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News broke on Tuesday that President Joe Biden will end private prison contracts, which is something that President Trump signed into law shortly after he took office. Back in February 2017, I wrote this article on Prison Stocks Soar Under Trump As Jeff Sessions Okays Private Jails that outlined what happened. Now, President Biden is reversing that action and going back to how things were under the Obama Administration before Trump took office.
President Biden is using racial equality as the reason why he doesnâ€™t want to renew the contracts with private prisons. This move should not be unexpected since it is one of several things that Biden is doing to unwind Trumpâ€™s policies.
Two Prison Stocks:
Interestingly, these stocks have fallen over the past few years even with the government contracts. Anything can happen in the market but now that these contracts are not going to be renewed, investors are asking whatâ€™s next for prison stocks?
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