The Milwaukee Journal Sentinel has an interactive page which allows you to view the results of all the various political races affecting Wisconsin. It is being updated real time as additional results come in. Click here to view the winners, losers and the numbers that drove those races.
Donald Trump Elected President of the United States
In an election upset not seen since President Harry Truman’s re-election in 1948, Donald J. Trump will be the 45th President of the United States come January. While some states are still waiting to be officially called, if current margins hold Trump will have defeated Hillary Clinton in the Electoral College by a margin of 306-232. Trump won Wisconsin for the Republicans for the first time since 1984, and Michigan & Pennsylvania since 1988.
Trump has won the election despite the fact that he will receive fewer votes than Mitt Romney and John McCain received in defeat.
Democrats needed to gain five seats to win control of the Senate which they failed to do. At 51-47, the Republicans have kept their Senate majority. Pundits are noting that one of the surprising wins of the night was Wisconsin’s Ron Johnson defeat of challenger Russ Feingold. Until recently Feingold had an impressive lead in the polls.
The House will also remain in Republican control (239-193) with Democrats winning only a few new seats.
The Republicans actually grew their majority in both the state Senate and Assembly.
In the Assembly, the Republicans now hold a 64-35 majority after the surprise upset of Treig Pronschinske (R) defeating incumbent Chris Danou (D) in the 92nd district.
With the Senate, Republicans have gained at least 20 of 33 seats with the biggest surprise being the win of Pat Testin (R) over incumbent Financial Institutions Committee member Julie Lassa (D) who has held that seat since a special election in April 2003.
The margin for the race between Senate Minority Leader Jennifer Shilling (D) and Dan Kapanke (R) is narrow enough that there is speculation that the race could be headed to a recount. Currently, Shilling is considered the winner.
Gallagher Cruises to Victory
In the only open Congressional seat in Wisconsin, Mike Gallagher (R) defeated Tom Nelson (D) by 26 points. Polls earlier in the campaign pointed to a double digit win for the Green Bay Republican and former Marine Corps officer. Gallagher will replace Reid Ribble (R) who vacates the seat after representing the 8th Congressional District since 2011.
National Trade Associations Analyze Election Results
The American Bankers Association and Independent Community Bankers of America have each released analysis of last night’s elections and their likely impact on the banking industry.
Key issues such as regulatory reform (including Dodd-Frank), restructuring the CFPB and GSE reform may be on the to-do list for the Hill. However, a lack of detailed policy positions and proposals from the Trump campaign present a somewhat uncertain outlook for the industry. President-elect Trump will have the opportunity to appoint new heads of several federal banking regulators during his term, including CFPB, FDIC, Federal Reserve and OCC, but who he will appoint to those roles is debatable. While meaningful regulatory relief is more possible than under a Clinton administration, it is far from guaranteed. Click here to read ABA’s full analysis.
Unified Republican control of the executive and legislative branches presents a unique opportunity for enacting significant community bank regulatory relief. However, it remains unclear how Tuesday’s results will translate into legislative outcomes. Democrats have enough Senate seats to keep major legislative initiatives in check, and it remains to be seen whether partisan divide will continue to gridlock Washington or if both parties will find a way to work together on urgent problems. Likely agenda items for the 115th Congress include filling the current US Supreme Court vacancy, increasing infrastructure spending/corporate tax reform, significant changes to the Affordable Care Act, and trade legislation. Click here to read ICBA’s full analysis.
So What’s Next?
WBA’s Government Relations Committee has developed a strong list of policy recommendations for the next legislative session. These items will be considered by the board for approval at their next meeting. Your help in fundraising for our advocacy efforts has put the right people in place to pass those ideas.