Summary White House readying actions in new corporate sectorsCompetition Council to have fifth meeting on WednesdayIndustry chafes at 'regulatory overreach'WASHINGTON, July 18 (Reuters) - President Joe Biden has created a new role on the National Economic Council (NEC) to tackle anticompetitive business practices, naming NEC member Hannah Garden-Monheit as Director of Competition Council Policy, the White House said on Tuesday. One may be the retail sector, which National Economic Council Director Lael Brainard singled out last October before leaving her job as Federal Reserve vice chair, arguing it had "ample room" to "recompress margins" after COVID-19 price hikes. "Institutionalizing competition policy within the National Economic Council and the White House is another critical step ... to make sure we right the wrongs of failed antitrust enforcement and competition policy enforcement for the last several decades." Columbia University Professor Timothy Wu, who led the White House antitrust push until December, said Biden's decision to create a specific role centered on the competition council reflected its importance. "Creating a White House director of competition policy is a big deal — it cements the White House role in antitrust policy and ensures a lasting impact," he said.

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Persons: Joe Biden, Hannah Garden, Biden, Monheit, Lael Brainard, Morgan Harper, Timothy Wu, Andrea Shalal, Josie Kao, Matthew Lewis Organizations: Competition Council, Industry, National Economic Council, NEC, Competition, Reuters, Economic, Reserve, U.S . Chamber, Commerce, Council, Consumer Financial, Bureau, American Economic Liberties, Columbia, White, Thomson Locations: WASHINGTON, U.S, Wednesday's, Washington