WASHINGTON — Democrats are shuffling the deck chairs of the Senate Banking Committee and will have an additional seat on the panel when the 115th Congress convenes in January.
Sens. Brian Schatz, D-Hawaii, Chris Van Hollen, D-Md., and Catherine Corte Masto, D-Nev., will be on the panel, according to a press release from Senate Democratic Leader-elect Charles Schumer's office on Tuesday.
Schumer will no longer be on the banking committee, instead focusing on his responsibilities as the Democratic leader. Sen. Jeff Merkley, D-Ore., will also be getting off the panel.
The banking panel is considered a top appointment because the financial services industry has deep pockets and usually contributes to the panel members.
As expected, Sen. Sherrod Brown, D-Ohio, will be the top Democrat on the panel.
Six of the twelve Democrats on the committee will be up for reelection in 2018, including Brown. Four of the Democrats up for reelection in 2018 will also be defending seats in states that President-elect Donald Trump won in the November presidential election.
Schatz, Van Hollen and Masto were elected in 2016 and will be safe until their terms are up for reelection in 2022. Van Hollen will be a first-term senator but previously served in the House. Masto was previously the Nevada Attorney General and helped secure a large settlement with Bank of America in regards to a mortgage settlement. Schatz was appointed as a Senator in 2012.
The margins of Republican advantage on the committee will likely be slimmer as their Senate majority declined from a 54-44 advantage to 52-48 in November. Republicans have not yet announced their committee assignments.
