Sarah Travers
Kamala Harris, the Vice President of the United States, is making waves on Wall Street, having garnered crucial endorsements from some of its most powerful figures as she launches her presidential campaign. As Harris seeks to resonate with Americans disillusioned by the country’s affordability issues, her unexpected support from Wall Street is emerging as a pivotal asset in her pursuit of the presidency.
Following President Joe Biden’s decision to step down in July, Harris has quickly risen as a preferred candidate among various influential Wall Street leaders. Despite Biden’s progressive administration, which often found itself at odds with big business, Harris has successfully fostered stronger relationships within the financial sector. Her approach is perceived as more collaborative and less combative, giving her a significant advantage that Biden lacked.
Harris’ track record with Corporate America and Wall Street is not as extensive as Biden’s, allowing her to craft a narrative that resonates with the financial community. During her time as California’s attorney general and later as a senator, she has exhibited a balanced and open stance, particularly with tech giants in Silicon Valley. This perspective has been well-received on Wall Street, resulting in substantial financial support for her campaign.
Prominent financial figures have already demonstrated their backing through sizable donations. Jonathan Gray, president of Blackstone, contributed $413,000 to the Harris Action Fund in July. Similarly, Marc Lasry, CEO of Avenue Capital Group, showed early support with a $100,000 donation in March, signaling strong confidence in her candidacy. Furthermore, Alex Soros, son of billionaire George Soros, has also endorsed Harris, with the Soros family extending their financial support to her campaign.
Harris’ ability to attract Wall Street backing can be credited to her pragmatic approach to business regulation. Unlike Biden’s more confrontational stance, Harris has refrained from rhetoric that vilifies corporate America. Instead, she acknowledges the role of successful businesses in bolstering the economy and supporting the average American worker. This approach has assured Wall Street that, while she intends to enforce regulations, she does not equate large-scale enterprises with wrongdoing.
However, Harris’ policy proposals are not without controversy. Her plan to increase the corporate tax rate from 21% to 28%, reversing the tax cuts implemented during Trump’s administration, has sparked concerns among some investors. Critics argue that raising the tax burden on U.S. companies could stifle economic growth and affect the global competitiveness of American businesses. Despite these apprehensions, her campaign continues to receive robust financial backing, indicating that many in the financial sector are confident in her vision for the nation’s future.
Harris’ ties to Wall Street are further bolstered by her commitment to maintaining the independence of the Federal Reserve. Unlike Donald Trump, who has openly sought to influence monetary policy, Harris has pledged to respect the Fed’s autonomy. This position has been positively received by institutional investors who value the central bank’s role in ensuring economic stability without political interference.
While Harris enjoys considerable support from Wall Street, it is not without its detractors. Some financial leaders remain loyal to Trump, drawn by his promises of tax cuts and tariffs, which they believe could stimulate economic growth. However, there is also a growing concern that Trump’s unpredictable actions could lead to instability in financial markets, a risk that Harris does not present.
Harris’ increasing support from Wall Street underscores her adeptness at navigating the complex dynamics of the financial sector while still appealing to a broader voter base. As her campaign gains traction, her strategic relationship with Wall Street could be a decisive factor in her bid for the White House. This alliance, built on mutual respect and a shared vision for economic progress, positions Harris as a formidable contender in the upcoming presidential election.
