Last week, President-elect Donald Trump secured a second term, sweeping to victory in all the contentious key swing states and even winning the popular vote—the first Republican to do so in over 20 years. His victory, combined with a strong down-ballot appeal, could shape major policy shifts in the years ahead.

Moreover, Republicans now control both the U.S. Senate and the U.S. House of Representatives, giving them a legislative trifecta after flipping four seats in the Senate and maintaining a razor-thin majority in the House.

In this short video, Charles Symington, Big “I" president & CEO, is joined by Nathan Riedel, Big “I" senior vice president of federal government affairs, to unpack the outcome of the 2024 election and its impact on the insurance industry and independent insurance agents.

In addition to the presidential election results, the pair discuss a major personnel change in Congress. This week, the Senate welcomed a new Majority Leader, John Thune (R-South Dakota), who was awarded the Gerald Solomon Big “I" Legislator of the Year for 2019.

Meanwhile, the House leadership sees Mike Johnson (R-Louisiana) continue his role as Speaker of the House while Steve Scalise (R-Louisiana) and Tom Emmer (R-Minnesota) also retained key roles, as Majority Leader of the U.S House and House Majority Whip, respectively.

Symington and Riedel also discuss the new administration's plan to push tax reforms, potentially extending the 2017 Tax Cuts & Jobs Act and safeguarding the 20% small business deduction, which is great news for independent agencies. Additionally, they say that agents can expect a lighter regulatory touch from federal agencies.

Further, InsurPac recorded another outstanding showing, backing 278 races with a 95%-win rate. Symington and Reidel both expressed their thanks to Big “I" members for their support which, year after year, strengthens independent insurance agents' voice on Capitol Hill.

Will Jones is IA editor-in-chief.