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There will be a whole lot of activity in the next 68 days, as the dust begins to settle on the Nov. 5 elections, which saw former President Donald Trump re-elected to just the second nonconsecutive presidential term in US history, according to experts who joined ACC for a Nov. 8 panel discussion.
The webcast, titled “Key Post-election Insights for In-house Counsel,” featured Mondi Kumbula-Fraser, VP of government relations and general counsel for the Consortium of Universities of the Washington Metropolitan Area; Ryan Modlin, head of North America Government Affairs at Norsk Hydro; and Ethan L. Wilson, VP, State Issues, at Stateside Associates. Amy Chai, associate general counsel and director of advocacy initiatives at ACC, moderated the discussion.
Part of the incoming president’s agenda was stated loudly throughout the campaign: Repeal or replace sweeping regulations. This could cut across industries and federal enforcement agencies:
- Reduce enforcement by the EPA on clean power, air, and water regulations.
- Repeal the electric vehicle mandate.
- Roll back Title IX sexual harassment protections and due process requirements.
- Scrap the FTC’s much-anticipated ban on noncompete agreements.
- Adjust thresholds in the DOL’s overtime rule.
Tax reforms were also hotly debated issue during the campaign, with the president-elect floating steep cuts to the corporate tax rate. Panelists noted that other, niche tax issues are unlikely to make it into a comprehensive budget reconciliation bill — the primary vehicle the GOP will have for passing tax reforms in the new year.
[Learn more: 2024 US Elections: A Selection of Resources for In-house Lawyers]
Trump also has floated heavy tariffs to help pay for tax cuts, though the political challenge will be how to keep the cost of goods from going up, panelists noted. Any changes to international relationships — like those with China, on which Trump has vowed to be “tough” — or trade agreements — such as the United States-Mexico-Canada Agreement (USMCA), which Trump negotiated to replace the North American Free Trade Agreement (NAFTA) — will require that companies give close consideration to possible supply chain disruptions.
Wilson also provided attendees with a deep dive look at the state-level election results, including changes to state legislatures, governorships, attorneys general, and treasurers — all of which can have an outsized impact on in-house counsel operating in those states.
ACC members can tune in to the full program to learn more about the current outlook following the 2024 elections.
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