2018 Midterm Election Results Could Mean Some Changes for Financial Services Industry

The results of yesterday’s midterm election shifted the balance of power in Congress, which could mean some changes in store for the financial services industry.

The biggest change occurred in the House of Representatives, where Democrats gained control of the majority. With this change, it is likely that Rep. Maxine Waters (D-CA) will be the next chair of the House Financial Services Committee. After the resignation of the Bureau of Consumer Financial Protection’s (BCFP or Bureau) student loan ombudsman, Rep. Waters introduced a House bill criticizing the Bureau’s leadership under Acting Director Mick Mulvaney. Rep. Waters will likely keep a sharp eye on regulators appointed by President Donald Trump.

Another change for the House Financial Services Committee is that one of its members, Rep. Keith Rothfus (R-PA), lost re-election yesterday to a Democratic candidate, Conor Lamb (D-PA).

View this content by subscribing

Please register to unlock this content

I already have an account. Log in