By Kyra Morris, contributing editor |  History shows the American economy prefers checks and balances.  Since 1945, the S&P 500 stock index under a divided federal government has had a 14 percent return whereas under a unified government the experience was 12 percent.  

Morris

The 2020 elections are not completely over, yet the probability is for a Joe Biden presidency, a tight GOP majority in the U.S. Senate and a tighter Democratic majority in the U.S. House than before the election as more seats were taken by the GOP.  We will have a divided Congress at least for the next two years.  Assuming the eventual transition, how will history be written under this administration?  

First, political appointments will be meaningful and more competitive, particularly at independent commissions, such as the Securities and Exchange Commission, where personnel is policy.