US Business Leaders Hope For Pandemic Relief, More Global Cooperation

Several powerful business interests, including representatives from J.P. Morgan Chase, Microsoft and the travel industry, are publicly urging a peaceful transition of power after the U.S. election to help with future stimulus efforts and the economy overall, the Financial Times (FT) reported.

After days of mail-in and absentee ballots being counted, President-Elect Joe Biden ousted incumbent President Donald Trump as of Saturday (Nov. 7), according to projections by various news outlets.

Now, businesses and professionals are talking about what they hope to see from the new administration.

“Now is a time for unity,” said J.P. Morgan Chase CEO Jamie Dimon, according to the FT. “We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power.”

Microsoft President Brad Smith voiced a common concern of the business community in urging that a Biden administration focus on coordinating more with other countries on things like climate change and regulation. Smith, according to the FT, said there is a need for “stronger collaboration” globally. He said the U.S. needs “to move from debates about why we cannot succeed to conversations about how we can.”

The National Association of Manufacturers (NAM) was quick with a wish list for the coming change in leadership, hoping for “a ‘competitive’ tax and regulatory system, infrastructure investment, comprehensive immigration reform, expanded trade and a ‘strengthened’ workforce,” the FT reported.

Jay Timmons, CEO of the NAM, said the election made it clear that the American people want “smart, stable and solutions-oriented governance,” rather than extreme rhetoric from either major political party in the U.S., according to the FT.

Meanwhile, the U.S. Travel Association hoped for more assistance for that industry, which has been particularly hit by the pandemic, the report stated.

Prior to the calling of the election on Saturday, Senate Majority Leader Mitch McConnell said passing a new stimulus plan would be the first priority before the year’s end. Talks about what a new stimulus would entail have consumed both parties for much of the late summer and fall, with neither budging enough to force through an agreement. McConnell said hopefully a “more cooperative” situation would be possible.