Being that the United States now has a well renowned businessman turned politician in the Oval Office, an increasing number of bankers and Wall Street financiers across the country are getting into politics.
In the states of New Jersey and Conneticut, former bankers and hedge fund managers have publicized bids for legislative and gubernatorial seats or they are contemplating running. This is not the first-time affluent candidates entered American politics, although far and few. Many believe the atmosphere has suddenly changed under President Donald Trump.
“It’s certainly raised the visibility of folks who in the past may have said ‘I‘m not a politician,” said Richard Baier, president of the Nebraska Bankers Association. Baier’s association is introducing a training group for potential legislative candidates. “We’ve shown that you don’t really need that background.”
President Trump has filled his cabinet primarily with Wall Street bankers and industry tycoons. His presidency has encouraged others in the financial sector to pursue a career in politics. Trump’s win proves that candidates’ political backgrounds don’t matter as much as whether they are able to relate to the people.
Joshua Sandman, a political science professor stated, “Trump running has encouraged more people in financial services to test the waters, but the water could be murky for them unless they have a real set of positive experiences within business and are reflective of creating jobs and helping people.”
Phil Murphy, the Democratic candidate for New Jersey governor in 2017, and former Goldman Sachs Group Inc executive, is possibly the most well-known affluent candidate. His campaign’s core is strengthening the middle class and introduce other proposals to benefit low-income residents. Murphy, endorsed by Vice Presidents Joe Biden and Al Gore, has won the support from labor unions, environmental groups, and consumer rights activists.
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In Connecticut, a former UBS Group AG executive Robert Stefanowski is now running for governor and hedge fund manager David Stemerman stated he may do run as well. The two Republicans have provided limited statements concerning their campaign strategies.
Wall Street execs that have made their way the political sector have had a diverse history, we can only imagine what the future holds.