Whatever happens in the midterm elections coming up in less than two weeks, the Senate Banking Committee may see a big shakeup in leadership and membership.
The result could play a big role in whether banks see more regulatory relief next year or policymakers can coalesce around a housing finance reform plan.
Whichever party has control of the Senate, the leadership of the banking panel may change. If the GOP keeps the chamber—as is most likely given the latest polls—Chairman Mike Crapo could take the gavel of the Senate Finance Committee, depending on whether Sen. Chuck Grassley, R-Iowa, wants that seat. If Crapo chairs the finance panel, that is likely to elevate Sen. Pat Toomey, R-Pa., to take his place as chair of the Banking Committee. If Democrats win the chamber, Sen. Sherrod Brown, D-Ohio, is expected to chair the panel.
Membership of the panel is also likely to change significantly. Seven of the banking panel’s members are up for reelection, and four of them are viewed as particularly vulnerable. Sen. Dean Heller, R-Nev., is the only Republican up for reelection in a state Hillary Clinton took in 2016. On the Democratic side, Sens. Heidi Heitkamp, D-N.D., Jon Tester, D-Mont., and Joe Donnelly, D-Ind., are all defending seats in states won by President Trump.
With Sen. Bob Corker, R-Tenn., retiring, next year's panel could have several new members.
Read more in American Banker.