The plan also promises to bolster small businesses, such as local grocery stores, meat processors, farmers, and ranchers, to enhance competition within these sectors.
Recent Mergers Highlight the Issue
While the statement did not specify particular mergers, it was released in the wake of snack food and candy giant Mars Inc.’s announcement of a $35.9 billion deal to acquire Kellanova, the maker of popular snacks like Cheez-It and Pringles. This merger is the largest announced so far this year, highlighting the relevance of Harris’ focus on corporate consolidation.
In addition to this, the Federal Trade Commission under President Joe Biden is currently attempting to block a $24.6 billion merger between supermarket giants Albertsons and Kroger. The FTC has already challenged this deal in court, citing concerns over reduced competition and higher prices.
Harris Economic Plan : Introducing a Federal Ban on Price Gouging
A cornerstone of the Harris Economic Plan is the introduction of the first-ever federal ban on price gouging in the food and grocery sector. This move is part of a broader effort to keep inflation in check and prevent large corporations from exploiting consumers to generate excessive profits.
