Incumbent Senate Banking Committee member Catherine Cortez Masto, D-Nev., narrowly won reelection Saturday night in a victory that will have significant implications for the Biden administration's policy agenda.

North Carolina Republican Pat McHenry, who's likely to be the next chair of the House Financial Services Committee, promised constituents that he would go after "woke corporations" in Washington.

Rep. Patrick McHenry, R-N.C., who could be the next House Financial Services Committee chairman, handily won reelection, as did Sen. Tim Scott, R-S.C., of the Senate Banking Committee. But many consequential races are still too close to call.

With the 2022 midterm elections around the corner, Democrats are losing steam and Republicans are banking big on economic malaise turning swing voters their way.

Campaign rhetoric and industry political spending shows that private equity and investment firms have taken banks' place in the hot seat.

Rep. Patrick McHenry, ranking member on the House Financial Services Committee, said he and Maxine Waters, who chairs the panel, agree stablecoins should be backed one-to-one.

Banking issues are quiet on the campaign trail in 2022, but there are a few races in November that could have big implications in the next Congress.