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Apple and Google app stores get thumbs down from White House

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The Biden administration is taking aim at Apple and Google for operating mobile app stores that it says stifle competition.

The finding is contained in a Commerce Department report released by the administration on Wednesday as President Joe Biden convened his competition council for an update on efforts to promote competition and lower prices. “You've heard me say capitalism without competition isn't capitalism,” Biden said Wednesday before convening the meeting, “it is just simply exploitation," he said.

And on another competition front, the Consumer Financial Protection Bureau was pushing forward with efforts to limit credit card late fees.

The report from the Commerce Department's National Telecommunications and Information Administration says the current app store model — dominated by Apple and Google — is “harmful to consumers and developers" by inflating prices and reducing innovation.

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