Winners and Losers in Key Races Important to Banking

Montana: Jon Tester (D) vs. Denny Rehberg (R) Montana: Jon Tester (D) vs. Denny Rehberg (R) The Associated Press called the race for Senate Banking Committee member Jon Tester on Wednesday morning, an unexpected boon for banks who had heavily supported the Montana Democrat despite long odds.

Tester is a crucial banking ally in the Senate, in part for his ultimately unsuccessful efforts to delay a Federal Reserve Board rule that capped debit card interchange fees.

(Image: Bloomberg News)
Massachusetts: Scott Brown (R) vs. Elizabeth Warren (D) Massachusetts: Scott Brown (R) vs. Elizabeth Warren (D) In one of the most closely watched races this year, Consumer Financial Protection Bureau founder Elizabeth Warren defeated Republican incumbent Sen. Scott Brown with 54% of the vote, according to CNN.com.

Warren’s critics have argued that she could halt any changes to the CFPB and the Dodd-Frank reform law, warning that she won't be afraid to filibuster votes on bills she disagrees with. Whether Warren is able to secure a spot on the Senate Committee on Banking, Housing and Urban Affairs remains an open question, however. 

Ohio: Sherrod Brown (D) vs. Josh Mandel (R) Ohio: Sherrod Brown (D) vs. Josh Mandel (R) Incumbent Sen. Sherrod Brown has won reelection with 50% of the vote, according to CNN.com.

The banking industry was split in its support in the heated Ohio contest, with some arguing that Brown should have done more in his first term in office and others saying that the Ohio Democrat could have a future in the leadership of the Banking Committee in coming years.

(Image: Bloomberg News)
Nevada: Dean Heller (R) vs. Shelley Berkley (D) Nevada: Dean Heller (R) vs. Shelley Berkley (D) Bankers scored a victory with one of their own in Nevada: incumbent Sen. Dean Heller narrowly held his seat with 46% of the vote, says CNN.com.

Heller doesn’t sit on the Senate banking committee, but industry observers say his experience working in finance and serving on the House Financial Services Committee makes him a great resource for other lawmakers.
Ohio: James Renacci (R) vs. Betty Sutton (D) Ohio: James Renacci (R) vs. Betty Sutton (D) Freshman GOP Rep. James Renacci has come out on top in a showdown of two incumbents, winning 52% of the vote, according to CNN.com.

Renacci has been a vocal industry supporter in the House, backing a number of conservative banking bills. He also serves as vice chairman of the House Financial Services subcommittee on financial institutions and consumer credit.
Texas: Francisco 'Quico' Canseco (R) vs. Pete Gallego (D) Texas: Francisco 'Quico' Canseco (R) vs. Pete Gallego (D) State lawmaker Pete Gallego has upset incumbent Rep. Francisco "Quico" Canseco, winning the race with 50% of the vote, reports to CNN.com.

Canseco was a member of the House Financial Services Committee, and served as president and counsel to Hondo National Bank, a community bank in Texas before being elected to public office. 
New York: Nan Hayworth (R) vs. Sean Maloney (D) New York: Nan Hayworth (R) vs. Sean Maloney (D) Democratic challenger Sean Maloney beat Republican freshman Rep. Nan Hayworth with 52% of the vote, according to CNN.com.

Hayworth, described in the press as a "Tea Party favorite," was a member of the House Financial Services Committee and frequently voted with her party on industry legislation. 
New York: Michael Grimm (R) vs. Mark Murphy (D) New York: Michael Grimm (R) vs. Mark Murphy (D) Despite lingering allegations over certain fundraising activities, Rep. Michael Grimm has secured a second term in office with 53% of the vote, reports CNN.com.

A member of the House banking panel, Grimm has been involved in several industry bills, including as a cosponsor on the bill to replace the CFPB’s director with a five-person commission.
New Hampshire: Frank Guinta (R) vs. Carol Shea-Porter (D) New Hampshire: Frank Guinta (R) vs. Carol Shea-Porter (D)

Challenger Carol Shea-Porter has beat out GOP freshman Rep. Frank Guinta with 50% of the vote, according to CNN.com. Guinta was a relative newcomer to the House Financial Services Committee, joining the panel in August, and had otherwise been supportive of GOP legislation affecting the industry.

Illinois: Robert Dold (R) vs. Brad Schneider (D) Illinois: Robert Dold (R) vs. Brad Schneider (D) Democratic challenger Brad Schneider has eked out a narrow victory over GOP freshman Rep. Robert Dold, according to CNN.com. Schneider pulled in just 2,547 more votes than Dold, with each taking roughly 50% of the vote.

Dold also sat on the banking committee in the House and had generally supported GOP legislation affecting the industry.  

A number of critical races for the banking industry have been decided, though votes are still being tallied in some election contests across the country. Democrats will maintain control in the Senate, while Republicans keep the majority in the House.

We offer the results of ten tight races in the Senate and House that American Banker highlighted earlier this month as critical to the industry.

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