On Wednesday, Jan. 20, 2021, America will swear in Joe Biden, the 46th President of the United States, with his Vice President Kamala Harris. January will also bring the start of the 117th Congress.
Every beginning of a new Administration and Congress brings change. ABA is here to help you understand any changes to the regulatory and legislative agendas as it affects our industry.
On Nov. 11, ABA held a Post-Election: Where Do We Go from Here? webinar to explain what is currently happening in the landscape after such a historic election. A few races are going into special elections in January. Some election results are being contested. So what do we need to pay attention to as we move forward?
Tax Matters to Watch
- 2020 Expiring Provisions
- Status of Key Outstanding Regulations Related to TCJA – Potential 2020 Action
- Post-Election Outlook
- 2020 Biden-Harris Plan Chart
The Electoral College will meet on Monday, Dec. 14 at their respective state capitals to cast their ballots for President and Vice President of the United States bringing a formal end to the 2020 Presidential election cycle. With 270 being the magic number to hit – the final numbers are expected to be Biden 306 and Trump 232 (total of 538 votes). The Biden-Harris transition team has begun working to name nominees to fill the positions in the next Cabinet and Administration.
The Inauguration of President Joe Biden will take place on the steps of the U.S. Capitol Building in Washington, D.C., on Wednesday, Jan. 20, 2021. ABA will be put together major event schedules, bus parking, road closures and other helpful information regarding the inauguration on our website.
New Administration Moves
The 117th Congress
U.S. Senate – The outcome of the Senate control remains undecided as the margins following the election are too close, with 50 seats held by Republicans to 48 Seats held by the Democrats and the two Independents that vote with the Democrats, and 2 seats still in contention in Georgia due to state law that requires a candidate to obtain 50% of the vote to be declared a winner – which did not occur in either Georgia Senate race. Several vulnerable Republican incumbents held their seats with only three seats overall changing parties: former Colorado Governor John Hickenlooper (D) defeated incumbent Senator Cory Gardner (R), Mark Kelly (D) defeated Arizona incumbent Senator Martha McSally (R), and Tommy Tuberville (R) defeated Alabama incumbent Senator Doug Jones (D). Georgia will now hold 2 run-off races on January 5, which will determine the outcome of Senate control for the 117th Congress, which is to convene on January 4. If the Republicans win at least one of the two Georgia seats, they will retain control of the Senate and stand as the sole opposition body to a Democratic Administration. Alternatively, if the Democrats win both Georgia seats, then the Democrats will control both Congress and the White House, increasing the new President-Elect’s chances of successfully pursuing his agenda.
U.S. House of Representatives – The Democrats retained control of the House, although Republicans made significant gains, narrowing the margins between the two parties to 221 seats held by Democrats to 209 seats held by Republicans (with 5 races yet to be called). Speaker Nancy Pelosi (D-Calif.) will remain in charge during the 117th Congress, with Minority Leader Kevin McCarthy (R-Calif.) remaining in his role as well.