The business world welcomes Biden’s victory

Good morning.

President Trump may be slow to acknowledge Joe Biden’s victory, but the business community was not. The nation’s biggest business lobbying groups—the Business Roundtable, the Chamber of Commerce, and the National Association of Manufacturers—all issued statements of congratulations on Saturday.  “While we respect the Trump campaign’s right to seek recounts, to call for investigation of alleged voting irregularities where evidence exists and to exhaust legal remedies, there is no indication that any of these would change the outcome,” the Roundtable said. The Chamber said it stands “ready to help break through the gridlock and help get things done through collaboration and good governance.”

You might wonder: why are these business organizations so quick to embrace a President-elect who has vowed to increase their taxes and boost regulation? The answer is partly a recognition of reality; the election is over. But it goes beyond that, as Fortune’s Geoff Colvin explains in this piece published over the weekend. Business views a Biden presidency as a not altogether bad thing.

Meanwhile, if you think it’s time to learn more about how the Biden administration will handle economic policy, you should read Nicole Goodkind’s story on his three top economic advisers. Expect these folks to play an important role in the next four years.

And finally, Anne Sraders and Lance Lambert dig into what the Biden victory might mean for another economic stimulus package, here.

More news below.

Alan Murray

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