News

Presidential Transition

AP News | Equities.com |

Donald Trump pumped his fist and waved as he departed the White House on Marine One Wednesday for the last time as president, leaving behind a legacy of chaos and tumult and a nation bitterly divided.

Four years after standing on stage at his own inauguration and painting a dire picture of “American carnage,” Trump departed the office twice impeached, with millions more out of work and 400,000 dead from the coronavirus. Republicans under his watch lost the presidency and both chambers of Congress. He will be forever remembered for the final major act of his presidency: inciting an insurrection at the Capitol that left five dead, including a Capitol Police officer, and horrified the nation.


AP News | Equities.com |

President Donald Trump said Friday he won’t attend President-elect Joe Biden’s inauguration on Jan. 20, undercutting his message a day earlier that he would work to ensure a “smooth, orderly and seamless transition of power” to his successor.

Trump offered no clues for how he would spend his final hours in office, and will be the first incumbent president since Andrew Johnson to skip his successor’s swearing-in. Traditionally, the incoming and outgoing presidents ride to the U.S. Capitol together for the ceremony, as a symbol of the nation’s peaceful transition.


Equities Staff | Equities.com |

In a post on Thursday, CEO Mark Zuckerberg announced that Facebook is banning Donald Trump from posting on its platform for the remainder of his term as president.

"The shocking events of the last 24 hours clearly demonstrate that President Donald Trump intends to use his remaining time in office to undermine the peaceful and lawful transition of power to his elected successor, Joe Biden."


AP News | Equities.com |

With mounting desperation, Donald Trump declared he would “fight like hell” to hold on to the presidency and appealed to Republican lawmakers to reverse his election loss to Joe Biden when they convene this week to confirm the Electoral College vote.

Electoral voters won by President-elect Biden are “not gonna take this White House!” he shouted as supporters cheered at an outdoor rally Monday night in Georgia. Trump’s announced purpose for the trip was to boost Republican Senate candidates in Tuesday’s runoff election, but he spent much of his speech complaining bitterly about his election loss — which he insists he won “by a lot.”


Reuters | Equities.com |

President-elect Joe Biden said on Monday many of America’s security agencies had been “hollowed out” under President Donald Trump and the lack of information being provided to his transition team by the outgoing administration was an “irresponsibility.”

“We’ve encountered roadblocks from the political leadership at the Department of Defense and the Office of Management and Budget,” Biden said after a meeting with his foreign policy team.


AP News | Equities.com |

On a day of grace and grievance, President-elect Joe Biden summoned Americans on Wednesday to join in common purpose against the coronavirus pandemic and their political divisions while the man he will replace stoked the fading embers of his campaign to “turn the election over.”

Biden, in a Thanksgiving-eve address to the nation, put the surging pandemic front and center, pledging to tap the “vast powers” of the federal government and to “change the course of the disease” once in office. But for that to work, he said, Americans must step up for their own safety and that of their fellow citizens.


Reuters | Equities.com |

President-elect Joe Biden said on Tuesday the United States will be “ready to lead” again on the global stage, turning the page on Republican President Donald Trump’s “America First” policies as he pledged to work together with the nation’s allies.

Introducing his foreign policy and national security team, the Democratic former vice president signaled he intended after taking office on Jan. 20 to steer the United States away from the unilateralist nationalism pursued by Trump.


AP News | Equities.com |

The Dow Jones Industrial Average closed above 30,000 points for the first time Tuesday as progress in the development of coronavirus vaccines and news that the transition of power in the U.S. to President-elect Joe Biden will finally begin kept investors in a buying mood.

Traders were also encouraged to see that Biden had selected Janet Yellen, a widely respected former Federal Reserve chair, as treasury secretary. The Dow rose more than 450 points, or 1.5%, to cross the milestone. The S&P 500 index, which has a far greater impact on 401(k) accounts than the Dow, rose 1.6%, climbing to its own all-time high.


AP News | Equities.com |

The federal government is set to begin working with President-elect Joe Biden’s transition team now that the head of the General Services Administration has “ascertained” that he is the apparent winner of this month’s presidential election.

Among other things, the ascertainment process gives the incoming president and his team access to officials at federal agencies and directs the Justice Department to work on security clearances for transition team members and Biden political appointees. It even gives his team access to official government website domains.


AP News | Equities.com |

President-elect Joe Biden is expected to nominate Antony Blinken as secretary of state, according to multiple people familiar with the Biden team’s planning.

Blinken, 58, served as deputy secretary of state and deputy national security adviser during the Obama administration and has close ties with Biden. If nominated and confirmed, he would be a leading force in the incoming administration’s bid to reframe the U.S. relationship with the rest of the world after four years in which President Donald Trump questioned longtime alliances.