Good morning, Broadsheet readers! Laurene Powell Jobs’ Emerson Collective is investing in AI, Claudia Sheinbaum will be Mexico’s first female president, and Fortune breaks down what we know about Kamala Harris’s economic policies. Have an outstanding Tuesday!
– Kamalanomics. One of the loudest criticisms of Vice President Kamala Harris as she runs for president has been the lack of clarity around her policy stances. Sure, it’s easy to look to the Biden White House to get an idea of where her priorities lie, but since she unexpectedly entered the presidential race just over two months ago, business leaders, analysts, and everyday voters alike have been clamoring to learn more about what a Harris administration might look like.
In a new feature for Fortune, senior editor at large Geoff Colvin breaks down what the American public does and doesn’t know about Harris’s economic policies—and how those ideas are playing with business leaders.
One of the most consequential economic policies will be one that needs to be addressed in the first year of a potential Harris administration: The future of the tax cuts made under former President Donald Trump in 2017. The cuts for individuals—but notably, not businesses—expire at the end of 2025, and have been a looming issue for whoever takes office next year. It’s possible that renewing the cuts for those earning under $400,000 (the vast majority of taxpayers) could receive bipartisan support, Geoff writes; less likely is Harris’s support for extending the cuts for the richest Americans.
Federal regulations are another gray area for Harris. Federal Trade Commission chair Lina Khan has been a thorn in big business’s side, and is currently trying to break up Amazon and block the merger of Kroger and Albertsons. That’s made her a target of business leaders who are Trump and Harris supporters alike, with the VP’s billionaire donors calling on her to fire Khan if elected.
Despite what could be seen as anti-business rhetoric at recent Harris campaign stops, some 88 business leaders—including Mellody Hobson, co-CEO and president of Ariel Investments, Marissa Mayer, cofounder and CEO of Sunshine Products and former CEO of Yahoo!, and Laurene Powell Jobs, founder and president of Emerson Collective—recently penned a letter in support of Harris.
Many CEOs may prefer the likely policies under a Republican presidency, but Trump is too erratic to earn their vote, Geoff notes in his story. Harris, the business leaders write, “will continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment.”
Other major issues include addressing the federal budget deficit and building more affordable housing. Geoff’s full report is here—it’s a must-read ahead of tonight’s vice presidential debate featuring Harris’s running mate Minnesota Gov. Tim Walz and Trump’s No. 2 Ohio Sen. JD Vance, which will surely touch on Harris’s record and plans moving forward.
Alicia Adamczyk
alicia.adamczyk@fortune.com
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- Rounding up. Laurene Powell Jobs’ Emerson Collective has invested over $1 billion in funding rounds for at least nine AI startups since 2022. The organization is focused on education, health care, and the environment. It has made more than 130 investments since it was founded in 2004, according to data from Fintrx. CNBC
- Room for improvement. CVS Health and hedge fund Glenview Capital met yesterday to discuss how CVS, led by CEO Karen S. Lynch, can improve operations; its shares have dropped 24% this year. CVS accounts for $700 million of the $2.5 billion hedge fund. Also, CVS is laying off less than 1% of employees, a cost-cutting measure that was previously announced. Wall Street Journal
- First female president. Claudia Sheinbaum takes office today as Mexico’s first female president. She is stepping into the role as the country faces a high budget deficit and potentially changing relations with the U.S. based on the upcoming presidential election. Reuters
- Mitigating menopause. Seventy percent of millennial women would change jobs, reduce hours, go part-time, or retire early in order to alleviate symptoms of menopause, according to a new report from Carrot Fertility. Menopause costs the U.S. economy around $26.6 billion annually. Bloomberg
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DWS, an asset manager, appointed Hepsen Uzcan as Americas CEO. Currently, she serves as head of Americas CEO office as well as president and CEO of the DWS funds.
National Resilience, a biomanufacturing company, named Susan Billings chief commercial officer. She was Vivodyne’s chief commercial officer.
Rising Team, a team development platform, named Jami Zakem chief customer officer. She was vice president of customer success at Eventbrite and Yelp.
Repairify, a remote diagnostic solutions and services provider for the collision industry, appointed Kennedy Taylor as senior vice president of marketing. She is the founder and CEO of Laurel One.
The Forest Stewardship Council (FSC), a sustainable forest management solution nonprofit, named Subhra Bhattacharjee director general of the FSC international board of directors. She is strategic planner and head of the United Nations resident coordinator's office in Bahrain.
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