December 27, 2024

Jim Cramer says Kamala Harris may be better for business and M&A than Biden

Vice President Kamala Harris received President Joe Biden’s endorsement on Sunday to succeed him at the top of the Democratic ticket in the race against Donald Trump.

“I am honored to have the support of the President and my intention is to earn and win this nomination,” Harris said in a statement on Sunday. “There are 107 days until Election Day. We will fight together. Together we will win.”

Biden’s endorsement puts Harris on the path to the Democratic nomination. The 59-year-old vice president offers a younger option to Democrats, who have grown concerned about Biden’s age and health after his poor performance in a June debate with Trump.

“Democrats will rally around her. I believe they will,” Carol Hamilton, a member of Biden’s campaign finance committee, told CNBC. “You can’t ask for a better resume than her running for president. “

Harris, the daughter of immigrants from India and Jamaica, would be the first Black woman and individual of South Asian descent to be nominated by a major political party. But before anything goes official, she still has a few tasks on her to-do list.

Vice President Equity

Ensure nomination

Inherit Biden funds

Harris could be the Biden campaign’s easiest heir apparent if she becomes the official Democratic nominee war chest Donate now that her name is on Federal Election Commission filings.

“There is currently some debate among different election attorneys about whether funds can be moved before a formal nomination,” said Anna Massoglia, a researcher at OpenSecrets, a nonprofit campaign finance repository.

She noted that election lawyers generally believe Harris could “take over” the Biden campaign’s war chest. But as she put it, “a small group” of opponents claim Harris needs to officially be the nominee to receive the full nomination.

The situation becomes even more complicated if Harris does not ultimately become the nominee. Among other things, campaigns can convert funds into political action committees or issue refunds to donors who can reallocate their contributions.

Get support

Harris will not automatically inherit the support of Biden allies, although support began to pour in in the hours after the president withdrew.

Some of Biden’s close allies, such as South Carolina Rep. Jim Clyburn, former President Bill Clinton and former Secretary of State Hillary Clinton, have endorsed Harris.

But Harris’ support has been conspicuously missing from some messages of support for Biden, including from former President Barack Obama and House Minority Leader Hakeem Jeffries.

On the donor side, Hamilton of the Biden campaign finance committee said she doesn’t see “any problem” raising financial support for Harris.

“I think everyone who supports the president supports Kamala and will step up,” she said.

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