What role will business play for the new US administration? Corporate America signals support "to move the country forward" to the president-elect. A CEO is not averse to moving into the cabinet. He's not at the top of the list.
Corporate America is preparing for the new US president. While primarily US investors and financial managers initially expressed relief about the outcome and the removal of President Donald Trump from office, more and more company bosses have now taken a position. According to CNN, there is a lot of positive feedback in the minutes of the company's recent conference calls for President-elect Joe Biden.
One of the first to congratulate the election was influential Walmart boss Doug McMillon. He congratulated Biden on presenting its quarterly results last week and said it was delighted to "work with the Biden administration and both Houses of Congress to move the country forward and resolve issues on behalf of our employees, customers and other stakeholders."
Doug McMillon's words can be understood as an outstretched hand. He chairs the so-called Business Roundtable, an influential lobby group that represents America's top CEOs. McMillon had taken over from JPMorgan CEO Jamie Dimon earlier this year. Dimon himself had already publicly stated shortly after the election: "We are stronger as a country if we treat each other with dignity", warned Dimon and called on his fellow citizens: "No matter what political views we have, let's get together and this extraordinary land strengthen ".
"Looking forward to working with you"
After four years of Trump's tirades on Twitter, many top executives seem to have one wish above all: that Biden ensures a more stable political environment and unites the country. This is also evidenced by the words of Amazon boss Jeff Bezos, who, as the owner of the Trump-critical Washington Post, had a difficult relationship with the US president: The victory of Biden and Vice President-elect Kamala Harris showed that "unity "Empathy and decency are not the characteristics of a bygone era".
The bosses of the large listed companies also formulate more specific requests. Intel CEO Bob Swan, for example, called for more investment in digital infrastructure and manufacturing industries, according to CNN. Because of the trade disputes instigated by Trump, many business leaders are exploring the course Biden is pursuing on the issues of trade barriers and regulation. A tough course in China policy is widely expected, as is a continuation of the America First policy of its predecessor. Blake Moret, head of industrial technology company Rockwell Automation, also offered Biden the collaboration: "We look forward to working with you to find ways to increase production in the US."
Biden had made a number of proposals during his campaign that had fueled concerns about tax hikes and more regulation in the US financial markets. It is therefore eagerly awaited what his cabinet will look like. After his election as US president, Trump sought to be close to – especially critical – corporate leaders. In 2016 he invited the company bosses from Silicon Valley to the White House. Two years later, when debates about punitive tariffs from environmental regulations were boiling, he met with the car bosses. Steven Mnuchin, who had worked for the investment bank Goldman Sachs for 17 years, even made it into the Trump cabinet as Treasury Secretary.
The list of potential finance ministers
Will Biden also seek the expertise of business leaders? Or even appoint a representative to his cabinet? At a New York Times conference, when asked if he was interested in becoming Biden's Treasury Secretary, JPMorgan boss Dimon replied, "I love what I do and I've never wanted the job."
However, according to Biden's recent remarks, his nomination would be a surprise. Biden announced on Monday that he has found his candidate for the Treasury. He would announce his name shortly before or shortly after Thanksgiving, he announced at a press conference after a meeting with US governors.
Biden was confident that his election would be accepted by "all members of the Democratic Party". So it should appeal to both the moderate and the left wing. CEOs are not on the list: the favorites include economist and influential Federal Reserve director Lael Brainard, former Federal Reserve Chairman Janet Yellen, and former Federal Reserve Chairman Roger Ferguson Jr., who is considered one of the most powerful black executives on the Wall Street.
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