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Morning Consult Finance: Republican Takeover of Senate Means New Banking and Finance Committee Chairmen

By Anna Sillers
• November 5, 2014

Election Update:

Republicans secured their first Senate majority since 2006, flipping seats in Arkansas, Colorado, Iowa, Montana, North Carolina and South Dakota. Kentucky Republican Mitch McConnell was also re-elected and is expected to be the next Senate majority leader.

Republicans easily retained control of the House, and the GOP added at least 10 new members to its caucus by taking seats from Democrats in some traditionally blue districts. The Republican majority is expected to be its largest since the 1940s. That will both embolden and challenge House Speaker John Boehner, who has had to balance the agendas of Tea Party and mainstream Republicans the past four years.

What it Means for Finance Policy:

Sen. Richard Shelby of Alabama is expected to take the reins of the Senate Banking, Housing and Urban Affairs Committee for the second time in his congressional career. While Shelby may take a tough stance on some Wall Street banks and Fannie Mae and Freddie Mac, possibly moving to get rid of the GSEs altogether, he’s also expected to support loosening some banking regulations, particularly for smaller institutions. Read more here.

Sen. Orrin Hatch of Utah will most likely be the next chairman of the Senate Finance Committee. Hatch, currently the panel’s ranking Republican, has already expressed his ideas for individual and corporate tax reform, but a major overhaul may have to wait since some in his party are considering the possibility of a Republican president before completely changing the country’s tax codes. Read more here.

The House Ways and Means Committee may see Rep. Paul Ryan as its new chairman. Policies Ryan has pushed for in the past — lower tax rates, fewer breaks and dynamic scoring — would most likely make their way into new legislation if Ryan holds off a challenge from fellow Republican Kevin Brady of Texas for the panel’s chair. Read more here.

http://themorningconsult.com/2014/11/morning-consult-finance-republican-takeover-senate-means-new-banking-finance-committee-chairmen/