The Democratic Party took control of Congress and the White House for the first time in a decade as Electoral College votes were officially counted while two runoff elections for Georgia’s Senate seats were also completed.

The Electoral College confirmed Joe Biden as the President elect by ratifying his victory in the November election with 306 electoral votes to Donald Trump’s 232.

In Georgia, Jon Ossoff and Rev. Raphael Warnock each won runoff elections for Senate seats, creating a 50-50 split between Democrats and Republicans. Vice President-elect Kamala Harris will break tied votes, giving Democrats the advantage.

The Democratic Party had already won control in the House of Representatives with 222 seats compared to 211 for the Republicans.

At Moneta, we began preparing for the possibility of a power shift in Washington before the elections began. To help you navigate the potential financial and economic impact of these results, we created a resource page with insights from our internal experts on tax policy, investments and estate planning.

We will continue to analyze any developments in our government’s economic policy so we can stay ahead of its potential impacts on your portfolio. If you have questions, please don’t hesitate to reach out to your Moneta advisor team.

© 2021 Moneta Group Investment Advisors, LLC. All rights reserved. These materials were prepared for informational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns. These materials do not take into consideration your personal circumstances, financial or otherwise.