Backed by banks, Tester wins narrow victory to keep Senate seat

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WASHINGTON — Senate Banking Committee member Jon Tester, D-Mont., beat out Republican challenger Matt Rosendale in a tight race for re-election and in a state that President Trump won in 2016.

The razor-thin contest was finally called Wednesday afternoon. With 94% of precincts reporting, Tester had garnered 49.3% of the vote compared with 47.8% for Rosendale, who is the state's auditor, to win a third term.

With banking industry backing, Tester is among a group of moderate Democrats on the Banking Committee that played a key role in the Senate's passage last spring of a targeted regulatory relief bill. But the other two moderate Democrats in the group facing re-election — Heidi Heitkamp of North Dakota and Joe Donnelly of Indiana — both lost their seats Tuesday night to Republican challengers. Heitkamp and Donnelly also hail from states President Trump won in 2016.

Sen. Jon Tester, D-Mont.
Senator Jon Tester, a Democrat from Montana and ranking member of the Senate Veterans' Affairs Committee, speaks during a confirmation hearing for Robert Wilkie, secretary of Veterans Affairs (VA) nominee for U.S. President Donald Trump, not pictured, on Capitol Hill, in Washington, D.C., U.S., on Wednesday, June 27, 2018. The VA has lacked a permanent leader since David Shulkin was ousted as secretary in March and Rear Admiral Ronny Jackson withdrew in April, following allegations of improper behavior in his role as White House physician. Photographer: Al Drago/Bloomberg

Had Tester lost, it would have further dampened the industry's hopes of forging compromises on financial services legislation in the Senate, where some Democratic support is needed to meet the 60-vote threshold to pass legislation.

Tester had maintained in edge in polling against Rosendale for much for the campaign, but the race tightened considerably leading up to Election Day. Tester was the first ever Senate candidate supported in television advertisements produced by the American Bankers Association. He was also the first Democrat to get the endorsement of the super PAC Friends of Traditional Banking.

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Regulatory relief Finance, investment and tax-related legislation Senate Banking Committee American Bankers Association
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