Now that Biden has won the presidential election, business leaders are asking the important question about the upcoming regime change: What’s in it for me?
Here are the six things biz leaders want from the Joe Biden – Kamala Harris administration to come, per Morning Brew.
1. Peaceful transfer of power: Nothing makes execs antsy quite like a sitting president resisting a central component of the democratic process, so a smooth transition is priority numero uno for biz leaders; JPMorgan’s CEO Jamie Dimon urged President Trump to “honor the decision of the voters and support a peaceful transition of power,” while billionaire investor Bill Ackman called on the president to “concede graciously.” Trump has not yet conceded.
2. Stomp out the coronavirus: The pandemic sent a shockwave across the global economy this spring, and while conditions are slowly picking up, many businesses remain in a deep hole. Biden’s said he can’t end the pandemic by “flipping a switch,” but biz leaders hope a more hands-on approach compared to President Trump’s can lead to a quicker economic recovery. Biden is expected to announce his coronavirus task force today.
3. Improve trade relations: During his tenure as president, President Trump launched a trade war with China and got into bitter scuffles with longstanding economic partners like the EU. Biz leaders, who generally oppose trade barriers like tariffs because they mess with supply chains and raise prices, hope Biden will restore friendlier trade relations with other countries.
4. Boringness: Whereas President Trump’s policies fostered a mostly favorable corporate environment, it came with a lot of baggage. “Investors spent the last four years one tweet away from major market moves,” Ed Mills, Washington policy analyst at Raymond James, told CNN. Corporate America is looking for more predictability under Biden.
5. Access to high-skilled workers: Silicon Valley leaders will be hoping for a reversal of President Trump’s restrictions on H-1B visas, which tech companies use to bring in talented workers from abroad. Biden plans to increase the number of high-skilled visas.
6. No tax hike: Biden has pledged to raise the corporate tax rate, which businesses no-likey. Their only hope is a Republican controlled Senate blocking Biden’s tax agenda.