On his first two days in office, U.S. President Joe Biden issued executive orders that asked the Education and Labor departments, respectively, to extend the pause on federal student loan payments and on evictions and foreclosures, resumed U.S. membership in the World Health Organization and the Paris Climate Accord, and revoked the Keystone XL pipeline.
Many more policy changes are expected from the 46th U.S. president as he battles the coronavirus pandemic and ailing economy and focuses on reversing a myriad of policies from the Trump Administration.
“We expect the first 12 to 18 months of Democrat Joe Biden’s term will be largely spent undoing the Republican Trump Administration’s rules — with minimal impact on company valuations, wrote Aron Szapiro, Morningstar’s head of policy research, in a recent report.
”Without a larger majority in Congress a lot of public policymaking will be left up to executive action,” explained Szapiro, who is based in Washington, D.C.
Democrats control both Houses of Congress, but they have narrow leads: only 10 more votes than Republicans in the House (221 to 211) and they are tied with Republicans in the Senate at 50 votes each but Vice President Kamala Harris can break any tie.
Check out the slideshow above, based on Szapiro’s report, for a review of the top executive actions and one tax change from the new president that could affect financial advisors, other financial professionals and their clients.