Investors hoping for a business-friendly approach from Vice President Kamala Harris are "likely to be disappointed," according to a research note from analysts at Evercore ISI.
In her upcoming economic speech in North Carolina, the firm says Harris is expected to focus heavily on consumer costs, advocating for policies that may not align with business interests.
In addition, Evercore says Harris plans to call for a federal ban on price gouging for groceries and push for new tools for the Federal Trade Commission (FTC) to impose penalties.
It is said she will also address prescription drug pricing, building on her recent announcement with President Biden, and will propose ideas related to the "care economy," including healthcare, childcare, eldercare, and paid leave.
Additionally, Harris is expected to discuss housing supply and has already supported Biden's proposal to link landlords' depreciation tax benefits to a cap on rent increases.
Evercore ISI notes that Harris's economic agenda appears geared toward addressing voter concerns about costs rather than appealing to business interests.
"She is looking to draw a contrast with President Trump as to who she is fighting for," the analysts write, highlighting her past actions against big businesses, including banks and fossil fuel companies, during her tenure as California's attorney general.
Although Harris has made some moves toward the center, such as embracing the end of taxes on tips, her economic focus remains on consumer protection, according to Evercore analysts.
With the election looming, the firm suggests that Harris has limited time to define her economic policies and differentiate herself from Trump, particularly as she remains closely tied to the Biden administration's agenda.
Overall, Evercore states: "Those investors who were hoping to see VP Harris pivot to more business-friendly ideas in her first economic laydown are likely to be disappointed. She is focused on ideas that will address many voters’ biggest concern – costs."