President Joe Biden will encourage the Federal Communications Commission to reinstate net neutrality rules and make it easier for consumers to comparison shop for internet service as part of a wide-ranging executive order expected to be signed Friday, according to sources familiar with the matter.

The big picture: The new executive order includes over 70 initiatives aimed at promoting competition in sectors across the economy.

Driving the news: The White House wants internet service providers to offer a "broadband nutrition label" detailing their internet packages to give consumers more transparency when they're buying service, sources told Axios.

• The executive order will also encourage the FCC to reinstate net neutrality rules prohibiting the blocking, throttling or paid prioritization of web traffic that were repealed by President Trump's FCC, the sources said.

Flashback: Both net neutrality and the broadband labels were policy proposals spearheaded by the FCC under President Obama.

What's next: Biden will give remarks about the executive order at a signing ceremony Friday afternoon, according to the White House.

• FCC commissioners were among those invited to attend the event.