Vice President Kamala Harris’ presidential campaign has garnered attention from both everyday Americans and key figures on Wall Street since her campaign launch following President Joe Biden’s withdrawal.
Despite initial uncertainty about her support from big business, Harris has gained backing from notable Wall Street leaders who were previously at odds with Biden’s administration due to its progressive stance on corporate mergers and inflation.
Harris has established a stronger relationship with Wall Street than Biden, partially due to her more open approach to Corporate America and Silicon Valley during her time as California attorney general and senator.
This relationship is reflected in the financial support she’s receiving from prominent business figures, such as former American Express CEO Ken Chenault and Blackstone president Jonathan Gray. Harris’ supporters praise her understanding of the balance between a market-based economy and government intervention, positioning her as a moderate alternative to Donald Trump.
Before Harris even detailed her campaign platform, influential financiers like Roger Altman and Alex Soros had already expressed their support, contributing significant funds to her campaign. Harris’ track record of acting fairly towards businesses, without the “class warfare” rhetoric, has resonated with these Wall Street donors.
However, some key Wall Street figures remain loyal to Trump, citing his tax and tariff policies as beneficial for economic growth, despite the risks of higher deficits and inflation.
Harris’ economic policies, focusing on affordability for everyday Americans through tax relief and challenging price gouging, could have inflationary effects by increasing consumer demand.
Her proposal to raise the corporate tax rate to 28% has drawn criticism from some investors who fear it could hinder economic growth. In contrast, Trump’s trade policies, which include imposing massive new tariffs, pose a different kind of risk, potentially leading to global trade wars and market instability.
The candidates’ differing views on the Federal Reserve’s independence also play a significant role in Wall Street’s support.
Trump’s past attempts to influence the Fed have raised concerns about the erosion of its autonomy, which is crucial for maintaining credibility in monetary policy. Harris has pledged to respect the Fed’s independence, which appeals to investors wary of political interference in financial matters.
Harris’ history with Wall Street is not without tension, especially from her tenure as California attorney general when she took a tough stance against big banks during the housing crisis.
However, she has also built strong relationships with influential business leaders, who are expected to play a key advisory role in her campaign. Despite her connections, Harris has not received explicit endorsements from all quarters, with some figures like JPMorgan Chase CEO Jamie Dimon remaining non-committal.
