The Biden Administration: The First 100 Days and Winners and Losers

A United States Perspective

With Joe Biden’s inauguration as the 46th president of the United States and a Democrat-controlled Congress with a razor-thin majority in both the House and the Senate, what can we expect in the new administration’s first 100 days and the next two years? What sectors face the greatest impacts from the change in leadership inside the Beltway from a Biden presidency and a Democrat-controlled Congress? Who are the likely winners and losers? What should companies do now? This Flash Report addresses these questions.

The important dynamic on Capitol Hill is that, as a result of the Georgia Senate run-offs, the Biden administration will be working with Senator Chuck Schumer in deciding what comes to the Senate floor for vote rather than be faced with having to negotiate with Senator Mitch McConnell. The president has expressed a desire for bipartisanship, meaning achieving 60 votes in the Senate to avoid a filibuster or use the budget reconciliation process if 60 votes are not attainable. The nuclear option to do away with the filibuster is off the table, at least at the outset, as Senator Joe Manchin has said he will not support it. However, passing significant legislation will not be easy and the Democrats may have to resort to budget reconciliation to get certain things done. But Democrat control of the Senate does open up opportunities to President Biden to get the nominees he wants to the floor. The margins in both the House and Senate are such that moderates may be key to governing, particularly if Speaker Nancy Pelosi is unable to hold her slim majority together.

Click on the tabs below to download the reports:

The First 100 Days

In the aftermath of any presidential election with a change in party leadership, the question arises as to the likely focus out of the starting gate. We can expect much is on the agenda. However, there may be headwinds to progress on the Biden agenda, the most notable being how much of Congress’ time will be soaked up with the focus on Trump’s impeachment trial in the Senate. While the House operated with dispatch on a vote to impeach the former president, it is possible that it may wait until after the Biden administration’s first 100 days to send the article of impeachment to the Senate.^[1] This approach suggests that some Democrat leaders do not want to hamstring Biden’s first 100 days, as every president gets only one of those.

However, Speaker Pelosi has declined to reveal when the House will send its resolution of impeachment against the former president to the Senate, leaving everyone guessing as to when the trial will take place. The nine impeachment managers appointed to lead the Democrats’ case against Trump are presently working on taking the matter to trial.^[2] That process may take time, but it is possible that the impeachment article may be sent immediately to the Senate once the Democrats are ready to make their case. If that happens, the Biden administration will face a historic and potentially time-consuming distraction on advancing its agenda during the first 100 days.

With the above caveat, below are likely priorities of the president’s administration in its first 100 days under eight broad themes. The first 100 days will be kicked off with a “10-day blitz” of executive actions focusing on four overlapping and compounding crises – the COVID-19 crisis, the resulting economic crisis, the climate crisis and a racial equity crisis.^[3] Of the priorities summarised below, we do not expect them all to be accomplished in the first 100 days. But we do expect each of the broad themes to be addressed through either taking definitive action or laying the foundation for the next two years through the 2022 midterms. The agenda follows and is supported in greater specificity in Appendix A:

• Contain the COVID-19 pandemic. Address the COVID-19 pandemic by sparing no expense in undertaking a number of initiatives based on science to turn the pandemic around.
• Shore up the Affordable Care Act (ACA). On the broader healthcare front, reverse Trump’s executive orders to dismantle the ACA, build on the ACA by placing emphasis on a government-sponsored plan that competes with private insurers and reinstituting the individual mandate, and take measures to lower prescription drug prices.
• Reverse the prior administration’s other executive orders. Reverse many other Trump executive orders, particularly those weakening environmental standards and opening federal lands to oil and gas extraction. Sign executive orders to take measures that are within the full authority of the office to initiate progress on significantly reducing GHG emissions. Propose legislation to end fossil fuel breaks and begin transitioning away from the oil industry to renewables, electric vehicles and energy efficiency.
• Pass stimulus, tax and infrastructure legislation. Request Congress to pass more stimulus legislation to help suffering Americans by giving them the balance of their coveted $2,000 coronavirus payments. Push for a tax and infrastructure plan, which is part of Biden’s “Build Back Better” programme, later in the spring.^[4]
• Undertake focused initiatives to create jobs. Initiate targeted business initiatives to create millions of manufacturing jobs through tax incentives.
• Address systemic racism and growing economic inequality. Deliver on Biden campaign promises around addressing systemic racism and growing economic inequality.
• Reverse the prior administration’s decisions on immigration. Take a number of steps to roll back the Trump era decisions on immigration.
• Empower workers and unions. Focus on strengthening worker organising, collective bargaining and unions.

The above themes do not cover other matters the Biden campaign promised to address related to foreign policy. There are many questions to be answered as the new administration gets underway. But the above agenda illustrates potential focus of the first 100 days and the agenda through the 2022 midterms.

Impact on Select Industry Sectors

There are winners and losers in any change in the White House. Below we comment on the potential implications of a Biden administration on various industry sectors and the 117th Congress. While the House and Senate are both controlled by the Democrats, the majority advantage is razor thin. Not only may this reality of divided government pose limitations on the extent to which progressive legislation can be passed, but it also could pose limitations on the extent to which any legislation can be passed.

Below is a summary of possible winners and possible losers from the Biden presidency and Democrat-controlled Congress:

Appendix B provides analysis and supporting commentary discussing each of the above sectors, largely based on reviewing the Biden campaign’s policy statements.

What Do Companies Do Now?

With a Biden presidency and a Democrat-controlled Congress, companies need to address the impact of changing political realities. Following are suggestions companies can consider now:

Evaluate strategic assumptions. Every organisation’s strategy has underlying assumptions, explicit or implicit, about the future. If they haven’t already, companies should assess their underlying strategic assumptions in light of likely actions over the next two years, including actions that can be undertaken unilaterally without congressional support. If it’s possible that one or more assumptions might be rendered invalid in the foreseeable future, then senior management should assess the ramifications to the strategy and business model and evaluate the organisation’s options. As suggested in the next point below, scenario analysis may be useful in this regard.

Consider the implications of plausible scenarios germane to your sector and begin preparing for the possible. Formulate appropriate scenarios, considering the impact of the new administration’s various policy initiatives with respect to regulatory matters, taxation, immigration, trade, infrastructure investments, and other matters on the company’s markets, channels, customers, employees, supply chains, cost structure, business model and cash flow. Use the scenarios to understand the potential impact on the business and formulate strategic alternatives to capitalise on market opportunities and address emerging risks. Update the analysis as the president’s team is identified and policies are clarified through the first 100 days.

Watch for influence opportunities. A lot of spending will be proposed over the next several months as well as legislation that can affect multiple industries. Companies should stay in touch with developments using their appointed insiders and advocates and, when the industry’s interests are at stake, look for opportunities to educate policy makers and legislators on the implications of specific proposals. When addressing the particulars of specific legislation, it is important to tie arguments for or against to what’s best for the country and for the particular state or district in question.

Consider strengthening the company’s commitment to and reporting of ESG performance. Under a Biden administration, it is a fair bet that increased importance will be placed on sustainability performance and reporting. For example, in the first 100 days, public companies may be required to disclose climate risks and GHG emissions in their operations and supply chains. Viewing this as an opportunity, companies should focus on whether their ESG storyline is resonating in the marketplace and impacting the company’s valuation. They should understand how the company’s message compares to peers, leaders and key competitors. They should assess their processes for engaging and understanding the expectations of ESG stakeholders. For example, institutional investors and asset managers having a stake in the company continue to articulate their expectations for reporting ESG performance as well as the ESG criteria they are using in following the industry. It may also be useful to monitor the company’s ESG ratings and understand what makes them change.

Monitor developments on trade, but don’t expect quick changes. Expect theBiden administration to engage multilaterally with the global economy and with trade issues. With respect to China, expect an effort to formulate a coordinated approach with America’s traditional allies. The Biden campaign committed to reduce dependency on China and other countries for critical goods (e.g., PPE, drugs) in times of crisis by bringing back related supply chains to America. In their business planning, companies should not expect a significant change in the current tariff structure until after the administration completes a thorough review of its trade policy options in consultation with its allies. That review will take time to complete and there are higher priorities on President Biden’s agenda.

Make adjustments for increased costs. The Biden administration will likely reverse Trump’s executive orders on deregulation as well as appoint agency heads who may revise rules within the context of existing laws. The significance of these changes and their impact on costs bear monitoring closely. Changes made to the ACA could impact companies. Given the massive deficits and the damage wrought on the economy by the pandemic, a corporate tax increase is inevitable.

Follow the money. The Biden presidency will push an infrastructure bill that would invest in restoring highways, roads and bridges as well as in renovating schools and replacing water pipes. It will focus on electric vehicles and trains. It will seek to build out rural broadband access. And this would largely be done with American-made materials and American labour, a big opportunity for construction and manufacturing companies. The narrative on America’s infrastructure needs is well known, so expect the buzz on infrastructure investments to get louder. The only questions are where, when and how much.

Update M&A strategy. Expect Congress to increase the capital gains tax. The new administration’s expected focus on new regulation, increased antitrust oversight, trade and de-emphasising fossil fuels may also impact the M&A landscape. So may its approach to managing the COVID-19 pandemic. Companies should take these changing dynamics under consideration and assess their acquisition and divestiture strategy in view of their overall corporate strategy and the economic and regulatory climate.

Play the game of resilience and be good at it. Unfortunately, companies cannot rule out the possibility of another protracted lockdown as governments – national, state and local – deal with the COVID-19 pandemic. Companies with mature digital capabilities were more successful in navigating the pandemic with a business built to be run and reach more customers from anywhere. Companies should be thinking about the parts of their business that are or should be hyperscalable and opportunities for opening digital channels, repositioning within the end consumer’s value chain, evolving product and service delivery in a contactless world, improving customer engagement continuously, increasing workplace flexibility, reskilling and upskilling employees, and de-risking the supply chain.

Look for opportunities to diversify. Diversification strategies can enhance resilience. For example, power companies can integrate additional renewable generation, low-carbon fuels and natural gas as a “bridge” fuel. They can also:

• Invest in and deploy utility-scale battery storage assets to supplement and support the more intermittent solar and wind generation.
• Transition some infrastructure and assets to support low-carbon fuels such as hydrogen and bio-methane.
• Expand capabilities to plan and manage a future grid that is more “plug and play” than the current one through increased presence of distributed energy resources, a source of decentralised, community-generated energy.
• Make investments supporting the electrification path (smart metering, electric vehicle smart charging and smart cities infrastructures), including feasible, attainable steps.

This is just one sector, but it illustrates ways companies can adapt to the new political headwinds for fossil fuels blowing in Washington.

Summary

As priorities and policy direction clarify over time, companies can firm up their responses to the resulting changes in the business environment. With a new administration and the 117th Congress in place, it is never too early to start considering alternatives to current strategies.

Appendix A

Biden’s Agenda for the First 100 Days and Through the 2022 Midterms^[5]

Below are likely priorities of President Biden’s administration in its first 100 days under eight broad themes. Of course, we do not expect all of these priorities to be accomplished in the first 100 days. But we do expect each of the broad themes to be addressed either through taking definitive action in the first 100 days or laying the foundation for action during the next two years up to the 2022 midterm elections.

• Contain the COVID-19 pandemic. Address the COVID-19 pandemic by sparing no expense in undertaking a number of initiatives based on science to turn the pandemic around:
  • Encourage social distancing and handwashing as the “best defense” until early next year.
  • Issue a national mask mandate for federal lands and in federal buildings.
  • Sustain the policy for free COVID-19 testing but make it more widespread by increasing federal funding for drive-through testing sites.
  • Appoint a “supply commander” to coordinate and direct the distribution of critical equipment and supplies as COVID-19 cases peak at different times in different states and territories.
  • Expand U.S. medical equipment manufacturing.
  • Shore up the distribution and administration of free vaccinations.
  • Rejoin the World Health Organisation.
  • Provide funding to protect students, educators and staff by making classroom sizes smaller to enable physically distanced learning, improving school building ventilation, covering costs for PPE and sanitation efforts, providing training for educators, parents and students to help them adapt to new circumstances, and implementing other steps that would encourage communities to open schools by the end of April so working parents can fully return to their jobs.
  • Ensure access to the broadband and technology necessary for learning from home when it’s necessary.
• Shore up the Affordable Care Act (ACA). On the broader healthcare front:
  • Reverse executive orders to dismantle the ACA and lay the foundation for working with Congress to build on and enhance it.
  • In building on the ACA, place emphasis on a government-sponsored plan that competes with private insurers and reinstitutes the individual mandate.
  • Lower prescription drug prices by allowing Medicare to negotiate drug prices directly and permitting importation of prescription drugs from abroad.
  • Increase subsidies and coverage by: extending tax credits; limiting consumer healthcare spend on insurance to 8.5% of income to enable participation of lower income households; and allowing undocumented immigrants to buy into the public option, but making them ineligible for subsidies.
• Reverse the prior administration’s executive orders. Reverse many other Trump executive orders, particularly those weakening environmental standards and opening federal lands to oil and gas extraction. Sign executive orders to take measures that are within the full authority of the office to initiate progress on significantly reducing GHG emissions:
  • Require public companies to disclose climate risks and GHG emissions in their operations and supply chains.
  • Require aggressive methane pollution limits for new and existing oil and gas operations.
  • Use the federal government procurement system to drive toward 100% clean energy and zero-emissions vehicles.
  • Require carbon sequestration technologies on power plants.
  • Ensure all U.S. government installations, buildings and facilities are more energy efficient and climate-ready.
  • Reinstate the United States into the Paris Agreement and engage leaders of major GHG-emitting nations in a summit to join with the United States in adopting more ambitious national pledges to reduce carbon emissions (which, initially, will likely be non-binding).
  • Commit that every federally funded infrastructure investment will reduce climate pollution.
  • Review the Environmental Protection Agency’s final rules that (a) limit the agency’s ability to consider scientific research where the raw data is not completely public, and (b) allow a “major source” of hazardous air pollutants to reclassify as an “area source” at any time after acting to limit emissions.
  • Require any federal permitting decision to consider the effects of GHG emissions and climate change.
  • Bar new oil and gas leases on federal lands and apply the Endangered Species Act and National Monuments Act to limit lands open to development.

Propose legislation to:

• End fossil fuel breaks and begin transitioning away from the oil industry with a goal of net-zero carbon emissions by 2050.
• Create tax incentives for renewables, electric vehicles and energy efficiency.

• Pass stimulus, tax and infrastructure legislation. Request Congress to pass more stimulus legislation to help suffering Americans by giving them the balance of their coveted $2,000 coronavirus payments. It appears that President Biden is planning to take at least a first shot at getting a full 60+ majority vote for the $1.9 trillion bill. The administration will also push for a tax and infrastructure plan, which is part of Biden’s “Build Back Better” programme, later in the spring.^[6] The tax and infrastructure package is expected to focus on:
  • Rebuilding America’s crumbling infrastructure, from roads and bridges to green spaces and water systems to electricity grids and universal broadband.
  • Creating 1 million new jobs in the American auto industry, domestic auto supply chains and auto infrastructure, from parts to materials to electric vehicle charging stations.
  • Providing every American city with 100,000 or more residents with high-quality, zero-emissions public transportation options through flexible federal investments.
  • Integration with the climate plan, e.g., upgrading four million buildings and weatherising at least two million homes over the next four years to meet the highest standards of energy efficiency, and upgrading federal vehicles from gas to electric.
  • Funding the plan with a $3 trillion tax increase through raising corporate rates to 28%, eliminating the 20% pass-through deduction for qualified businesses, raising individual rates on the “wealthy” (the top 1% or those making more than $400,000), and taxing capital gains at individual rates, or 39.6%, effectively doubling rates.
• Undertake focused initiatives to create jobs. Initiate targeted business initiatives to create millions of manufacturing jobs through tax incentives:^[7]
  • Require “Buy American” in federal procurement programmes.
  • Retool and revitalise American manufacturers through specific tax incentives (tax credits), tax disincentives (clawbacks of tax incentives if jobs are offshored overseas), additional resources and new financing tools.
  • Invest in R&D and breakthrough technologies – from electric vehicle technology to lightweight materials to 5G and artificial intelligence (AI) – to unleash high-quality job creation in high-value manufacturing and technology.
  • Focus investments to reach all of America’s communities and workers across all states and regions with historic investments in communities of color and an emphasis on a “restart package” for small businesses to retain and rehire.
  • Promote onshoring by bringing back critical supply chains to America to reduce dependence on other countries for the production of critical goods (e.g., PPE, drugs) in a crisis.
• Address systemic racism and growing economic inequality. On the social and racial equity reform front, deliver on Biden campaign promises around addressing systemic racism and growing economic inequality:^[8]
  • Address the economic effects of the pandemic and the economic distress it has wrought on Black, Hispanic, Asian and Native American communities and businesses by spurring public-private investment through a new small business opportunity plan.
  • Reform opportunity zones to fulfill their promise.
  • Make a historic commitment to equalizing federal procurement, investing in homeownership and access to affordable housing for Black, Asian, Hispanic and Native American families.
  • Achieve equity in management, training and higher education opportunities connected to the jobs of the future, ensuring workers of color are compensated fairly and promoting diversity and accountability in leadership across key positions in all federal agencies.
  • Work with Congress to pass police reform legislation, including a nationwide ban on chokeholds, stopping the transfer of weapons of war to police forces, improving oversight and accountability to create a model “use of force” standard, and creation of a national police oversight commission.
  • Take bold action to reduce the prison population, create a more just society and make communities safer by (a) eliminating racial, gender and income-based disparities in the criminal justice system, (b) ensuring fair sentences, (c) offering second chances, and (d) reducing violence in communities and supporting survivors of violence.
• Reverse prior administration’s decisions on immigration. Take a number of steps to roll back the Trump era decisions on immigration, including but not limited to:^[9]
  • Increasing the number of refugees allowed to immigrate to the United States each year.
  • Issuing an executive order rescinding the travel ban on almost all travel from some Muslim-majority countries and ordering the Department of Justice to cease defending the ban in court.
  • Halting further construction of the border wall.
  • Reinstating the Dreamers by having the Department of Homeland Security issue a memorandum reversing the 2017 memorandum that attempted to dismantle DACA.
  • Having the Attorney General reverse the so-called Sessions Memo and returning U.S. asylum policy to what it was before the Trump administration.
  • Signing an executive order reinstituting enforcement priorities for ICE agents to target illegal aliens with criminal records.
  • Signing an executive order rescinding the Trump administration’s immigrant detention-expanding directive and banning any new private prison contracts.
• Empower workers and unions. Focus on strengthening worker organising, collective bargaining and unions:^[10]
  • Check the abuse of corporate power over labour and hold corporate executives accountable for violations of labour laws.
  • Encourage and incentivise unionisation and collective bargaining.
  • Ensure that workers receive appropriate pay, benefits and workplace protections, e.g., $15/hour federal minimum wage, benefits and protections for “gig economy” workers classified as “independent contractors, etc.”

The above themes do not cover other matters the Biden campaign promised to address. For example, on the geopolitical front, the new administration intends to transition foreign policy to a multilateral approach in dealing with geopolitical tensions with China, North Korea and Russia, and rejoin the 2015 Iran nuclear deal. It also plans to initiate a different approach to trade policy, including renegotiating the Trans-Pacific Partnership as part of a multilateral strategy to restrain China, while also coping with protectionist headwinds. Expect the Federal Communications Commission to be charged with taking a stance on net neutrality. In addition, it is expected that President Biden will sign an executive order saying no member of the administration can influence any Justice Department investigation.

Appendix B

Impact on Select Industry Sectors

There are winners and losers in any change in the White House. Below we comment on the potential implications of a Biden administration on various industry sectors and the 117th Congress. While the House and Senate are both controlled by the Democrats, the majority advantage is razor thin. Not only may this reality of divided government pose limitations on the extent to which progressive legislation can be passed, but it also could pose limitations on the extent to which any legislation can be passed.

Below is a summary of possible winners and possible losers from the Biden presidency and Democrat-controlled Congress:

Below is an analysis and supporting commentary discussing each of the above sectors, largely based on reviewing the Biden campaign’s policy statements. In our analysis, we did not comment on changes in tax policy, as discussed above, unless there is a unique aspect applicable to a particular sector.

Possible Winners

Possible Losers

Mixed

About Protiviti

Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and our independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, governance, risk and internal audit through our network of more than 85 offices in over 25 countries.

Named to the 2020 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 60% of Fortune 1000 and 35% of Fortune Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.

^[1] “Democrats Promise Quick Move to Impeachment if 25th Amendment Push Fails,” Devan Cole, Jeff Zeleny, Daniella Diaz and Manu Raju, CNN, January 11, 2021.

^[2] “Pelosi Mum on When House Will Send Impeachment Article to Senate,” Mike Lillus, The Hill, January 15, 2021.

^[3] “Biden Plans Immediate Executive Actions to Roll Back Trump Era After Inauguration Speech,” Tucker Higgins, CNBC, January 17, 2021.

^[4] “Biden's One-Two Stimulus Punch,” Hans Nichols, Axios, January 8, 2021.

^[5] In preparing this summary, one of the sources we used was the commentary from Mary Moore Hamrick, CEO of Political Quotient Advisors and Senior Fellow of UNC Kenan Institute of Private Enterprises, during a Protiviti webinar, “The First 100 Days of the Biden Administration,” on January 13, 2021. Listen to Ms. Hamrick’s analysis here.

^[6] “Biden's One-Two Stimulus Punch,” Hans Nichols, Axios, January 8, 2021.

^[7] “The Biden Plan to Ensure the Future is ‘Made in All of America’ by All of America’s Workers” .

^[8] “Racial Equity: The Biden-Harris Plan to Advance Racial Equity”.

^[9] “Biden Might Need Years to Reverse Trump's Immigration Policies on DACA, Asylum, Family Separation, ICE Raids, Private Detention and More,” Alan Gomez and Daniel Gonzalez, USA Today, November 12, 2020.

^[10] “The Biden Plan for Strengthening Worker Organizing, Collective Bargaining and Unions”.

^[11] “Unfavorable Views of China Reach Historic Highs in Many Countries,” Laura Silver, Kat Devlin and Christine Huang, Pew Research Center, October 6, 2020,.

^[12] “U.S. Renewable Energy Consumption Surpasses Coal For the First Time in Over 130 Years,” Mickey Francis, Independent Statistics & Analysis, U.S. Energy Information Administration, May 28, 2020. 

^[13] “Update: What Biden's Presidency Could Mean for Tech and Telecom,” Casey Egan, S&P Global Market Intelligence, November 9, 2020.

^[14] “21 Million Americans Still Lack Broadband Connectivity,” Pew Research Center, July 10, 2019.

^[15] “There Are Far More Americans Without Broadband Access than Previously Thought,” Linda Poon, Bloomberg, February 19, 2020.

^[16] “Give Everybody the Internet,” Emily Stewart, Vox, September 10, 2020.

^[17] “Wall Street Wants to Be Sure Biden Can Keep Warren’s Army at Bay,” Robert Schmidt, Jesse Hamilton, and Yalman Onaran, Bloomberg, November 7, 2020.

^[18] “Biden not Planning Defense Cuts, but They May Come Anyway,” Joe Gould, Defense News, September 11, 2020.

^[19] “Biden likely to stay course on Space Force and defense investments,” Sandra Erwin, SpaceNews, November 20, 2020.

^[20] “Oil Industry Consolidation Heats Up as Jobs Disappear,” David Blackmon, Forbes, October 5, 2020.

^[21] “Potential Impacts on Oil Industry of a Biden Administration,” Dan Eberhart, Forbes, October 15, 2020.

^[22] “Big Tech Makes Inroads with the Biden Campaign.” David McCabe and Kenneth P. Vogel, New York Times, August 10, 2020.

^[23] “Well-Intended Stimulus Will Help Airline Employees, But Not For Long,” Ben Baldanza, Forbes, December 23, 2020.

^[24] “Factbox: What impact would a Biden presidency have on the auto industry?,” Tina Bellon and Paul Lienart, Reuters, October 30, 2020.

^[25] “Biden May Step Up Regulations For U.S. Insurers, Bolster Affordable Care Act in Pandemic Fight,” Antonita Madonna, Reuters, November 13, 2020.

^[26] “What to Expect From the Life Insurance Industry in 2021,” Bill Unrue, WealthManagement.com, December 22, 2020.

^[27] “ What P/C Insurance Industry Can Expect if Biden Wins or if Trump is Re-Elected,” Andrew G. Simpson, Insurance Journal, October 2020.

^[28] “What a Biden Presidency Could Mean for Utilities,” Charles Fishman, Morningstar, October 16, 2020.