Betting on the Ballot: Midterm Races to Watch

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WASHINGTON — In 33 days, Republicans will try to wrest control of Congress from Democrats, an election
A day that could have massive consequences for the way financial services are regulated.

The next Congress is ready to tackle everything, from cryptocurrency regulation fiscal policy to deal with inflation and even regulatory oversight on fundamental issues of bank capital and mergers. And all of this is happening under the looming threat of a recession.

Rep. Pat McHenry, who would likely become chairman of the House Financial Services Committee in the event of a Republican victory, suggested he would prioritize legislation that would allow fintechs to grow, clarify rules for cryptography and even to crack down on Consumer Financial Protection Bureau Director Rohit Chopra. Democrats would continue to focus on housing and consumer protection, backing a more aggressive CFPB and pressing banking regulators to increasingly factor climate risk into their assessments.

Most signs point to a near problem: banking problems are not the same political flashpoint as they were after the 2008 financial crisis, but economic concerns such as the inflation strikes against strong views on women’s reproductive rights. Former President Donald Trump’s influence is also weighing on the election, with many smaller races turning into a de facto contest between Trump’s faction and President Biden’s popularity.

Many races that could have a significant impact on the committees that govern financial services characterize these dynamics. The following is an overview of close races that involve current or potential future members of these committees.

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