In a recent meeting between White House chief of staff Jeffrey Zients and top executives in Washington, tensions were palpable as corporate leaders voiced their grievances against President Biden’s policies. From objections to tax increases to concerns about overregulation and lack of business representation in the Cabinet, the executives at the Business Roundtable didn’t hold back.
This discontent isn’t new—it’s been brewing for three and a half years. Business leaders have taken issue with Biden’s rhetoric on “corporate greed,” his ties to unions, and his appointments of officials like Lina Khan, who has ruffled feathers by blocking corporate mergers. In fact, some prominent figures in Silicon Valley and on Wall Street have even praised former President Donald J. Trump in contrast to Biden.
While there is growing criticism of Biden among some business circles, most CEOs still prefer him over Trump. Even those who have historically supported Democrats, like Marissa Mayer and Mark Cuban, continue to back Biden. The White House isn’t overly concerned about the grumblings—they point to strong policies, like taxation and regulation reforms, as evidence of their effectiveness.
To mend fences with business leaders, the administration has ramped up efforts to engage with corporate America. They’ve reached out to over 100 CEOs and held meetings with industry giants like Marriott and United Airlines. And this dialogue has led to tangible policy changes, such as the EPA softening emission regulations after input from automakers.
Yet, the tensions persist, fueled by disagreements over tax hikes, regulatory aggressiveness, and industry-specific policies. Still, some sectors, like infrastructure and green energy, have applauded the administration’s initiatives. Ultimately, despite the discord, investments under Biden have remained steady, a testament to the business community’s ongoing engagement with the administration.
The divide between Biden and the business world runs deep, particularly when it comes to regulatory matters. Some venture capitalists have publicly criticized regulators like Gary Gensler and Lina Khan, but they’re not abandoning their overall support for Biden. The internal dynamics of business leaders’ shifting allegiances are complex, reflecting a larger trend of cautious support for Biden and a more vocal backing of Trump among some Republican executives.
As the 2024 elections loom, the business community walks a fine line of navigating their relationships with the current administration while keeping an eye on the political landscape. The future remains uncertain, but one thing is clear—businesses will continue to play a pivotal role in shaping the country’s economic and political trajectory.
