Kamala Harris’s Impact on Economic Policies and Accounting Practices as Vice President: A Comprehensive Analysis Introduction: Kamala Harris, the Vice President of the United States, has emerged as a significant political figure, breaking barriers as the first female, first African American, and first Asian American Vice President. Her journey from California’s Attorney General to the second-highest office in the nation makes her a notable leader in American politics. This research paper aims to provide a thorough examination of Kamala Harris’s role as Vice President and her influence on economic policies and accounting practices during her tenure. Early Life and Career: Kamala Harris’s early life and career laid the groundwork for her rise to prominence in American politics. Born on October 20, 1964, in Oakland, California, to immigrant parents, Harris’s diverse heritage of Jamaican and Indian descent shaped her worldview and commitment to public service (Biography.com Editors, 2021). Her passion for law and social justice was evident from an early age. After graduating from Howard University with a degree in political science and economics, Harris pursued her law degree at the University of California, Hastings College of the Law (Biography.com Editors, 2021). During her time in law school, Harris interned at the Alameda County District Attorney’s Office, where she gained firsthand experience in criminal justice and developed a keen interest in advocating for marginalized communities. Following her graduation from law school, Harris embarked on a career as a prosecutor, serving as a deputy district attorney in Alameda County, California. Her dedication to upholding justice and seeking fair outcomes in criminal cases earned her recognition and praise from colleagues (Biography.com Editors, 2021). Later, she transitioned to the San Francisco District Attorney’s Office, where she made history as the first woman, first African American, and first South Asian American to hold the position. During her tenure as District Attorney, Harris focused on combating truancy, advocating for programs to keep young people in school and out of the criminal justice system (Biography.com Editors, 2021). Kamala Harris’s pursuit of justice continued to flourish when she became California’s Attorney General in 2011, making her the first woman of color to hold the position. As the state’s chief law enforcement officer, Harris tackled issues such as criminal justice reform, consumer protection, and environmental regulations (Biography.com Editors, 2021). Her tenure as Attorney General was marked by significant efforts to address recidivism through initiatives focused on job training and education for incarcerated individuals. Harris’s election to the United States Senate in 2016 further solidified her position as a rising political star. Representing California, the most populous state in the country, she advocated for issues such as healthcare access, immigration reform, and voting rights (Biography.com Editors, 2021). As a Senator, Harris’s background as a former prosecutor shaped her approach to legislative matters, emphasizing accountability and transparency. Vice Presidency: In January 2021, Kamala Harris made history by becoming the first female Vice President, as well as the highest-ranking female official in the history of the United States. As Vice President, she serves as the President of the Senate, exercising tie-breaking votes in critical legislative matters. Additionally, Harris is an influential advisor to President Joe Biden, actively participating in shaping national policies. Throughout her tenure, Vice President Harris has been instrumental in supporting economic recovery efforts and driving initiatives to address income inequality. Her influence on economic policies is evident in her advocacy for various legislative measures. For instance, during the COVID-19 pandemic, Harris played a significant role in promoting the American Rescue Plan Act of 2021, aimed at providing financial relief to individuals, small businesses, and state and local governments. The passage of this act had direct implications for businesses’ financial planning and accounting practices, requiring accountants to navigate new tax provisions and compliance requirements (Stolberg & Cochrane, 2021). Impact on Economic Policies: Vice President Kamala Harris’s influence on economic policies has been substantial, with her advocacy for measures aimed at stimulating economic growth, supporting small businesses, and addressing income inequality. One key aspect of her impact on economic policies is her support for the American Rescue Plan Act of 2021. The Act, signed into law in March 2021, aimed to provide comprehensive economic relief in response to the COVID-19 pandemic (The White House, 2021). The American Rescue Plan Act allocated significant funds to support various sectors of the economy, including aid to state and local governments, direct payments to individuals, and financial support for small businesses through the Paycheck Protection Program (PPP). Harris’s involvement in advocating for and implementing these economic relief measures has had a direct impact on businesses and individuals, shaping their financial planning and spending decisions. Furthermore, Harris’s stance on addressing income inequality has led to proposals for raising the federal minimum wage. She has advocated for increasing the minimum wage to $15 per hour, aiming to uplift low-income workers and improve their financial stability (NBC News, 2021). While the proposal has faced challenges in the legislative process, it has sparked discussions on the potential economic consequences of such a policy, with accountants needing to analyze its effects on businesses’ wage structures and overall financial health. Moreover, Harris’s support for sustainable and environmentally responsible economic policies has implications for businesses and accounting practices. As part of the Biden administration’s commitment to addressing climate change, she has been an advocate for clean energy investments and transitioning to a more sustainable economy (The Washington Post, 2021). Such policies can lead to shifts in investment patterns, demand for green technologies, and adjustments in financial reporting to include sustainability-related disclosures. Additionally, Harris’s advocacy for infrastructure investments has the potential to impact various industries and create opportunities for economic growth. The administration’s infrastructure proposal includes funding for transportation, broadband, and clean energy projects (AP, 2021). These investments may result in increased economic activity and create a demand for accounting services to help businesses navigate financing options and manage the financial implications of infrastructure projects. Influence on Accounting Practices: Vice President Kamala Harris’s influence on economic policies has significant implications for accounting practices. Her role as an influential advisor to President Joe Biden and her support for policies aimed at supporting small businesses, addressing income inequality, and promoting sustainable practices directly impact the accounting profession (ABC News, 2021). One area where Harris’s influence can be seen is in tax policy. As Vice President, she has advocated for changes in the tax code to support middle-class families and small businesses. For example, she has proposed raising the corporate tax rate to fund infrastructure and social programs (CBS News, 2021). Such changes in tax policy can lead to complexities in tax planning and compliance for businesses, which will require accountants to adapt their strategies and keep abreast of new regulations. Additionally, Harris’s emphasis on promoting transparency and accountability in corporate governance can impact financial reporting practices. Her support for measures that require corporations to disclose their environmental, social, and governance (ESG) performance may necessitate changes in reporting standards. Accountants will need to ensure that their clients’ financial statements accurately reflect their ESG initiatives and commitments (CNBC, 2021). Furthermore, Harris’s focus on addressing climate change and promoting sustainable practices can lead to increased demand for accountants with expertise in environmental accounting and sustainability reporting. As businesses strive to align with sustainability goals, accountants will play a crucial role in providing guidance on measuring and reporting their environmental impact (Axios, 2021). Harris’s influence on economic policies can also impact auditing practices. Her advocacy for increased government oversight of corporations and financial institutions may lead to changes in auditing requirements and regulations (Politico, 2021). Accountants will need to stay up-to-date with any new audit standards and guidelines to ensure compliance. Conclusion: Kamala Harris’s historic ascent to the Vice Presidency reflects significant progress and inclusivity in American politics, with her influence extending to economic policies and accounting practices nationwide. As an accounting major, comprehending the impact of political decisions and economic policies is crucial in offering invaluable insights and guidance to clients amidst the dynamic financial landscape. To remain relevant and proactive, accounting professionals must diligently track Harris’s policies, actions, and broader political developments. By doing so, they can readily adapt their practices, providing clients with expert advice that ensures financial stability and compliance within a continuously evolving regulatory framework. References Stolberg, S. G., & Cochrane, E. (2021). Biden’s stimulus plan is approved by the Senate, sending it back to the House. The New York Times. Retrieved from https://www.nytimes.com/2021/03/06/us/politics/biden-stimulus-plan-house.html NBC News (2021). Read Kamala Harris’ full speech to the United States Conference of Mayors. NBC News. Retrieved from https://www.nbcnews.com/politics/kamala-harris/read-kamala-harris-full-speech-united-states-conference-mayors-n1282539 FINRA (2022). Remarks by Vice President Kamala Harris at FINRA’s Annual Conference. FINRA. Retrieved from https://www.finra.org/media-center/speeches-presentations/050922-remarks-vice-president-kamala-harris-finras-annual-conference

Abstract This research paper explores Vice President Kamala Harris’s impact on economic policies and accounting practices. As the first female, first African American, and first Asian American Vice President, Harris’s […]