Harris to Propose Federal Ban on ‘Corporate Price-Gouging’ in Food and Groceries
Proposal Aimed at Fair Market Practices
In a progressive move, Vice President Kamala Harris intends to propose the first-ever federal ban on “corporate price-gouging” in the food and grocery industries. This groundbreaking action is part of a broader economic policy the Democratic presidential nominee plans to roll out, aiming to alleviate the financial strain caused by the rising cost of groceries in the United States.
According to the Harris campaign, “there’s a significant contrast between reasonable pricing in competing markets, and exorbitant prices unconnected to the costs of doing business.” They further stated, “Americans can recognize this difference in their grocery expenses.”
Increased Scrutiny on Mergers
If elected, Harris intends to have increased scrutiny on potential mergers between large supermarkets and food producers due to the potential risk of rising grocery prices for the consumers. This proposal is a part of an extensive effort by Harris to respond to voters’ ongoing frustration with the high cost of meat and groceries.
Fighting Against Inflation Driven Prices
This proposal stays in line with the broader Biden approach towards regulation, favoring consumer protections across a range of sectors and has previously taken steps to hinder several immense corporate mergers. This move comes as an independent proposal, separate from President Joe Biden’s current agenda.
Soaring Meat Prices
Furthermore, the vice president will focus on the meat industry, stating that “escalating meat prices have contributed to a substantial part of Americans’ increased grocery bills.” She added that meat processing companies have logged record-breaking profits post the pandemic.
Additional Proposal to Cut Costs
Harris is also expected to reveal proposals designed to reduce costs in two other sectors where companies have dramatically exercised their pricing powers: prescription drugs and housing.
Facing Strong Opposition
Former President Donald Trump criticized Harris’s propositions, blaming her for the high price of consumer goods. However, Harris has managed to erase Trump’s lead over Biden in national and swing state polls within a month of her campaign, indicatively resonating with the public’s economic concerns.
Regardless of the opposition, if all goes according to plan, the proposal might result in significantly changed pricing behaviors in the food and grocery industries and other sectors too. Measures like these may redefine the economic stance of the Democratic Party and bring fruitful changes to consumers.
