If Democrats win Georgia, that would allow Senate committees to issue subpoenas without Republican support, policy strategist Brian Gardner said. It could increase headline risk for technology, financials and some other sectors, he said.
While Georgia’s Senate runoff election on Tuesday won’t determine which party will control the U.S. Senate, the contest still could have a real impact.
“If Democrats win Georgia, then they would hold a 51-49 majority and would adjust committee ratios so Democrats would have a one vote majority on each committee,” Gardner said in a note. Manchin derailed President Joe Biden’s Build Back Better package a year ago, and Democratic-run Washington ended up passing a scaled-back measure in August. Sinema’s recent moves, meanwhile, have included successfully opposing changes to the so-called carried-interest loophole that allows private-equity firms to pay lower tax rates.
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