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Jimmy Williams
Vice President Kamala Harris announced late Wednesday that she plans to propose the first-ever federal ban on corporate price-gouging in the food and grocery industries.
This move is part of a broader economic policy platform that Harris, the Democratic presidential nominee, will unveil at a campaign rally in North Carolina on Friday.
“There’s a big difference between fair pricing in competitive markets, and excessive prices unrelated to the costs of doing business,” the Harris campaign stated. “Americans can see that difference in their grocery bills.”
Harris’ proposal comes as Americans continue to grapple with high inflation, particularly in grocery stores where the cost of essential items like meat and produce has skyrocketed. The proposed ban aims to address what the campaign describes as “excessive prices” that are not justified by business costs, but rather by corporate greed.
In addition to the price-gouging ban, Harris will also promise to direct her administration to increase scrutiny of potential mergers between large supermarkets and food producers. The focus will be on assessing whether these mergers could result in higher grocery prices for consumers, a concern that has grown as a few large companies have come to dominate the food industry.
This set of proposals marks one of Harris’ early efforts to outline an economic platform distinct from President Joe Biden’s, even as it aligns with his administration’s focus on consumer protection and corporate accountability. Before endorsing Harris and exiting the race in July, Biden had similarly blamed corporate greed for contributing to inflation.
In March, Biden’s administration launched the Strike Force on Unfair and Illegal Pricing, a joint initiative between the Justice Department and the Federal Trade Commission. Harris’ proposal to ban price-gouging can be seen as an extension of this initiative.
During her speech, Harris will specifically highlight the meat industry, pointing out that “soaring meat prices have accounted for a large part of Americans’ higher grocery bills, even as meat processing companies registered record-breaking profits following the pandemic.”
Harris’ economic platform will also include proposals aimed at reducing consumer costs in other critical areas, such as prescription drugs and housing, where corporate pricing power has also been a significant issue.
The timing of Harris’ announcement is notable, coming just two days after her opponent, former President Donald Trump, gave an economic policy speech in North Carolina. In his speech, Trump blamed Harris for the high prices of consumer goods, arguing that her policies contributed to inflation.
As the 2024 election campaign heats up, Harris has quickly closed the gap in national and swing state polls, overtaking Trump’s lead over Biden. However, Trump continues to hold an advantage over Democrats in voter perceptions of who is best equipped to manage the economy.
Harris’ proposed ban on corporate price-gouging is expected to be a central piece of her economic messaging as she seeks to build voter trust in her ability to address rising costs and economic challenges.
