To be sure, corporations remain an enormous force in American politics. Ron DeSantis, who has taken money from Wall Street titans like Citadel founder Ken Griffin, have to worry about Trump turning them into the 2024 version of Jeb Bush, Wall Street’s once dream candidate who quickly melted under Trump’s relentless attacks. In the GOP primary, for example, likely candidates including Florida Gov. And businesses must contend with perhaps the most hostile political environment they’ve known in almost a century. Not so much the second.Īnd now as the 2024 campaign begins, candidates in both parties have to be more careful about how they interact with Wall Street and collect corporate cash. But most executives were relieved to get a far less volatile president who would end Trump’s war on big business.
The White House did not respond to a request for comment.Ĭorporate America in 2020 was largely resigned to Biden favoring policies on taxes and regulations that they didn’t like. “But I worry about the pendulum having swung much too far toward rampant populism with extreme emphasis on protectionist steps like ‘Buy American,’ implausible rhetoric about price gouging and extreme regulatory appointments.” “The world has changed with rising inequality and increasing concerns about monopoly and corporate abuse,” Summers added. “We have come a long way from when Bill Clinton used to say he wanted there to be more millionaires in America because that would mean more successful entrepreneurs creating jobs,” said former Treasury Secretary Larry Summers who served under both Clinton and President Barack Obama and has often antagonized the left. And the broader shift to more populist policies, like the “Buy American” campaign also championed by Trump, could drive up the cost of production for companies - and consumers - at a time when the Federal Reserve is jacking up interest rates to bring down record-high inflation.Īnd companies themselves fear a chilling effect on their operations from both Democrats seeking to toughen regulations and from Republicans ready to rip any firm that adopts progressive policies on climate and a range of social issues. But the White House noted that no taxpayer would bear any of the losses. Federal regulators had little choice over the weekend but to intervene to rescue depositors at the failed Silicon Valley Bank along with Signature Bank in New York and take other actions to protect financial institutions.
The moves by Biden hold important implications for big business and the economy.
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