Vice President Kamala Harris is preparing to introduce a federal ban on what she describes as “corporate price-gouging in the food and grocery industries.”
This move marks the first federal effort to address the rising costs at grocery stores, a burden many Americans feel in their wallets.
“There’s a big difference between fair pricing in competitive markets and excessive prices unrelated to the costs of doing business,” her campaign stated.
“Americans can see that difference in their grocery bills.”
Harris is set to unveil this proposal, part of a broader economic platform, during a campaign rally in North Carolina this Friday.
Alongside the price-gouging ban, she plans to pledge increased scrutiny on mergers among supermarkets and food producers, focusing on the risk that such mergers could raise grocery prices for consumers.
This initiative is one of Harris’s first steps to define her economic policy, distinct from President Joe Biden’s, although it aligns closely with his administration’s consumer protection agenda.
Harris’s plan continues Biden’s emphasis on holding corporations accountable, especially as they see profits while consumers struggle with rising costs.
The Biden administration, which launched the Strike Force on Unfair and Illegal Pricing earlier this year, has already been active in challenging corporate practices across various industries.
Harris’s proposal would build on this momentum, with a particular focus on the meat industry, which she claims has played a significant role in driving up grocery prices while posting record profits post-pandemic.
Additionally, Harris will outline measures to combat corporate pricing power in other critical sectors like prescription drugs and housing, both of which have seen significant price increases.
Her speech will come just days after former President Donald Trump’s economic address in North Carolina, where he blamed Harris for the spike in consumer goods prices.
“You’re paying the price for [Harris’] liberal extremism at the gas pump, at the grocery counter, and on your mortgage bill,” Trump said in Asheville.
As Harris’s campaign gains momentum, narrowing the gap in national and swing state polls, Trump still holds an edge when it comes to voter confidence in handling the economy.
The upcoming weeks will likely see both candidates intensifying their economic pitches as they vie for the upper hand in this critical area of business.
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