There's a 'palpable sense of excitement' for Kamala Harris pick as VP: Howard University President Emeritus

Joe Biden has chosen California Senator Kamala Harris as his running mate. Howard University President Emeritus H. Patrick Swygert joins the On the Move panel to discuss.

Video Transcript

ADAM SHAPIRO: The headline today helping drive these markets is the historic announcement by Joe Biden that senator Kamala Harris will be his choice to become vice president should he be elected president. We want to talk about what this means not only for markets, but for business. And to do that, we invite into the program H. Patrick Swaggart. He's Howard University's president emeritus, as well as the State University of New York at Albany, and a former executive vice president at Temple University. Also should point out, sir, that you served as a director of United Technologies corporation for 16 years and at the Hartford Financial Services group for, what, 20 years. Thank you for joining us today.

H. PATRICK SWYGERT: Thank you. Thank you for inviting me.

ADAM SHAPIRO: I want to-- you know, we've all gotten emails and text messages from friends-- I have friends who are strong black women, and I want-- I've got an original copy of Alice Walker's-- this is a first print edition-- "The Color Purpe." And I think what I'm hearing from my friends is the last line of this book sums it up well. Us so happy-- matter of fact, I think this the youngest us ever felt. How would you describe this moment? And before we get into the business implications, what it means for us in this country to have this woman named to be a vice presidential candidate.

H. PATRICK SWYGERT: Well, in terms of the moment, I'd like to go back to Barack Obama's nomination to be the Democratic candidate for-- his first nomination. There was a palpable sense of excitement-- certainly in the African-American community, and I think it reverberated throughout the country. That same sense of excitement I think is here today.

Kamala is not only-- and I'm particularly proud that she's a graduate of Howard University. But she's not only a graduate of Howard University, she's someone who I think the larger community-- and certainly the African-American community-- views as uniquely qualified for this position. And I think that should not be overlooked. The notion that she's not simply a throw weight-- she is uniquely qualified. And we're all terribly, terribly proud of that.

JULIE HYMAN: Patrick, it's Julie here. Thank you for being here. As someone who has also served in the private sector in addition to serving at a university, how do you think the Kamala-- the pick of Kamala Harris will be greeted in that community specifically, especially since, yes, there have been some moments of tension between the business community and the current president, but, for example, on matters of tax policy, they've been largely pleased.

H. PATRICK SWYGERT: She comes from California, which, of course, as we all know, is one of the largest economies in the world. So in terms of the big numbers, big issues involving business, as attorney general of the state of California, she's more than familiar. She's known by the business community. And I think-- and I can't speak on behalf of the companies where I've been privileged to serve as a director-- one for 16 years, one for 22 years-- but my sense is that her joining the Biden team will be most welcome.

She's a reasonable, sane individual with credentials that I think most business people will find agreeable, if you will. She's not someone who is anti-business, anti-corporate life. She knows business. She knows corporate life. Again, she comes from one of the world's largest economies, the state of California. On the other hand, I think you look at her career, she is deeply, deeply committed to the rule of law and to equal opportunity for all Americans. And I think this will be welcomed by the greater business community. I certainly hope so.

AKIKO FUJITA: Let's talk specifically about tech. As you point out, she comes from the Bay Area. She's got really close ties not just with the tech community, but with the executives there-- whether it's Marc Benioff or Sheryl Sandberg. You know, that could prove to be a huge boost on the fundraising side. But at a time when there's so much criticism and so much call for regulation on the tax side, how does she toe that line-- on the one hand, having a history of being a little bit cozier than others with the tech sector, at the same time trying to prove that she is, in fact, going to be tough on these companies?

H. PATRICK SWYGERT: Well, I think if you look at the senator's career, she's a balanced person. And I think she's going to approach these currently issues involving-- whether it's Facebook or otherwise-- with a balanced view. I think she understands social media, and I think she also understands the value of privacy. I think she understands the value that we not so concentrate our new technology so as to take away opportunities that might otherwise exist.

Yes, she's from the Bay Area. Yes, she's intimately familiar with Silicon Valley. On the other hand, that's her neighborhood. But that's not who she is. That's not what defines her.

KRISTIN MYERS: So I want to continue to dig in on her record here-- Akiko just asking about tech, I want to ask about banking. She secured $20 billion from banks in California to homeowners that were impacted by, essentially, the housing meltdown there. But then she declined to prosecute One West Bank. Steve Mnuchin was actually the CEO of the bank at the time. He, then, actually donated money to her campaign, I believe back in 2016.

So how do you square away, one, that record that Wall Street really might like, with a lot more progressives out there that really want more from her, not just, you know, in terms of the banking industry and tech, but also on issues of criminal justice?

H. PATRICK SWYGERT: Well, I think in terms of criminal justice, I think she demonstrated her bona fides when she was district attorney. I happen to be one of those people who supported her when she ran for district attorney in San Francisco, when she ran for attorney general, and I supported her again when she ran for the Senate. I am very familiar with her a sense of values.

And again, I'll come back to the word, balance-- I can't relitigate what happened years ago. I'm sure she proceeded in a way that she thought was best for the state of California and for the citizens of California. But I can say to you, at least in my own mind and my heart, I think she knows what the right thing is. And she will do the right thing going forward-- whether it be business, whether it be criminal justice reform, whether it be equal opportunity, whether it be diversity. I am a believer in Kamala Harris, and I think her record warrants my beliefs.

ADAM SHAPIRO: What does it say that one of the most prominent business people in the country, the president, donated to her campaigns in the past? How do you think they might use that going forward?

H. PATRICK SWYGERT: Well, let me begin by saying-- you indicated one of the most prominent business people in the country. It might've been more accurate to say one of the alleged prominent business people in the country. I don't-- President Trump had a history while in New York of donating to Democrats, to Republicans. He may have even-- he may have even donated to the liberals, as far as I know. I don't think that's going to be much of an issue. And I think for sure if you look at his comments yesterday, I think he's not expecting any favors in return from Senator Harris.

ADAM SHAPIRO: Well, there is nothing alleged about your credentials. Patrick Swygert, we appreciate your being here. And Mr. Swygert is Howard University's president emeritus. Good to have your insight here "On the Move."