President Joe Biden attended the second White House Competition Council meeting on Monday.

Biden established the council in 2021 with an executive order in an effort to lower prices for American consumers.

The council is responsible for monitoring the government's approach to increasing competition in the private sector and reducing the trend of corporate consolidation. Biden believes that will drive down prices for Americans.

The administration is trying to combat inflation. The consumer price index rose 7% in 2021, the largest 12-month gain since June 1982, according to Labor Department.

The council is made up of high-level officials from the Biden administration including Treasury Secretary Janet Yellen, Transportation Secretary Pete Buttigieg, and Human Services Secretary Xavier Becerra.