ABA issues statement on midterm elections

With Republicans set to take control of the House in 2023 and Democrats retaining control of the Senate, the American Bankers Association is congratulating both parties while reminding lawmakers that a divided government doesn’t need to lead to partisan gridlock.

“With the nation facing economic headwinds and other challenges, banks of all sizes remain committed to working with lawmakers from both parties who share our interest in banking policies that support the economy, provide banks with the regulatory clarity they need and promote financial inclusion,” said ABA President and CEO Rob Nichols. “We particularly want to welcome the new members of Congress to Washington and we look forward to helping them understand the vital role America’s banks play in our economy. Divided government does not have to produce gridlock, and we stand ready to do our part to advance commonsense legislation that will allow banks to better serve their customers, clients and communities.”

With the balance of power now decided, Rep. Patrick McHenry (R-N.C.) is expected to take the gavel of the House Financial Services Committee for the 118th Congress. Current Senate Banking Committee Chairman Sherrod Brown (D-Ohio) is expected to remain the top Democrat on the panel, with Sen. Tim Scott (R-S.C.) expected to be named ranking member.