Today brought the news that many people across the United States have been eagerly awaiting. Kamala Harris has selected Minnesota Governor Tim Walz as her running mate and pick for Vice President. The longstanding Democratic Party veteran has a decidedly lower national profile than many others on the potential VP list, which also included Pennsylvania Governor Josh Shapiro and Secretary of Transportation Pete Buttigieg. But now that the presidential hopeful has officially chosen a running mate, investors can assess where Kamala Harris’ VP pick stands on key issues and what his election would mean for the U.S. economy.
Who Is Tim Walz? A Closer Look at the Kamala Harris VP Pick
Unless you live in Minnesota or a nearby state, you might not have heard the name Tim Walz until recently. But Kamala Harris’ VP pick has a long, distinguished history that goes beyond public service. Walz served in the United States Army National Guard for 24 years before coming home to work as a teacher and later as a high school football coach. He spent 12 years as a member of Congress, leaving only after being elected governor.
When it comes to public policy, Walz has made it clear where he stands on many economic matters through clear action. Unlike some of Harris’ other potential running mates, he hasn’t issued any public statements on crypto. But CoinDesk reports that Walz returned a $4,000 campaign donation he received from former FTX engineering director Nishad Singh during the 2022 election cycle.
As a governor, many of Walz’s economic accomplishments center around workforce building and investing in education. But his record also includes prioritizing tax cuts and demonstrating how they can spur economic growth. Per MarketWatch:
“In an economic move popular even among Republicans, Walz enacted the largest tax cut in Minnesota history in 2023. But Minnesota still had a multibillion-dollar surplus, leading Walz’s administration to write the largest budget ever, funding programs including universal free school meals, greener transportation and expanded affordable housing. Republicans argued the state should’ve held on to that money in case of a future deficit or returned it to taxpayers.”
Sectors That Would Benefit From a Harris/Walz Ticket
Many investors are likely asking where Kamala Harris’ VP pick stands on matters that can directly impact the stock market. One area that will likely benefit is clean energy, including electric vehicles and other alternative energy solutions. Walz campaigned multiple times on the issue of climate reform. In 2023, he signed a bill into law aimed at moving Minnesota toward 100% clean energy by 2040. When the United States Environmental Protection Agency (EPA) awarded Minnesota a $200 million grant to develop clean energy solutions, it praised Walz’s leadership and commitment.
Walz has also displayed a pro-cannabis stance. Also last year, he signed a bill legalizing marijuana statewide for use by adults, stating: “By legalizing adult-use cannabis, we’re expanding our economy, creating jobs, and regulating the industry to keep Minnesotans safe.” As part of this new policy, Walz included a 10% tax on recreational cannabis.
Now that the U.S. knows Kamala Harris’ VP pick, the election is about to really heat up. But one clear takeaway for investors is that all the stocks that were expected to do well under a Harris presidency will see the same positive impact if Walz joins her in the White House.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
