President Joe Biden will convene a meeting with his Competition Council on Wednesday to announce new actions by his administration to bolster economic competition and reduce costs for families.

The meeting marks two years since the president signed an executive order establishing the council.

BIDEN TAKES NEW ACTION ON JUNK FEES, FOOD PRICES, AND CORPORATE MERGERS

Some of the initiatives include revised guidelines on mergers between the Justice Department and Federal Trade Commission and the Department of Agriculture's partnership with 32 state attorneys general to enforce antitrust and consumer protection laws.

The president announced a new war front against junk fees, something Biden highlighted during his State of the Union speech.

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Biden's meeting will begin as members of the House Oversight and Reform Committee continue to hear testimony from IRS agents connected to the agency's investigation into Hunter Biden. The House GOP has launched several investigations into the Biden family for an alleged criminal scheme involving foreign entities.

The meeting of Biden's Competition Council will begin at 3 p.m. on Wednesday.