In the latest episode of the Power of Prepaid podcast, Dee Buchanan and Gordon Taylor, principals at Ogilvy Government Relations, discuss the outcomes of the midterm Congressional elections and what they might mean for financial services regulations.
Now that the Democrats have taken control of the House and the Senate remains in Republicans hands, the Midterms leave us with a divided Congress. While this might mean not many new laws will be passed, the industry will still need to pay attention to what is going on in Congress.
Rep. Maxine Waters, D-CA, is likely to be the new chair of the House Financial Services Committee. She has plans to reshape it and its subcommittees. This could lead to more hearings on what is happening in the financial services industry, and more executives being called to testify in front of Congress.
Meanwhile, over in the Senate, Majority Leader Mitch McConnell, R-KY, will work to get as many nominations through Senate as possible. He has begun moving forward Kathleen Kraninger’s nomination as head of the Bureau of Consumer Financial Protection. The debate on this nomination likely will be raucous, but ultimately, she is expected to be confirmed.
While investigations and confirmations are important, the main business of Congress is still to legislate. Bills on housing and data privacy may still get enough bipartisan support to be passed.
For the detailed discussion of all of these issues, check out episode 15 on our site, or wherever you get your podcasts. Don’t forget to subscribe and leave us a review.