As the rumor mill surrounding President Biden's potential early exit swirls, one name is gaining serious traction among finance professionals - Gina Raimondo.
The current Commerce Secretary has quietly been making serious inroads with corporate America during her Cabinet stint. And those cozy Wall Street ties could vault her to the top of the replacement list if Biden opts not to run again.
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Let's break down why Wall Street is buzzing about a potential Raimondo presidency:
Regulatory Renaissance
Fed up with Biden's stricter regulatory agenda, business leaders have been charmed by Raimondo's more industry-friendly approach. Her deft handling of the CHIPS Act showered billions onto the semiconductor players they covet. And her vocal push to ease supply chain woes has music to corporate ears.
"She gets it," one investor told us. "Raimondo understands what an overbearing regulatory environment does to innovation and competitiveness."
A Dimon-Approved Diplomat
Few in the finance world hold more sway than JPMorgan CEO Jamie Dimon. So when he hosts you for a private March luncheon, you know you're onto something big. That's precisely what happened for Raimondo, part of her aggressive CEO outreach effort.
"She's taking the time to hear our perspectives and bring them to the White House," praised one attending exec. "We need that voice in DC."
While potential 2024 foes like Trump or DeSantis would send shivers down Wall Street's spine, a Raimondo nomination could have investors breathing easier.
Corporate Credentials
Of course, it's Raimondo's pre-politics career that truly resonates in the boardrooms and corner offices. After cutting her teeth at elite firms like Village Ventures and Point Judith Capital, she ran her own investment outfit at just 27 years old.
Raimondo speaks Wall Street's language fluently, a significant asset in courting financial sector support and calming any market jitters. As one analyst declared, "She's truly one of them."
If Biden does make the stunning decision to step aside, don't be surprised if Wall Street puts its money on the Rhode Island-bred dark horse to restore some business-friendly balance.