ABA Issues Analysis of 2018 Elections

November 8, 2018

ABA’s congressional relations and political engagement teams have prepared an analysis of how Tuesday's midterm elections -- which saw Democrats regain control of the House of Representatives while Republicans expanded their Senate majority -- will affect the banking industry.

With Senate Banking Committee Chairman Mike Crapo (R-Idaho) possibly having the option to take up the chairmanship of the Senate Finance Committee, the analysis outlines what to expect from Sen. Pat Toomey (R-Pa.), a former bank director who would be next in line to chair the banking panel. It highlights potential policy areas the committee might work on, including housing finance reform and access to capital.

On the House side, Rep. Maxine Waters (D-Calif.) is the presumptive incoming chairman of the Financial Services Committee, which "will present one of the more pronounced reorderings of legislative priorities in many years." The analysis indicates that the Waters-led Democrats on the committee may find common ground with Republicans on data security, anti-money laundering and Bank Secrecy Act reform, GSE reform and cannabis banking issues.

The analysis also outlines results from ABA's political engagement efforts, including BankPac and the Voter Education Fund, and it also covers results in key ballot initiatives. Read the analysis.



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