Cowen to host conference call to discuss first quarter 2021 financial results on Thursday, April 29. Click here for more information.

Election 2020

The ultimate arbiter for policy in 2021 will be not just the Senate majority, but the margin. With the presidential transition of power to Joseph Biden now underway, our focus turns to the Georgia Senate runoffs slated for January 5th. Democratic control of the Senate given the tie-breaking vote of VP Harris is possible. 50 Democratic Senators could use reconciliation to pass party-line votes on revenue measures (taxes & fiscal), but cannot do things like increase Supreme Court, most labor policies, or add Puerto Rico or DC as states without eliminating filibuster. January 5th will be key to understanding what could happen in 2021 and beyond.

What we’re watching

  • Senate runoffs
  • Transition roadblocks
  • Health Care
  • U.S. emissions policy
  • China relations
  • Big Tech regulation
  • Tax plans

Related Themes

Themes 2021

Cowen Research Themes 2021

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2021 policy will be determined by Jan 5 Georgia Senate runoffs: Dems have real chance to take both — means stimulus & tax increases back on table; along with more progressive Cabinet, regulators & judges.

Chris Krueger, Washington Weekly