WATCH: Biden gives remarks on efforts to lower prices for working families.

President Joe Biden told members of his administration that the lack of competition in U.S. industries costs the median American family household up to $5,000 annually.

Watch Biden’s remarks in the player above.

He said in 2022 his administration will provide “more protections for farmers and ranchers,” and “more options and better prices for consumers.”

Biden referred to a New York University study in a meeting with the White House Competition Council, which includes many top figures in his administration, including Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo and Labor Secretary Marty Walsh.

The president said the executive order he signed last year to create the council included “72 specific actions for federal agencies to take and help restore competition in our economy.”

“What we’ve seen over the last few decades is less competition and more concentration that literally holds the economy back,” he said.

“In too many industries, a handful of giant companies dominate the entire market.”

Biden touted a recent proposal by the Food and Drug Administration that would make it possible for hearing aids to be sold over-the-counter without a prescription. He said the change will reduce the cost of hearing aids for many consumers from thousands of dollars to hundreds of dollars.

He said in the coming months, the administration will seek to provide consumers with more clarity in the price for high speed internet services and airline tickets.

“The bottom line is our economy shouldn’t be about people working for capitalism,” he said. “It should be about capitalism, working for people, for everyone.”