Harris to Replace Biden as Democratic Nominee – Which Sectors to Watch?

The Potential Political Landscape Under a Harris Administration

The potential rise of Vice President Kamala Harris to the presidency in the 2024 election could bring both continuity and subtle changes to the direction of U.S. policy. While many sectors could see a continuation of current policies, some areas could see renewed focus or minor adjustments. This article examines the potential implications of a Harris presidency across a range of policy areas.

Overall policy continuity

A Harris administration would likely maintain many of the policy positions of the current Biden administration. This continuity would be evident in sectors such as banking, electric vehicles (EVs), technology, and health care. The preservation of existing policies suggests that major industries should not expect drastic changes to their regulatory environments.

Environmental and energy policy

Under Harris’ leadership, environmental policy is likely to remain a priority. The administration is expected to:

• Continue to enforce strict vehicle emission limits
• Maintaining support for electric vehicle tax credits established under the Inflation Reduction Act
• Further promoting clean energy initiatives and infrastructure development

The policy fits with Harris’s proven support for environmental issues and could benefit companies in the renewable energy and electric vehicle sectors.

Technology and telecommunications

In technology and telecommunications, a Harris presidency is likely to:

• Maintain control over big tech companies, especially in the context of antitrust issues
• Support data privacy legislation, with a focus on protecting children online
• Continue the current regulatory approach to broadcasters and broadband providers

While Harris may not push as hard to repeal liability protections for big tech companies as some other potential candidates, the tech industry should still expect continued regulatory attention.

​Financial Regulation and Consumer Protection

​Harris’ experience as California attorney general suggests a potential shift toward increased consumer protections in financial regulation. This could include:

• Greater focus on consumer issues in banking and finance
• Possible extension of the provisions on protection against seizure of real estate
• Continuous monitoring of major financial institutions

The scope of those changes, however, will largely depend on Harris’ nominations to key regulatory positions.

Healthcare Policy

On health care, the Harris administration is likely to:

• Push for continued implementation of the Affordable Care Act (Obamacare)
• Continue efforts to make healthcare more accessible and affordable

Tax policy

​While maintaining many of the current tax policies, a Harris presidency could put more emphasis on:

• Tax relief for low- and moderate-income consumers
• Possible changes to corporate tax rates, although major changes are unlikely

The Role of Congress

It’s important to note that regardless of who wins the presidential election, gridlock in Congress could significantly limit the scope for potential policy change. Many of Harris’s policy goals would require legislative support, which could be difficult to obtain in divided government.

Conclusion – evolution, not revolution?

A Kamala Harris presidency would likely represent more of an evolution than a revolution in U.S. policy. While maintaining continuity in many areas, Harris could refocus on consumer protection, environmental issues, and access to health care. But the true scope of policy change would depend not only on Harris’ priorities but also on the composition of Congress and her choices for key regulatory positions.