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EXPLAINER-What are Harris' business views? Friendly to Big Tech, aggressive in climate fight
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EXPLAINER-What are Harris' business views? Friendly to Big Tech, aggressive in climate fight
Jul 22, 2024 12:35 PM

(Adds sections on Wall Street, Pharma, additions to Climate and

Energy)

WASHINGTON, July 22 (Reuters) - U.S. Vice President

Kamala Harris is potentially poised to become the Democratic

presidential nominee in the November election. Here are her

views and actions related to some key business topics.

BIG TECH

As a candidate for California attorney general, Harris

reportedly assured potential donors that she was "a capitalist."

She has generally been seen as cozy with prominent tech

executives and investors, the local industry in her home Bay

Area. She attended the wedding of Sean Parker, an early Facebook

executive. Her brother-in-law, Tony West, is the chief legal

officer for Uber ( UBER ).

She also accepted donations from Reid Hoffman, a prominent

venture capitalist and co-founder of Linkedin, as well as

billionaire John Doerr and venture capitalist Ron Conway. Big

tech executives also supported her, including Sheryl Sandberg,

then chief operating officer of Facebook, and Marc Benioff, the

billionaire CEO of Salesforce ( CRM ).

TECH REGULATION

As California attorney general, Harris sued eBay ( EBAY ) in

2012, alleging anticompetitive hiring practices surrounding a

no-poaching agreement with Intuit that led to a nearly

$4 million settlement in 2014.

One of her signature issues was curtailing the distribution

of pornography on social media, particularly "revenge porn," a

practice involving the posting of explicit photos without the

subject's consent. She took credit for a pressure campaign that

led to Facebook, Alphabet's Google, Microsoft ( MSFT )

and others taking measures to remove certain explicit

images.

"I cannot emphasize enough how leaders in technology have

stepped up," said Harris at a news conference then. "I'm not

suggesting any of them were happy to get a call from the AG

saying, 'Come in, we want to talk with you.' But they all did.

They did."

CLIMATE AND ENERGY

Harris' climate and energy positions are similar to

President Joe Biden's. But throughout her career she has made

clear that clean energy and environmental justice are

priorities.

When Biden announced Harris as his running mate in the 2020

race, he emphasized her tough stance against big oil when she

served in key roles in California, noting lawsuits she had

launched both as San Francisco's district attorney from 2004 to

2011 and then as the state's attorney general until January

2017, when she became a U.S. senator. As California Attorney

General, Harris won multimillion-dollar settlements with oil

majors Chevron and BP over alleged pollution violations from

underground fuel storage tanks.

She is a proponent of the Biden administration's strategy to

expand offshore wind energy and other renewables with lease

auctions and subsidies, striking a contrast with Trump, a fossil

fuel booster who has criticized offshore wind and other clean

energy technologies.

Last year, Harris made her debut at international climate

negotiations, announcing a $3 billion commitment to the Green

Climate Fund and making her first major international speech

focused on climate.

As vice president, Harris has also been involved in

Environmental Protection Agency policy rollouts that tackled

long-standing environmental justice issues, such as a

multibillion-dollar program to replace lead pipes and lead paint

around the country.

WALL STREET

Harris was known to be tough on big banks as California

Attorney General. She walked away from talks in 2011 between

large banks and state attorneys general over a settlement that

would require lenders to help consumers hurt by home

foreclosures and predatory lending practices.

Banks later more than quadrupled the money promised to

help Californians reduce the amount they owed on their

mortgages.

Under Harris, California launched a criminal investigation

into Wells Fargo in 2016 in connection with allegations the bank

opened millions of unauthorized customer accounts and credit

cards.

Several major Wall Street names are reported to be

supportive of Harris. Semafor reported on Sunday that several

Wall Street donors said they were preparing to contribute to

Harris, saying those expected to contribute included Blair

Effron at Centerview, Jonathan Gray at Blackstone, Peter Orszag

and Ray McGuire at Lazard and Roger Altman at Evercore.

Centerview, Lazard, Evercore and Blackstone were not

immediately available for comment.

PHARMA

Harris has opposed health care industry consolidation over

concerns bigger companies would lead to higher prices for

consumers.

As California Attorney General, she successfully brought

several antitrust lawsuits against drugmakers, health insurers,

and hospital systems, including initiating work on a landmark

case against Northern California's 24-hospital Sutter Health

system that was eventually brought by her successor. She

launched similar investigations into other large operators in

the state. Focuses included costs of out-of-network care and

mergers at many levels of the system, such as doctor groups.

She won settlements from industry heavyweights including a

$23.5 million settlement with McKesson and $241 million from

Quest Diagnostics in a lawsuits alleging inflated drug prices

and illegal overcharges to California Medicaid system. A

long-time Affordable Care Act supporter, she also recently

pointed to caps on insulin prices as a sign of Biden-Harris

administration policy toward keeping healthcare affordable.

ARTIFICIAL INTELLIGENCE

As vice president, Harris has been warned against the

"existential" threat of AI and warned tech execs that they have

a "moral" obligation to guard against AI's possible dangers.

She backed an AI executive order from Biden that seeks

stronger protections for consumers, singling out AI-generated

scam calls and the impacts of unlabeled AI-generated content.

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