The 2020 Elections & Private Equity - Brett Palmer President Small Business Investor Alliance - The Small Business Investor ...
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The 2020 Elections
&
Private Equity
Brett Palmer
President
Small Business Investor Alliance
The Voice of Private Equity in Washington
www.SBIA.org
2020 Election Results: Topline
Chamber/Office Control before election Control in 2021
House of
Democrats Democrats
Representatives
Senate Republicans Not yet called
President Republicans (Trump) Democrats (Biden)
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM
Presidential Tight States
(But there is no honest question who won)
306 232
270 needed to win
10
20
16
4 29 18
6
11
10 15 6
38
16
NE-02: 1 ME-02: 1
*Outline reflects 2016 winner
KEY Rep Dem
Key Senate Swing States
48 2 50
Lean Democrat Toss Up Lean Republican
SC AL AK
IA
MI GA-II GA-III
AZ
NC ME
MT KS
TX
CO
*Outline reflects party of current officeholder
NOT YET
GA-II = Perdue (R) incumbent KEY CALLED Rep Dem
GA-III = Loeffler (R) incumbent
S O U R C E Associated Press; Cook Political Report
AP DATA AS OF 11/9/2020 8:20 AM
2020 US Senate Results
Democrat hold Democrat gain Not yet called Republican gain Republican hold No election
2020 election 11 2 2 1 19 65
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA-II
GA-III MD
TX LA
AK
FL
HI
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM
2021 US Senate Makeup
2 Democrats 1 Democrat + 1 Republican
2 Republicans Not yet called
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA
MD
TX LA
AK
FL
HI
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM
2020 Governor Results
Dem hold Dem gain No election
GOP hold GOP gain
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA
MD
TX LA
AK
FL
HI
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM2021 Governor Makeup
Dem governor GOP governor Not yet called
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA
MD
TX LA
AK
FL
HI
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM2021 State Legislature Makeup
Dem House and Senate Split House and Senate
GOP House and Senate Not yet called
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE* MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA
MD
TX LA
AK
FL
HI
*Nebraska has a non-partisan unicameral legislature
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM2021 State Trifectas
Dem trifecta Not a trifecta Trifectas are when one party controls the
GOP trifecta Not yet called governorship and both legislative chambers
WA
ME
MT ND VT
OR MN NH
ID SD WI NY
WY MI
IA PA
NE* MA
NV
UT OH
IL IN
CO WV RI
CA VA
KS MO
KY CT
NC
TN NJ
AZ OK
NM AR SC
DE
MS AL GA
MD
TX LA
AK
FL
HI
*Nebraska has a non-partisan unicameral legislature
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AM2020 Electoral College and Statewide Races
President
(Electoral College) Senate Governor
AK MA NV AL MS
MO
AL MD NY AK MT
AR ME OH AR NE MT
AZ ME-1 OK
AZ NH
CA ME-2 OR NC
CO NM
CO MI PA
DE NJ
NH
CT MN RI
GA-II NC
DC MO SC
GA-III OK VT
DE MS SD
ID OR
FL MT TN WV
IL RI
GA NC TX
IA SC DE
HI ND UT
KEY
KS SD
IA NE VA
KY TN
IN Runoff
ID NE-1 VT Election
LA TX Jan 5
IL NE-2 WA
ND
IN NE-3 WI ME VA Rep
KS NH WV MA WV UT
KY NJ WY MI WY Dem
WA
LA NM MN2020 Election Status by House Race
KEY
SOURCE Politico2020 Election: The Density Divide
KEY
Source: WSJ.com Nov 24 2020
https://www.wsj.com/articles/how-the-2020-election-deepened-americas-white-collar-blue-collar-split-11606219208Selected Ballot Initiatives
Topic Subtopic State Initiative Description Result
Allows either Initiative 65 (lenient) or Alternative 65a (strict) to pass
Medical MS Ballot Measure 1 Passed
(voters choose in Measure 1b which version they prefer)
Marijuana
Legalization
SD Measure 26 Creates a medical marijuana program Passed
SD Const. Amend. A Legalizes recreational use of marijuana Passed
AZ Proposition 207 Legalizes the recreational possession and use of marijuana Passed
Recreational
Drugs
Marijuana CI-118 Amends constitution to allow minimum age of 21 for marijuana Passed
Legalization MT
I-190 Legalizes possession and use of marijuana for adults over 21 Passed
NJ Public Question 1 Amends constitution to legalize recreational use Passed
Entheogens DC Initiative 81 Declares that entheogenic plants are lowest police priority Passed
(mushrooms)
decriminalization OR Measure 109 Legalizes psilocybin administered by the Oregon Health Authority Passed
Minimum Wage FL Amendment 2 Increases the state minimum wage to $15 by 2026 Passed
Labor
Ind. Contractors CA Proposition 22 Considers app-based drivers to be independent contractors Passed
S O U R C E Associated Press
AP DATA AS OF 11/9/2020 8:20 AMKey Transition Events
Pre-election “planning” phase Post-election timeline
• Name transition chair(s) and key staff
• Develop relationships with the GSA, FBI, OPM, OGE, Nov. 3 Election Day
current administration, and Congress
• Set goals and develop project plan for transition
Dec. 8 “Safe Harbor” deadline for
choosing Electors
Post-election “transition phase”
• Appointing key White House and agency staff Dec. 14 Meeting of electors in states
• Deploy teams to agencies for policy/structure review
• Finalizing policy agenda/schedule
Jan. 3 Seating of the new Congress
• Naming cabinet
Post-inauguration “handover” phase Jan. 6 Joint session of Congress
counts electoral votes
• New admins must fill about 4,000 political positions
• Over 1,200 positions require Senate confirmation
Jan. 20 Inauguration Day
• Official transition organization must also wind down
S O U R C E National Journal; Center for Presidential TransitionPresident Elect Biden
People are Policy
Key provisions
• All current political appointees will resign or be immediately fired
Thousands of • An unprecedented number of senior positions have been left vacant for
1
Management Positions unprecedented periods during the Trump Administration
will be swapped out or
filled
Control of Congress will
• Many senior positions and all Cabinet positions require Senate
2 limit or expand choices
confirmation
of senior personnel
• Biden will not waste time and political capital trying to get difficult
appointees through so look for “safe” picks (likely angering
progressives)
Many experienced • President Trump broke all precedents for using “acting” management
3 personnel will return to for senior positions without Senate Confirmation
the government
• Budget and funds available may already be locked in for new
Watch for GOP appointees
4 appointees and centrist • New President will need to submit new budget, outlining priorities, in
Senators February
16Chief of Staff Ron Klain
- Biden’s Most Important First Hire
BIOGRAPHY
A longtime Democratic aide, strategist, and trusted Biden adviser,
Klain is a sought-after voice on the COVID-19 pandemic crisis
• Extensive background in law, politics, and the private sector working as a top
aide to Vice Presidents Al Gore and Joe Biden; now works on the Biden
campaign and as General Counsel and EVP of investment firm Revolution
• Began professional relationship with Biden on the Senate Judiciary
Committee; chief counsel during Biden’s chairmanship from 1989-1992
• As Vice President Gore’s chief of staff, helped his boss navigate Pres.
CHIEF OF STAFF, VP JOE BIDEN Clinton’s impeachment while positioning him to run for president
2009-2011
• Played a central role in overseeing the 2009 stimulus package under then-
CHIEF OF STAFF, VP AL GORE Vice President Biden
1995-1999
• Appointed by President Obama in 2014 to be the WH “Ebola Czar” for his
DATE OF BIRTH crisis-management skills; efforts to contain Ebola considered successful
8/8/1961 (Age: 59)
• In his role with Revolution, Klain has joined CEO Steve Case on road trips to
HOMETOWN promote tech entrepreneurship across the country
Indianapolis, IN
• Advises the Biden campaign’s COVID-19 response as well as private sector
EDUCATION entities through his position at Revolution
Georgetown U., AB, 1983
Harvard Law School, JD, 1987 • In-demand interview subject for his pandemic expertise; has consistently
FAMILY
called for a more unified, aggressive federal COVID-19 response
Wife (Monica Medina); 3 children • Appointed by President-elect Joe Biden to be his White House chief of staff
S O U R C E National Journal; Vignette by National JournalKey White House Positions
Biden Requires Senate
Agency Position Current Official
Appointee/Nominee Confirmation?
Chief of Staff Mark Meadows Ron Klain No
Chris Liddell,
Deputy Chief of Staff Tony Ornato, Jen O’Malley Dillon No
and Dan Scavino
Senior Advisor Jared Kushner Mike Donilon No
West Wing
Counselor Hope Hicks Steve Ricchetti No
Director of Public Engagement Timothy Pataki Cedric Richmond No
Director of Intergovt’l Affairs Doug Hoelscher Julie Rodriguez No
Counsel Pat Cipollone Dana Remus No
Director Russell Vought Yes
OMB
OIRA Administrator Paul J. Ray Yes
National Security Council National Security Advisor Robert C. O’Brien Jake Sullivan No
National Economic Council Director Larry Kudlow No
Domestic Policy Council Director Brook Rollins (acting) No
Council of Economic Advisors Chairman Tyler Godspeed (acting) No
Communications Director Alyssah Farah No
Communications
Press Secretary Kayleigh McEnany NoPresident-elect Joe Biden’s cabinet picks
Vice President State Treasury Defense
Kamala Harris Antony Blinken Janet Yellen TBD
Attorney General Interior Agriculture Commerce
TBD TBD TBD TBD
Health & Human Housing & Urban
Labor Transportation
Services Development
TBD TBD
TBD TBD
Energy Education Veterans Affairs Homeland Security
TBD TBD TBD Alejandro Mayorkas
Cabinet-level officials*
White House White House
CIA Director EPA Administrator
Chief of Staff OMB Director
TBD TBD
Ronald Klain TBD
US Ambassador to
Director of Nat’l US Trade Small Business
the UN
Intelligence Representative Administrator
Linda Thomas-
Avril Haines TBD TBD
Greenfield
* The Biden-Harris transition has not yet announced which non-Cabinet officials will be deemed “Cabinet-level”
S O U R C E Biden-Harris Transition.
P R E S E N T A T I O N C E N T E R 11/23/20Key Positions For Finance/Private Equity
Requires Senate
Agency Position Current Official Biden Appointee/Nominee
Confirmation?
Chair Jay Clayton (R)* Yes
Commissioner
(Term expires June 5, 2021, Jay Clayton (R)* Yes
Will Depart December 2020)
Commissioner
Allison Herren Lee (D) N/A Yes
Securities and Exchange (Term expires June 5, 2022)
Commission Commissioner
Elad L. Roisman (R) N/A Yes
(Term expires June 5, 2023)
Commissioner
Caroline A. Crenshaw (D) N/A Yes
(Term expires June 5, 2024)
Commissioner
Hester M. Peirce (R) N/A Yes
(Term expires June 5, 2025)
Secretary Steve Mnuchin Janet Yellen Yes
Treasury Deputy Secretary Justin George Muzinich Yes
Comptroller of the Currency Brian Brooks (Acting) Yes
CFPB Director Kathleen Laura Kraninger Yes
Small Business Administrator Jovita Carranza Yes
Administration Deputy Administrator Vacant Yes
*Clayton is self-proclaimed Independent, but holds a Republican seat on the SECPotential committee leadership: Financial
Names in italics are incumbent committee leaders;
Potential chair conflicts noted in (parentheses)
Committee Democratic Leader Republican Leader
Senate Banking, Housing, Mike Crapo (ID) (Budget or Finance)
Sherrod Brown (OH)
and Urban Development Pat Toomey (PA)
Chuck Grassley (IA) (term limit)
Senate Finance Ron Wyden (OR) Mike Crapo (ID) (Budget or Banking)
John Cornyn (TX)
House Financial Services Maxine Waters (CA) Patrick McHenry (NC)
House Ways and Means Richard Neal (MA) Kevin Brady (TX)
Marco Rubio (FL) (Intel)
Senate Small Business Ben Cardin (CA)
Rand Paul (KY)
Steve Chabot(OH)
House Small Business Nydia Velazquez
Blaine Luetkemeyer (MO)
2020 N A T I O N A L J O U R N A L P R E S E N T A T I O N C E N T E R
21The Biden plan for
President-Elect Biden
emergency support
small businesses
Key provisions
• Secure $60 billion set-aside in funds for smaller lenders and
community-based financial institutions to deserving small businesses in
Establish a “True Small minority communities
1 Business Fund” • Review and expand the Paycheck Protection Program
Keep well-off business
2
owners from unjustly
using any program for • Mitigate unnecessary paperwork and expedite loans to hard-hit
their benefit businesses, and never penalize firms or banks for good-faith mistakes
• Ensure that no business owner receives above their lost revenue
Ensure that the • Increase scrutiny of certain types of small businesses where owners
and executives are making over $500,000
3
Paycheck Protection
Program’s (PPP) terms
support small businesses
• Support further amendments to the PPP:
Guarantee that every • Guarantee that every qualifying business gets relief
4 • Authorize more generous loans that retain workers on payroll and
qualifying small
business gets relief cover fixed costs during the COVID-19 crisis
under PPP • Establish “look-back audit” tools to police against abuse
22Regulatory Powers
President-Elect Biden
and
Social Justice
Key provisions
• Board diversity disclosure requirements
House Dems and • Address discrimination in housing
1 Administration have • Address discrimination in consumer lending
social justice agenda
• Address bias in underwriting
Legislation will be • Expand role and capacity for MDIs and CDFIs
2 harder than regulation or
• Increase investments in affordable and public
reporting
housing development and rehabilitation
• Change economic development tax incentives,
Many bigger businesses
such as Opportunity Zones
3
are already in line with
many of these proposals • Enhance protections for LBGTQ populations
(at least publicly) • Provide maternal and community health and
childcare
• Increase job training
• Expand Federal Reserve mandate to address
racial inequality and environment concerns
23Obama-like approach to financial regulation
- Focus on Consumer Protection and Closing Racial Disparities
Reinforce Dodd-Frank
• Bolster safeguards that limit retail banking institutions from making risky investments
• Strengthen provisions to protect against systemic risks and preventing banks from becoming
“too big to fail”
Increase CFPB enforcement
• Reassert CFPB’s power to regulate consumer lending, including credit cards
• Enforce settlements against discriminatory, abusive or deceptive lenders
• Create a Public Credit Reporting Agency within the CFPB
Increase Board Diversity
• Increased Reporting of Race and Gender
• Both of major companies and portfolio companies
Expand access to financial services for the unbanked and underbanked
• Encourage the Federal Reserve to set up a real-time payment system for faster check-cashing
as well as a potential Federal Reserve bank account
• Provide accessible service locations through postal banking
Bankruptcy Reform
• Streamline filing process
• End rules that make it difficult to discharge student debt in bankruptcy
• Eliminate loopholes that allow potential abuse of the bankruptcy systemCurrent financial and banking regulations that President-Elect
Biden would like to change
Trump admin. Proposed action
action Amend Federal Reserve Act
Federal Reserve Limited focus on racial language to mandate regular
employment and wealth gaps, reporting on such issues
Act and measures to reduce
these
Trump admin. Proposed action
Dodd-Frank action Strengthens Dodd-Frank with
Rolled back or scaled down a goal to avert any future
financial reform several banking regulations financial crisis –leverage
under the initial Obama-era limits?
law
Trump admin. Proposed action
Mergers and action Reviews (lookback) certain
acquisitions Generally shored up big US
deal making amid decreased
mergers under Trump,
including in the healthcare
regulation and tax reform market, to assess
anticompetitive practicesCurrent tax and labor regulations that President-Elect Biden
would like to change
Trump admin. Proposed action
Significantly raise corporate
action taxes and taxes on the
Taxation Passed the Tax and Jobs Act “wealthy”; reject “trickle
of 2017; sharply cut corporate down” tax cuts – DOA if GOP
taxes holds Senate, Very possible if
Dems Sweep GA
Trump admin. Proposed action
action Ensure workers, including
Wage protection Reversed progress towards domestic and farm workers,
Obama-Biden rule to extend are paid fairly for working
overtime pay overtime; increase minimum
wage to $15/hour
Trump admin. Proposed action
Labor rights action Repeal “right to work” laws,
and unions Issued executive orders that
limited federal unions’
pass the PRO Act, and
increase union recognition –
powers; supported “right to DOA with a GOP Senate
work” laws
S O U R C E Biden for President, The Balance, Architectural Digest, National Federation of Federal Employees.
MANSHA MAHAJAN 9/9/20Current housing regulations that President-Elect Biden would like to change
Trump admin. Proposed action
action Bring back the Affirmatively
Fair housing Repealed the Obama-era Furthering Fair Housing Rule;
Affirmatively Furthering Fair protect against abusive
and lending Housing rule lenders
Trump admin. Proposed action
Community
action Expand the CRA to apply to
Reinvestment Proposed loopholes for mortgage and insurance
lenders who use exclusionary companies; reverse rules that
Act (CRA) practices allow institutions to use
discriminatory practices
Trump admin. Proposed action
Housing action Created barriers for
discrimination Created barriers for
borrowers attempting to file
borrowers attempting to file
discrimination lawsuits
discrimination lawsuits against financial institutions
against financial institutions
S O U R C E Biden for President, The Balance, Architectural Digest, National Federation of Federal Employees.
SASKIA KERCY9/14/20Current Trade Policies that President-Elect Biden would like to change
Trump admin. Proposed action
action Comprehensive review of
Tariffs Extensive tariffs on a range of tariffs – some will stay and
products from many countries some will go, deescalate
conflicts with friendly nations
Trump admin. Proposed action
Immigration action Repeal immigration and travel
Highly restrictive travel and bans/restrictions that are
immigration policies seen as discriminatory
Trump admin. Proposed action
Drug Prices action May modify Trump proposal
Major changes to pricing of or may accept the bulk of the
drugs to be in line with prices Trump Proposal
paid by other developed
countriesConsumer Financial Protection Bureau under
President-elect Joe Biden
Installing a new head at the CFPB will be among the Biden team’s first moves.
Leadership The Trump administration was opposed to the CFPB and its performance had
been lax under Trump appointed leadership
The CFPB will have more power to ensure flexibility for mortgages under the
Mortgage relief CARES Act to prevent foreclosures during the pandemic and prevent lenders
from inflicting unaffordable repayment plans
The CFPB may also restore a rule that that aimed to protect people who get
Payday loans payday loans. The Trump administration had “weakened” the rule
Biden wants to create a credit-reporting agency under the CFPB to address
racial disparities in credit reporting, and to strengthen the bureau’s fair-
Fair lending lending office
A Biden administration will focus on protecting consumers from bank-
Penalties and loans overdraft programs, and more aggressively oversee student-loan servicers
The taskforce has faced opposition from consumer-advocacy groups over
Consumer Financial Law concerns of it being filled with industry-friendly members and holding closed-
taskforce session meetings without public notice
S O U R C E NPR, Barrons.
M A N S H A M A H A J A N 11/22/20Scheduled Tax Cuts and Jobs Act (TCJA)
The Next Decade
Projections of federal tax policy after the 2020 election
2021
Business net 2025
interest 2025 Alternative
expenses will minimum tax
Individual
be limited to reductions will
income tax rate
30% of EBIT, expire; GILTI,
reductions will
rather than 30% FDII, and BEAT
expire
of EBITDA will increase
restrictions
2021 2021 2022 2025 2025 2025 2025
2021 2022 2025 2025
Businesses must Full expensing Standard Reduction of
begin expensing for short-life deduction hike, estate tax will
research and business doubling of child expire
experimentation investments will tax credit, limits
costs over five begin to phase on state and
years out local tax
deduction, and
mortgage
interest
deduction will
expire
S O U R C E Tax Foundation.
SASKIA KERCY 11/17/20Biden’s First 100 Days as President
Finalize Filling his Cabinet and other Senior Positions
▪ National security positions (Defense, CIA, DHS) usually confirmed first
▪ The rest of the cabinet will likely be filled faster with a Democratic Senate
Addressing the coronavirus pandemic
▪ Passing a major stimulus bill
▪ Creating a nation-wide testing strategy
▪ Managing vaccine development and distribution
Reversing Trump Admin Policies and Executive Orders
▪ Start the process of rejoining international orgs: Paris Climate Accord, WHO, Iran nuclear deal
▪ Reverse orders on immigration, reproductive health and civil rights
▪ If Dems win the Senate, Congress could use the Congressional Review Act to reverse policies
Legislative Priorities – Challenging and Dependent on GA Races
▪ Stimulus/Economic Recovery
▪ Climate change and infrastructure
▪ Health care reform
S O U R C E National Journal
P R E S E N T A T I O N C E N T E R 10/29/20Potential Democratic Legislative Priorities
Climate change/infrastructure Health care reform
• Pass H.R. 2, which increases investment in green • Pass H.R. 3 and H.R. 1425 to reduce drug prices and
infrastructure through the FAST Act expand coverage under the ACA
• Additional climate legislation would aim for emissions- • Additional health legislation would attempt to create a
free energy by 2035, net-zero emissions by 2015 with an public insurance option, address surprise billing, and
emphasis on environmental justice reinstate funding for reproductive health
Political/government reform Immigration reform
• Pass H.R. 1, the For the People Act • Reverse Trump Executive Orders
• The bill would establish a national voter registration • Pass an immigration reform bill with a path to citizenship
program, establish nonpartisan commissions to redraw for some undocumented residents
congressional maps, and create a public financing system • Codify protections for children who came to the Untied
for federal campaigns, among other provisions States illegally from deportation
Tax reform Education reform
• Increase corporate tax rate from 21% to 28% • Reauthorize the Higher Education Act through the Aim
• Create manufacturing repatriation tax incentives Higher Act
• Increase top-bracket income tax rate • Additional education legislation would attempt to make
four-year public universities debt-free for low-income
families
S O U R C E The State, The Washington Post, Joe Biden for President, Forbes
P R E S E N T A T I O N C E N T E R 10/15/204 Major roadblocks to Biden’s Priorities
1 If GOP controls Senate 2 Senate Process/Filibuster
▪ Senate Republicans would block bills expanding ▪ Under current Senate rules, most legislation requires
Obamacare, and only allow limited climate change 60 votes to advance
legislation ▪ Through the nuclear option, Democrats could change
▪ Biden expects GOP to be open to compromise after the rules with a simple majority vote – don’t have the
Trump, but analysts remain skeptical votes to change this (yet)
3 Conservative courts 4 Intra-party divisions
▪ Supreme Court has a 6-3 conservative majority after ▪ Liberal Democrats might withhold support for more
Barrett’s confirmation moderate legislation in the House
▪ Trump has installed hundreds of conservative judges ▪ Conservative Democrats in the Senate might oppose
across the country some major reforms
▪ Conservative judges will likely not allow broad
interpretations of legislative text
S O U R C E National Journal
P R E S E N T A T I O N C E N T E R 10/15/20Rollback of Trump Executive Orders
T O P I C D E T A I L S
• Rejoin the Paris Climate Accord
• Reinstate or expand Obama-era mileage standards, reversing the Trump
administration’s decrease of annual fuel economy increases from 5% to 1.5%
Environment through 2026
• Reinstate mercury and air toxics standards, an Obama-era policy that mandated
that power plants use certain mercury pollution controls
• Re-establish relationships with our allies, calling world leaders before his
inauguration to say “we’re back and you can count on us again”
Foreign policy • Rejoin the World Health Organization (WHO), which Trump withdrew from in
July, and restore American leadership
• Restore all Trump administration limitations on the Affordable Care Act and
Health care instruct his administration to drop the federal lawsuit to strike down the ACA
• Reverse the Trump administration’s rollback of Obama-era health policies
• End family separations at the border and prosecution of parents for minor
immigration violations
• Reverse EO 13769, known as the Muslim ban by opponents
Immigration • Reverse the public charge rule
• Reverse Trump administration policies that have reduced the refugee program,
and would seek to raise the admissions cap
S O U R C E Reuters, The State, The New York Times, The Washington Post, EHS Daily Advisor
P R E S E N T A T I O N C E N T E R 10/15/20Biden Promises to Address in his First 100 days
Immigration Unions
• Create an immigration reform bill, which would • Create a cabinet-level working group that will solely
include a path to citizenship for immigrants, an focus on promoting union organizing and collective
increase in the number of immigration and asylum bargaining in the public and private sectors
judges, and provide health care for immigrants
detained at the border
LGBTQ policy Gun violence
• Enact the Equality Act to provide rights under the law • Direct the FBI to produce a report detailing cases in which
for LGBTQ+ Americans background checks are not completed within 10 business
• Direct his Cabinet to ensure the Act is enforced across days
all federal department and agencies • Direct the AG to deliver recommendations for
• Direct federal resources to help prevent violence restructuring the ATF and related Justice agencies
against transgender women, particularly transgender • Repeal protections for gun manufacturers and closing
women of color background check “loopholes”
VAWA Taxes
• Pass the Violence Against Women Act • Eliminate the 2017 tax cuts
• Double the taxes that companies who have gone
overseas have to pay on foreign profits
S O U R C E The State, The Washington Post, Joe Biden for President
P R E S E N T A T I O N C E N T E R 10/15/20For Further Information Please Contact: • Membership: membership@SBIA.org • Equity Fund Managers: PE@SBIA.org • General Information: www.SBIA.org
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