Vice President Kamala Harris’ presidential campaign is making strides on Wall Street, attracting support from key financial figures despite her previous confrontations with big business.

Since President Joe Biden’s withdrawal from the race in July, Harris has garnered backing from prominent Wall Street leaders. Her more favorable stance with Wall Street is notable compared to Biden’s more contentious relationship with corporate America, which was marked by opposition to mergers and criticism of corporate greed.

Jeffrey Sonnenfeld of the Yale Chief Executive Leadership Institute noted that Harris enjoys a better rapport with Wall Street than Biden. While Biden’s administration was often at odds with big business, Harris, with a background as California Attorney General and U.S. Senator, is seen as having a more balanced approach, particularly towards Silicon Valley.

At the Democratic National Convention, former American Express CEO Ken Chenault endorsed Harris, emphasizing her understanding of a market-based economy and criticizing Donald Trump’s approach to tariffs and trade.

Wall Street’s financial support for Harris includes significant donations: Blackstone president Jonathan Gray contributed $413,000 to the Harris Action Fund, and Avenue Capital Group CEO Marc Lasry donated $100,000. Alex Soros, son of billionaire George Soros, has also backed Harris.

Sonnenfeld attributed Harris’ favorable Wall Street reception to her less aggressive rhetoric and a fair-minded approach toward businesses. Unlike Biden, who often viewed large enterprises as part of the problem, Harris is seen as understanding the importance of thriving businesses for the economy.

However, some investors still support Trump due to his promises of tax cuts and tariffs. But such policies could potentially drive up inflation and economic uncertainty, which Wall Street fears.

Harris proposes increasing the corporate tax rate from 21% to 28%, a move critics argue could negatively impact U.S. businesses. Conversely, Trump’s plan for new tariffs could provoke a global trade war, increasing market volatility.

Investors are also concerned about the Federal Reserve's independence. Trump has previously sought to influence Fed policies, whereas Harris has pledged to keep her administration’s hands off monetary policy, which is crucial for maintaining the Fed’s credibility.

Harris’ past actions, such as her push for tougher settlements with banks during the housing crisis, have occasionally strained her relationship with Wall Street. Despite this, she has formed connections with influential business figures and continues to engage with financial leaders.