Democrats took a majority in the House of Representatives in the midterm elections last night, winning control of the chamber for the first time since 2011. Democrats gained a House majority of 220 to 194, a net gain of 27 seats with 21 additional House races remaining too close to call this morning.
However, Republicans expanded their Senate ranks by at least two. Republicans picked up Senate seats in Indiana, Missouri and North Dakota, while the Democratic candidate unseated an incumbent in Nevada. Republicans also had leads in Arizona, Florida and Montana, although the races remained too close to call this morning, and a race in Mississippi will go to a runoff later this month in which the Republican is favored.
“The results may have produced a change in the balance of power in Congress, but they have not changed our agenda or our willingness to work with dedicated lawmakers from both parties to pursue commonsense economic and regulatory policies that allow banks to create jobs, growth and opportunity for all Americans,” said American Bankers Association President and CEO Rob Nichols, adding that the association “look[s]forward to building on the solid, bipartisan foundation around banking policy established in the current Congress with the passage of the first financial regulatory reform bill in nearly a decade.”