Harris wants to lower grocery prices with a 'first-ever' federal ban on unfair costs for everyday goods

• Vice President Kamala Harris is announcing a plan to ban price gouging on food and groceries.
• She would also call on the FTC to penalize companies that don't comply with the ban.

Vice President Kamala Harris wants to take on high grocery prices.

On Friday, Harris' campaign released new details of its economic policy plan ahead of a campaign speech in North Carolina, and they largely focused on lowering costs for Americans struggling with inflation.

A key component of her plan was a "first-ever federal ban" on price gouging for groceries and food. Price gouging, in which companies and corporations raise prices on goods to excessive levels, is something President Joe Biden and many Democratic lawmakers have criticized — and the Federal Trade Commission has launched investigations into high grocery prices, as well.

Harris' fact sheet stated that she plans to implement this ban in her first 100 days in office and will direct the FTC to penalize companies that do not comply with it.

"Price fluctuations are normal in free markets, but Vice President Harris recognizes there is a big difference between fair pricing and the excessive prices unrelated to the costs of doing business that Americans have seen in the food and grocery industry," the fact sheet on the plan said.

Harris is also set to announce plans to push for restoring the child tax credit and give parents $6,000 for their child's first year of life, along with other efforts to lower housing and drug costs.

Democratic lawmakers like Sen. Elizabeth Warren have previously introduced legislation to address corporate price gouging. In February, for example, Warren joined some of her Democratic colleagues in reintroducing the Price Gouging Prevention Act of 2024, which would allow the FTC to enforce a federal ban on "excessive price increases," per the press release.

"Those high prices you're seeing at the grocery store? They're not just inflation," Warren wrote on X on Thursday. "A handful of big corporations control the food industry, and they're keeping prices high because they know they can. Democrats are calling them out and forcing them to bring down costs."

Still, the idea has faced sharp criticism from Republican lawmakers. GOP Sen. Rick Scott released a statement on Thursday that Harris' plan should "terrify every American" and called a ban on price gouging "big government on steroids—where Washington bureaucrats stick their hands into American businesses and say what they can and can't sell a product for."

Additionally, Trump blasted Harris' economic platforms during a Wednesday speech in North Carolina: "Does anyone here feel richer under Kamala Harris and Crooked Joe than you were during the Trump administration? Is anything less expensive under Kamala Harris and Crooked Joe?"

Friday's announcement is the most detailed voters have gotten on Harris' economic platform to date.

Harris will likely provide more details on her economic plans next week at the Democratic National Convention in Chicago. She has also agreed to debate Trump on September 10, when the two candidates will likely clash over economic policies.

Are you struggling with high grocery prices? What economic concerns do you have heading into the election? Share your story with this reporter at asheffey@businessinsider.com.