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Business world braces for blue sweep

Business world braces for blue sweep

by NIV ELIS - The Hill  |  Published on August 26, 2020

Wall Street and business groups are bracing for the possibility of a blue sweep in Washington that would leave Democrats in charge of the White House and both chambers of Congress.

Such a scenario could lead to sweeping policy changes affecting taxes, regulations, coronavirus relief and other economic policies.

“I would say that’s definitely a concern on a lot of investors’ minds,” said Judy Lu, CEO and founder of Blue Zone Wealth Advisors.

Democratic presidential nominee Joe Biden holds a lead in national polls and in key swing states over President Trump. Democrats are in control of the House and, if Biden wins the White House, would need to have a net pick-up of three Senate seats to gain control of that chamber.

With one party controlling Washington, Lu says, businesses anticipate more sweeping policy changes, which makes it harder to plan.

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