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What Joe Biden’s Presidency Might Mean For the Business World

  • Business leaders congratulate Democratic candidate Joe Biden on his victory in the 2020 presidential race and call for a peaceful transition
  • Likelihood of a GOP Senate limits the potential for certain items on Biden’s agenda, but the President-elect is likely to bolster current shifts in several industries
  • Connecticut political leaders celebrate Biden win and hope it will foster improvements to the state’s infrastructure

The business world has a few short months to prepare for a transition of power in the White House, as the 2020 presidential election was called for Democratic challenger Joe Biden on Saturday. However, the prospect of a divided Congress has led to expectations that few major shifts in government policy will be forthcoming.

Biden declared victory after he was projected to win Pennsylvania, earning enough electoral votes to defeat incumbent President Donald Trump. However, hopes of a Democratic sweep of Congress fell short and the Senate could remain in Republican control in January.

Stocks rose last week as Wall Street banked on this scenario, which would dilute or undercut proposals such as Biden’s suggestion to raise the corporate income tax from 21 percent to 28 percent. A closely divided Senate is also likely to limit antitrust actions or other reforms aimed at big tech companies.

As several local initiatives to improve public transportation won support on Election Day, the Biden White House is expected to commit to infrastructure upgrades such as modernized transit. Connecticut’s U.S. senators have predicted that a Biden presidency will help the state with repairs to its roads and bridges.

Some of Biden’s policies echo transformations already underway in various industries. These include automakers’ increasing shift toward electric vehicles, greater adoption of renewable energy, and a gradual transition away from fossil fuels. Defense contractors also expect that Biden will make minimal changes to the nation’s robust military spending.

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