The 2020 Elections & Private Equity Brett Palmer President Small Business Investor Alliance The Voice of Private Equity in Washington www.SBIA.org 2020 Election Results: Topline

Chamber/Office Control before election Control in 2021

House of Democrats Democrats Representatives

Senate Republicans Not yet called

President Republicans (Trump) Democrats (Biden)

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM Presidential Tight States (But there is no honest question who won)

306 232

270 needed to win

10 20 16 4 29 18

6

11 10 15 6 38 16 NE-02: 1 ME-02: 1

*Outline reflects 2016 winner KEY Rep Dem Key Senate Swing States

48 2 50

Lean Democrat Toss Up Lean Republican

AK IA SC AL MI GA-II GA-III

AZ ME NC MT KS TX

CO

*Outline reflects party of current officeholder NOT YET GA-II = Perdue (R) incumbent KEY CALLED Rep Dem GA-III = Loeffler (R) incumbent

S O U R C E Associated Press; Cook Political Report AP DATA AS OF 11/9/2020 8:20 AM 2020 US Senate Results

Democrat hold Democrat gain Not yet called Republican gain Republican hold No election

2020 election 11 2 2 1 19 65

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA-II GA-III MD TX AK LA

FL HI

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2021 US Senate Makeup

2 Democrats 1 Democrat + 1 Republican 2 Republicans Not yet called

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA MD TX AK LA

FL HI

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2020 Governor Results

Dem hold Dem gain No election GOP hold GOP gain

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA MD TX AK LA

FL HI

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2021 Governor Makeup

Dem governor GOP governor Not yet called

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA MD TX AK LA

FL HI

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2021 State Legislature Makeup

Dem House and Senate Split House and Senate GOP House and Senate Not yet called

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE* NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA MD TX AK LA

FL HI

*Nebraska has a non-partisan unicameral legislature

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2021 State Trifectas

Dem trifecta Not a trifecta Trifectas are when one party controls the GOP trifecta Not yet called governorship and both legislative chambers

WA ME MT ND VT

OR MN NH ID SD WI NY WY MI IA PA NE* NV MA OH UT IL IN RI CA CO WV KS MO VA KY CT NC TN NJ AZ OK NM AR SC DE MS AL GA MD TX AK LA

FL HI

*Nebraska has a non-partisan unicameral legislature

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM 2020 Electoral College and Statewide Races

President (Electoral College) Senate Governor

AK MA NV AL MS MO AL MD NY AK MT

AR ME OH AR NE MT

AZ ME-1 OK AZ NH

CA ME-2 OR NC CO NM CO MI PA DE NJ NH CT MN RI GA-II NC DC MO SC GA-III OK VT DE MS SD ID OR FL MT TN WV IL RI GA NC TX IA SC DE HI ND UT KEY KS SD IA NE VA Runoff KY TN IN ID NE-1 VT Election LA TX Jan 5 IL NE-2 WA ND IN NE-3 WI ME VA Rep

KS NH WV MA WV UT

KY NJ WY MI WY Dem WA LA NM MN 2020 Election Status by House Race

KEY

SOURCE Politico 2020 Election: The Density Divide

KEY

Source: WSJ.com Nov 24 2020 https://www.wsj.com/articles/how-the-2020-election-deepened-americas-white-collar-blue-collar-split-11606219208 Selected Ballot Initiatives

Topic Subtopic State Initiative Description Result

Allows either Initiative 65 (lenient) or Alternative 65a (strict) to pass Medical MS Ballot Measure 1 Passed (voters choose in Measure 1b which version they prefer) Marijuana Legalization SD Measure 26 Creates a medical marijuana program Passed

SD Const. Amend. A Legalizes recreational use of marijuana Passed

AZ Proposition 207 Legalizes the recreational possession and use of marijuana Passed Recreational Drugs Marijuana CI-118 Amends constitution to allow minimum age of 21 for marijuana Passed Legalization MT I-190 Legalizes possession and use of marijuana for adults over 21 Passed

NJ Public Question 1 Amends constitution to legalize recreational use Passed

Entheogens DC Initiative 81 Declares that entheogenic plants are lowest police priority Passed (mushrooms) decriminalization OR Measure 109 Legalizes psilocybin administered by the Oregon Health Authority Passed

Minimum Wage FL Amendment 2 Increases the state minimum wage to $15 by 2026 Passed Labor Ind. Contractors CA Proposition 22 Considers app-based drivers to be independent contractors Passed

S O U R C E Associated Press AP DATA AS OF 11/9/2020 8:20 AM Key Transition Events

Pre-election “planning” phase Post-election timeline • Name transition chair(s) and key staff

• Develop relationships with the GSA, FBI, OPM, OGE, Nov. 3 Election Day current administration, and Congress • Set goals and develop project plan for transition Dec. 8 “Safe Harbor” deadline for choosing Electors Post-election “transition phase” • Appointing key White House and agency staff Dec. 14 Meeting of electors in states • Deploy teams to agencies for policy/structure review • Finalizing policy agenda/schedule • Naming cabinet Jan. 3 Seating of the new Congress

Post-inauguration “handover” phase Jan. 6 Joint session of Congress • New admins must fill about 4,000 political positions counts electoral votes • Over 1,200 positions require Senate confirmation • Official transition organization must also wind down Jan. 20 Inauguration Day

S O U R C E National Journal; Center for Presidential Transition President Elect Biden People are Policy

Key provisions • All current political appointees will resign or be immediately fired Thousands of • An unprecedented number of senior positions have been left vacant for Management Positions unprecedented periods during the Trump Administration 1 will be swapped out or filled Control of Congress will • Many senior positions and all Cabinet positions require Senate limit or expand choices 2 confirmation of senior personnel • Biden will not waste time and political capital trying to get difficult appointees through so look for “safe” picks (likely angering progressives) Many experienced • President Trump broke all precedents for using “acting” management 3 personnel will return to for senior positions without Senate Confirmation the government

• Budget and funds available may already be locked in for new Watch for GOP appointees 4 appointees and centrist • New President will need to submit new budget, outlining priorities, in Senators February

16 Chief of Staff - Biden’s Most Important First Hire

BIOGRAPHY A longtime Democratic aide, strategist, and trusted Biden adviser, Klain is a sought-after voice on the COVID-19 pandemic crisis • Extensive background in law, politics, and the private sector working as a top aide to Vice Presidents and ; now works on the Biden campaign and as General Counsel and EVP of investment firm Revolution • Began professional relationship with Biden on the Senate Judiciary Committee; chief counsel during Biden’s chairmanship from 1989-1992 • As Vice President Gore’s chief of staff, helped his boss navigate Pres. CHIEF OF STAFF, VP JOE BIDEN Clinton’s impeachment while positioning him to run for president 2009-2011 • Played a central role in overseeing the 2009 stimulus package under then- CHIEF OF STAFF, VP AL GORE Vice President Biden 1995-1999 • Appointed by President Obama in 2014 to be the WH “Ebola Czar” for his DATE OF BIRTH crisis-management skills; efforts to contain Ebola considered successful 8/8/1961 (Age: 59) • In his role with Revolution, Klain has joined CEO Steve Case on road trips to HOMETOWN promote tech entrepreneurship across the country Indianapolis, IN • Advises the Biden campaign’s COVID-19 response as well as private sector EDUCATION entities through his position at Revolution Georgetown U., AB, 1983 Harvard Law School, JD, 1987 • In-demand interview subject for his pandemic expertise; has consistently called for a more unified, aggressive federal COVID-19 response FAMILY Wife (Monica Medina); 3 children • Appointed by President-elect Joe Biden to be his White House chief of staff

S O U R C E National Journal; Vignette by National Journal Key White House Positions

Biden Requires Senate Agency Position Current Official Appointee/Nominee Confirmation?

Chief of Staff Mark Meadows Ron Klain No , Deputy Chief of Staff Tony Ornato, Jen O’Malley Dillon No and Senior Advisor No West Wing Counselor No Director of Public Engagement Timothy Pataki No

Director of Intergovt’l Affairs Doug Hoelscher Julie Rodriguez No Counsel Pat Cipollone No Director Russell Vought Yes OMB OIRA Administrator Paul J. Ray Yes National Security Council National Security Advisor Robert C. O’Brien No National Economic Council Director No

Domestic Policy Council Director Brook Rollins (acting) No

Council of Economic Advisors Chairman Tyler Godspeed (acting) No

Communications Director Alyssah Farah No Communications Press Secretary Kayleigh McEnany No President-elect Joe Biden’s cabinet picks

Vice President State Treasury Defense Kamala Harris Janet Yellen TBD

Attorney General Interior Agriculture Commerce TBD TBD TBD TBD

Health & Human Housing & Urban Labor Transportation Services Development TBD TBD TBD TBD

Energy Education Veterans Affairs Homeland Security TBD TBD TBD Alejandro Mayorkas

Cabinet-level officials*

White House White House CIA Director EPA Administrator Chief of Staff OMB Director TBD TBD Ronald Klain TBD

US Ambassador to Director of Nat’l US Trade Small Business the UN Intelligence Representative Administrator Linda Thomas- Avril Haines TBD TBD Greenfield

* The Biden-Harris transition has not yet announced which non-Cabinet officials will be deemed “Cabinet-level” SOURCE Biden-Harris Transition. PRESENTATION CENTER 11/23/20 Key Positions For Finance/Private Equity

Requires Senate Agency Position Current Official Biden Appointee/Nominee Confirmation? Chair Jay Clayton (R)* Yes Commissioner (Term expires June 5, 2021, Jay Clayton (R)* Yes Will Depart December 2020) Commissioner Allison Herren Lee (D) N/A Yes Securities and Exchange (Term expires June 5, 2022) Commission Commissioner Elad L. Roisman (R) N/A Yes (Term expires June 5, 2023) Commissioner Caroline A. Crenshaw (D) N/A Yes (Term expires June 5, 2024) Commissioner Hester M. Peirce (R) N/A Yes (Term expires June 5, 2025) Secretary Steve Mnuchin Janet Yellen Yes Treasury Deputy Secretary Justin George Muzinich Yes

Comptroller of the Currency Brian Brooks (Acting) Yes CFPB Director Kathleen Laura Kraninger Yes

Small Business Administrator Jovita Carranza Yes Administration Deputy Administrator Vacant Yes

*Clayton is self-proclaimed Independent, but holds a Republican seat on the SEC Potential committee leadership: Financial

Names in italics are incumbent committee leaders; Potential chair conflicts noted in (parentheses)

Committee Democratic Leader Republican Leader

Senate Banking, Housing, Mike Crapo (ID) (Budget or Finance) Sherrod Brown (OH) and Urban Development Pat Toomey (PA)

Chuck Grassley (IA) (term limit) Senate Finance Ron Wyden (OR) Mike Crapo (ID) (Budget or Banking) John Cornyn (TX)

House Financial Services Maxine Waters (CA) Patrick McHenry (NC)

House Ways and Means Richard Neal (MA) Kevin Brady (TX)

Marco Rubio (FL) (Intel) Senate Small Business Ben Cardin (CA) Rand Paul (KY)

Steve Chabot(OH) House Small Business Nydia Velazquez Blaine Luetkemeyer (MO)

21 2020 NATIONAL JOURNAL PRESENTATION CENTER The Biden plan for President-Elect Biden emergency support small businesses

Key provisions • Secure $60 billion set-aside in funds for smaller lenders and community-based financial institutions to deserving small businesses in Establish a “True Small minority communities 1 Business Fund” • Review and expand the Paycheck Protection Program

Keep well-off business owners from unjustly 2 using any program for • Mitigate unnecessary paperwork and expedite loans to hard-hit their benefit businesses, and never penalize firms or banks for good-faith mistakes • Ensure that no business owner receives above their lost revenue Ensure that the • Increase scrutiny of certain types of small businesses where owners Paycheck Protection and executives are making over $500,000 3 Program’s (PPP) terms support small businesses • Support further amendments to the PPP: Guarantee that every • Guarantee that every qualifying business gets relief qualifying small • Authorize more generous loans that retain workers on payroll and 4 business gets relief cover fixed costs during the COVID-19 crisis under PPP • Establish “look-back audit” tools to police against abuse

22 President-Elect Biden Regulatory Powers and Social Justice

Key provisions • Board diversity disclosure requirements House Dems and • Address discrimination in housing 1 Administration have • Address discrimination in consumer lending social justice agenda • Address bias in underwriting Legislation will be • Expand role and capacity for MDIs and CDFIs 2 harder than regulation or • Increase investments in affordable and public reporting housing development and rehabilitation • Change economic development tax incentives, Many bigger businesses are already in line with such as Opportunity Zones 3 many of these proposals • Enhance protections for LBGTQ populations (at least publicly) • Provide maternal and community health and childcare • Increase job training • Expand Federal Reserve mandate to address racial inequality and environment concerns

23 Obama-like approach to financial regulation - Focus on Consumer Protection and Closing Racial Disparities

Reinforce Dodd-Frank • Bolster safeguards that limit retail banking institutions from making risky investments • Strengthen provisions to protect against systemic risks and preventing banks from becoming “too big to fail”

Increase CFPB enforcement • Reassert CFPB’s power to regulate consumer lending, including credit cards • Enforce settlements against discriminatory, abusive or deceptive lenders • Create a Public Credit Reporting Agency within the CFPB

Increase Board Diversity • Increased Reporting of Race and Gender • Both of major companies and portfolio companies

Expand access to financial services for the unbanked and underbanked • Encourage the Federal Reserve to set up a real-time payment system for faster check-cashing as well as a potential Federal Reserve bank account • Provide accessible service locations through postal banking

Bankruptcy Reform • Streamline filing process • End rules that make it difficult to discharge student debt in bankruptcy • Eliminate loopholes that allow potential abuse of the bankruptcy system Current financial and banking regulations that President-Elect Biden would like to change Trump admin. Proposed action action Amend Federal Reserve Act Federal Reserve Limited focus on racial language to mandate regular employment and wealth gaps, reporting on such issues Act and measures to reduce these

Trump admin. Proposed action Dodd-Frank action Strengthens Dodd-Frank with Rolled back or scaled down a goal to avert any future financial reform several banking regulations financial crisis –leverage under the initial Obama-era limits? law

Trump admin. Proposed action Mergers and action Reviews (lookback) certain acquisitions Generally shored up big US mergers under Trump, deal making amid decreased including in the healthcare regulation and tax reform market, to assess anticompetitive practices Current tax and labor regulations that President-Elect Biden would like to change

Trump admin. Proposed action Significantly raise corporate action taxes and taxes on the Taxation Passed the Tax and Jobs Act “wealthy”; reject “trickle of 2017; sharply cut corporate down” tax cuts – DOA if GOP taxes holds Senate, Very possible if Dems Sweep GA

Trump admin. Proposed action action Ensure workers, including Wage protection Reversed progress towards domestic and farm workers, Obama-Biden rule to extend are paid fairly for working overtime pay overtime; increase minimum wage to $15/hour

Trump admin. Proposed action Labor rights action Repeal “right to work” laws, and unions Issued executive orders that pass the PRO Act, and limited federal unions’ increase union recognition – powers; supported “right to DOA with a GOP Senate work” laws

SOURCE Biden for President, The Balance, Architectural Digest, National Federation of Federal Employees. MANSHA MAHAJAN 9 / 9 / 2 0 Current housing regulations that President-Elect Biden would like to change

Trump admin. Proposed action action Bring back the Affirmatively Fair housing Repealed the Obama-era Furthering Fair Housing Rule; Affirmatively Furthering Fair protect against abusive and lending Housing rule lenders

Community Trump admin. Proposed action action Expand the CRA to apply to Reinvestment Proposed loopholes for mortgage and insurance lenders who use exclusionary companies; reverse rules that Act (CRA) practices allow institutions to use discriminatory practices

Trump admin. Proposed action Housing action Created barriers for discrimination Created barriers for borrowers attempting to file borrowers attempting to file discrimination lawsuits discrimination lawsuits against financial institutions against financial institutions

SOURCE Biden for President, The Balance, Architectural Digest, National Federation of Federal Employees. SASKIA KERCY 9 / 1 4 / 2 0 Current Trade Policies that President-Elect Biden would like to change

Trump admin. Proposed action action Comprehensive review of Tariffs Extensive tariffs on a range of tariffs – some will stay and products from many countries some will go, deescalate conflicts with friendly nations

Trump admin. Proposed action Immigration action Repeal immigration and travel Highly restrictive travel and bans/restrictions that are immigration policies seen as discriminatory

Trump admin. Proposed action Drug Prices action May modify Trump proposal Major changes to pricing of or may accept the bulk of the drugs to be in line with prices Trump Proposal paid by other developed countries Consumer Financial Protection Bureau under President-elect Joe Biden

Installing a new head at the CFPB will be among the Biden team’s first moves. Leadership The Trump administration was opposed to the CFPB and its performance had been lax under Trump appointed leadership

The CFPB will have more power to ensure flexibility for mortgages under the Mortgage relief CARES Act to prevent foreclosures during the pandemic and prevent lenders from inflicting unaffordable repayment plans

The CFPB may also restore a rule that that aimed to protect people who get Payday loans payday loans. The Trump administration had “weakened” the rule

Biden wants to create a credit-reporting agency under the CFPB to address Fair lending racial disparities in credit reporting, and to strengthen the bureau’s fair- lending office

A Biden administration will focus on protecting consumers from bank- Penalties and loans overdraft programs, and more aggressively oversee student-loan servicers

Consumer Financial Law The taskforce has faced opposition from consumer-advocacy groups over concerns of it being filled with industry-friendly members and holding closed- taskforce session meetings without public notice

SOURCE NPR, Barrons. MANSHA MAHAJAN 11/22/20 Scheduled Tax Cuts and Jobs Act (TCJA) The Next Decade Projections of federal tax policy after the 2020 election

2021 Business net 2025 interest 2025 Alternative expenses will Individual minimum tax be limited to income tax rate reductions will 30% of EBIT, reductions will expire; GILTI, rather than 30% expire FDII, and BEAT of EBITDA will increase restrictions 2021 2021 2022 2025 2025 2025 2025

2021 2022 2025 2025 Businesses must Full expensing Standard Reduction of begin expensing for short-life deduction hike, estate tax will research and business doubling of child expire experimentation investments will tax credit, limits costs over five begin to phase on state and years out local tax deduction, and mortgage interest deduction will expire

SOURCE Tax Foundation. SASKIA KERCY 11/17/20 Biden’s First 100 Days as President

Finalize Filling his Cabinet and other Senior Positions ▪ National security positions (Defense, CIA, DHS) usually confirmed first ▪ The rest of the cabinet will likely be filled faster with a Democratic Senate

Addressing the coronavirus pandemic ▪ Passing a major stimulus bill ▪ Creating a nation-wide testing strategy ▪ Managing vaccine development and distribution

Reversing Trump Admin Policies and Executive Orders ▪ Start the process of rejoining international orgs: Paris Climate Accord, WHO, Iran nuclear deal ▪ Reverse orders on immigration, reproductive health and civil rights ▪ If Dems win the Senate, Congress could use the Congressional Review Act to reverse policies

Legislative Priorities – Challenging and Dependent on GA Races ▪ Stimulus/Economic Recovery ▪ Climate change and infrastructure ▪ Health care reform

SOURCE National Journal PRESENTATION CENTER 10/29/20 Potential Democratic Legislative Priorities

Climate change/infrastructure Health care reform

• Pass H.R. 2, which increases investment in green • Pass H.R. 3 and H.R. 1425 to reduce drug prices and infrastructure through the FAST Act expand coverage under the ACA • Additional climate legislation would aim for emissions- • Additional health legislation would attempt to create a free energy by 2035, net-zero emissions by 2015 with an public insurance option, address surprise billing, and emphasis on environmental justice reinstate funding for reproductive health

Political/government reform Immigration reform

• Pass H.R. 1, the For the People Act • Reverse Trump Executive Orders • The bill would establish a national voter registration • Pass an immigration reform bill with a path to citizenship program, establish nonpartisan commissions to redraw for some undocumented residents congressional maps, and create a public financing system • Codify protections for children who came to the Untied for federal campaigns, among other provisions States illegally from deportation

Tax reform Education reform

• Increase corporate tax rate from 21% to 28% • Reauthorize the Higher Education Act through the Aim • Create manufacturing repatriation tax incentives Higher Act • Increase top-bracket income tax rate • Additional education legislation would attempt to make four-year public universities debt-free for low-income families

S O U R C E The State, , Joe Biden for President, Forbes PRESENTATION CENTER 10/15/20 4 Major roadblocks to Biden’s Priorities

1 If GOP controls Senate 2 Senate Process/Filibuster

▪ Senate Republicans would block bills expanding ▪ Under current Senate rules, most legislation requires Obamacare, and only allow limited climate change 60 votes to advance legislation ▪ Through the nuclear option, Democrats could change ▪ Biden expects GOP to be open to compromise after the rules with a simple majority vote – don’t have the Trump, but analysts remain skeptical votes to change this (yet)

3 Conservative courts 4 Intra-party divisions

▪ Supreme Court has a 6-3 conservative majority after ▪ Liberal Democrats might withhold support for more Barrett’s confirmation moderate legislation in the House ▪ Trump has installed hundreds of conservative judges ▪ Conservative Democrats in the Senate might oppose across the country some major reforms ▪ Conservative judges will likely not allow broad interpretations of legislative text

SOURCE National Journal PRESENTATION CENTER 10/15/20 Rollback of Trump Executive Orders

TOPIC DETAILS

• Rejoin the Paris Climate Accord • Reinstate or expand Obama-era mileage standards, reversing the Trump administration’s decrease of annual fuel economy increases from 5% to 1.5% Environment through 2026 • Reinstate mercury and air toxics standards, an Obama-era policy that mandated that power plants use certain mercury pollution controls

• Re-establish relationships with our allies, calling world leaders before his inauguration to say “we’re back and you can count on us again” Foreign policy • Rejoin the World Health Organization (WHO), which Trump withdrew from in July, and restore American leadership

• Restore all Trump administration limitations on the Affordable Care Act and Health care instruct his administration to drop the federal lawsuit to strike down the ACA • Reverse the Trump administration’s rollback of Obama-era health policies

• End family separations at the border and prosecution of parents for minor immigration violations • Reverse EO 13769, known as the Muslim ban by opponents Immigration • Reverse the public charge rule • Reverse Trump administration policies that have reduced the refugee program, and would seek to raise the admissions cap

SOURCE Reuters, The State, , The Washington Post, EHS Daily Advisor PRESENTATION CENTER 10/15/20 Biden Promises to Address in his First 100 days

Immigration Unions

• Create an immigration reform bill, which would • Create a cabinet-level working group that will solely include a path to citizenship for immigrants, an focus on promoting union organizing and collective increase in the number of immigration and asylum bargaining in the public and private sectors judges, and provide health care for immigrants detained at the border

LGBTQ policy Gun violence

• Enact the Equality Act to provide rights under the law • Direct the FBI to produce a report detailing cases in which for LGBTQ+ Americans background checks are not completed within 10 business • Direct his Cabinet to ensure the Act is enforced across days all federal department and agencies • Direct the AG to deliver recommendations for • Direct federal resources to help prevent violence restructuring the ATF and related Justice agencies against transgender women, particularly transgender • Repeal protections for gun manufacturers and closing women of color background check “loopholes”

VAWA Taxes

• Pass the Violence Against Women Act • Eliminate the 2017 tax cuts • Double the taxes that companies who have gone overseas have to pay on foreign profits

S O U R C E The State, The Washington Post, Joe Biden for President PRESENTATION CENTER 10/15/20 For Further Information Please Contact: • Membership: [email protected] • Equity Fund Managers: [email protected] • General Information: www.SBIA.org