-dead hour occurs. [Laughter] They'll pass me a note."
24
Joe Biden
Unknown
00:04:52-00:04:57 (5 sec)
"But thank you all for all the work you're doing. I really mean it. It makes a big difference."
25
Joe Biden
Unknown
00:04:57-00:05:11 (14 sec)
"When I raised this issue a year or so ago with some of my team, they thought, "No one is going to care much about it." Well, they didn't sit at my kitchen table when I was growing up. You care a whole lot when you're being played for a sucker, no matter how much money you have."
26
Joe Biden
Unknown
00:05:11-00:05:13 (2 sec)
"So, thank you for what you're doing."
27
Joe Biden
Unknown
00:05:13-00:05:17 (4 sec)
"Lael, I'll turn it over to you."
28
Lael Brainard
Unknown
00:05:17-00:05:31 (15 sec)
"Well, Mr. President, I think the members of your Competition Council have been very busy since you last met with them about six months ago. We've also got a new member. Ambassador Tai has joined the Competition Council as well."
29
Lael Brainard
Unknown
00:05:31-00:05:44 (12 sec)
"And I thought what we might do is just start by hearing from several of your Cabinet members about the efforts they've been undertaking over the last few months and the announcements they're making."
30
Lael Brainard
Unknown
00:05:44-00:05:53 (9 sec)
"So, I thought we would start with Secretary Vilsack to hear about the Department of Agriculture and then perhaps go to Secretary Austin to hear about the Department of Defense."
31
Tom Vilsack
Unknown
00:05:53-00:06:06 (13 sec)
"Well, thank you very much, Madam Director. Mr. President, I'm very pleased to be here today to report on the progress that USDA has made under the competition executive order you signed to deliver benefits for farmers, ranchers, workers, and American families."
32
Tom Vilsack
Unknown
00:06:06-00:06:19 (13 sec)
"First, we finished the final rule on the inclusive competition and market integrity, which bans discrimination on the basis of sex, race, religion, disability, and more, including being a cooperative in the livestock and poultry markets."
33
Tom Vilsack
Unknown
00:06:19-00:06:30 (11 sec)
"It's going to prohibit retaliation against livestock producers and poultry growers for engaging in very basic activities -- reporting to the government, forming an association of producers, or more."
34
Tom Vilsack
Unknown
00:06:30-00:06:42 (12 sec)
"For example, it protects livestock producers and poultry growers' ability to communicate with each other and other packers and poultry dealers in search of new opportunities to compete or engage in price discovery."
35
Tom Vilsack
Unknown
00:06:42-00:06:53 (11 sec)
"The rule also stops deception, including false or misleading statements and material omissions in contracting, contract appl- -- operations, and contract termination."
36
Tom Vilsack
Unknown
00:06:53-00:07:13 (21 sec)
"As you can see from -- there's a -- there will be a slide in the slide deck -- we're also working hard at two more proposed rules. One tackles fa- -- unfair and deceptive practices in poultry tournaments. The second reaffirms the longstanding position of USDA that harm to competition along the lines of the Sherman and Clayton Acts should not be applied to Packers and Stockyard cases."
37
Tom Vilsack
Unknown
00:07:13-00:07:30 (17 sec)
"We're very close to publishing a final rule that aligns the product of the USA label with consumer understanding of what that claim means. We're working on label standards and verification guidance for claims, such as animal-raised practices, so that consumers can trust those labels."
38
Tom Vilsack
Unknown
00:07:30-00:07:43 (13 sec)
"And lastly, we're wrapping up the more than $1 billion of investments that you challenged us to make in meat and poultry processing infrastructure this spring and summer, focused on small, independently owned, local facilities."
39
Tom Vilsack
Unknown
00:07:43-00:08:00 (17 sec)
"I'd like to highlight the steps we continue to take to promote transparency, the farmers' voice, and research access. With a partnership with the United States Patent and Trade Office, we're also helping farmers and plant breeders voice their expertise in support of robust patent examination process."
40
Tom Vilsack
Unknown
00:08:00-00:08:07 (7 sec)
"Next, in partnership with the Patent Office, we're working on steps to promote research access to seed germplasm."
41
Tom Vilsack
Unknown
00:08:07-00:08:13 (6 sec)
"All of this, Mr. President, is going to provide additional competition, more choice, and lower costs for consumers."
42
Tom Vilsack
Unknown
00:08:13-00:08:37 (24 sec)
"And that's just a few of the many ways we're promoting competition at USDA. From domestic and sustainable fertilizer capacity, which you ordered, to food system transformations and more, USDA is using our expertise and balance sheet to bring down prices for consumers, promote fairness for farmers and workers with the Department of Justice, and shoring up the resiliency in our food and agriculture supply chain, all of which you directed and challenged us to do."
43
Joe Biden
Unknown
00:08:37-00:08:44 (8 sec)
"Can I ask a question? What kind of a response are you getting from farmers and, particularly, livestock producers?"
44
Tom Vilsack
Unknown
00:08:44-00:08:55 (11 sec)
"Mr. President, they welcome these changes. For far too long, they've felt that they were at the mercy of a relatively small number of integrators and processors."
45
Tom Vilsack
Unknown
00:08:55-00:09:29 (34 sec)
"So, to the extent that they now have more options to be able to process their -- their cattle at a local and independently owned processing facilities, some of which are farmer owned; to the extent that they know they have a balanced playing field, that they understand better who they're doing business with, they understand that they have certain rights, that they can, in fact, seek a better deal -- all of that, I think, is something that's been very much desired in the marketplace across all farm groups and across all associations."
46
Tom Vilsack
Unknown
00:09:29-00:09:32 (3 sec)
"So, this is very, very popular with farmers."
47
Joe Biden
Unknown
00:09:32-00:09:42 (10 sec)
"I remember you -- you raised this with me almost four years ago on the trail in Io- -- in Iowa. And it's good to see it's underway. It seems --"
48
Joe Biden
Unknown
00:09:42-00:09:48 (6 sec)
"What's the most -- next most important step? I'm not going to ask everybody these questions, but I'm just curious. [Laughter]"
49
Tom Vilsack
Unknown
00:09:48-00:10:04 (16 sec)
"I think, Mr. President, it's basically providing an opportunity for small and mid-sized farming operations to stay in business. Previous administrations have taken the attitude, "You've got to get it big or get out." That's really helping the large-scale farming operations."
50
Tom Vilsack
Unknown
00:10:04-00:10:14 (10 sec)
"Your administration, for the first time, is creating an option so that people can stay in business and pass their farms on to their families. This -- I can't emphasize how important this is."
51
Tom Vilsack
Unknown
00:10:14-00:10:34 (20 sec)
"We've lost 554,000 farms since 1981. That's all the farmers today in North Dakota, South Dakota, Minnesota, Wisconsin, Illinois, Iowa, Nebraska, Colorado, Missouri, and Oklahoma. Gone. Your administration is trying to put a stop to that."
52
Joe Biden
Unknown
00:10:34-00:10:37 (3 sec)
"Thank you. Thank you."
53
Lael Brainard
Unknown
00:10:37-00:10:53 (17 sec)
"Yeah, I think that's a great example of the many ways that by giving small farmers, small ranchers a fair shot, we're also helping to bring prices down for American consumers on things like poultry and meat."
54
Lael Brainard
Unknown
00:10:53-00:11:04 (10 sec)
"One of the unique at -- facets of the Competition Council is that we've really seen every Cabinet agency increasing competition."
55
Lael Brainard
Unknown
00:11:04-00:11:15 (11 sec)
"And I think Secretary Austin has undertaken a number of really important initiatives at the Department of Defense. So, Mr. Secretary, perhaps you'd like to talk about those next."
56
Lloyd Austin
Unknown
00:11:15-00:11:29 (14 sec)
"Thanks, Lael. Mr. President, as you know well, competition is vital to our defense industrial base. And to keep America secure, we need to make our defense in- -- industrial base even stronger."
57
Lloyd Austin
Unknown
00:11:29-00:12:01 (32 sec)
"In January, the department released our first-ever National Defense Industrial Strategy. That's our blueprint for building a more resilient defense industrial base that's postured to deliver capabilities to our warfighters at speed and scale. And that means expediting -- or expanding our relationships with small and non-traditional companies and industries to diversify our supplier base and lowering barriers to enter in the defense marketplace."
58
Lloyd Austin
Unknown
00:12:01-00:12:14 (13 sec)
"And so, over the next six months, Mr. President, we'll keep pushing to implement that strategy and foster a more resilient, modern, and competitive defense industrial base."
59
Lloyd Austin
Unknown
00:12:14-00:12:33 (19 sec)
"Now, Putin's ongoing assault on Ukraine has underscored how important this is. Our security assistance has kept -- kept the Ukrainians in the fight and saved lives, and it's also strengthened our economy. And these investments have expanded facilities and created jobs for American workers."
60
Lloyd Austin
Unknown
00:12:33-00:12:46 (13 sec)
"And the weapons that we've sent to Ukraine to help defend itself are made in America by American workers nationwide -- from Texas, to Ohio, to Arizona."
61
Lloyd Austin
Unknown
00:12:46-00:13:07 (21 sec)
"Now, Ukraine's fight -- Ukraine's fight also shows that we urgently need to expand our own production capabilities and coordinate even more closely with our partners and allies. And we need Congress to pass a national security supplemental and the full-year appropriations so that we can keep investing in our industrial base."
62
Lloyd Austin
Unknown
00:13:07-00:13:22 (15 sec)
"And I appreciate everyone here and your support to make the President's executive order a reality. These initiatives will promote competition and revitalize our defense industrial base to keep America safe in the 21st century."
63
Lloyd Austin
Unknown
00:13:22-00:13:23 (1 sec)
"Thanks."
64
Joe Biden
Unknown
00:13:23-00:13:38 (14 sec)
"I have a lot of questions. I better not start the questions. I'll get in trouble. [Laughter]"
65