The November 4 midterm elections are history, and any way you cut it, the evening was successful – perhaps remarkable – for Republicans. As you are likely aware, elections held in an “off” Presidential year, especially during a President’s second term, almost always swing in favor of the opposition party. The results of this particular election followed and exceeded the historical trends.
The election’s impact was immediately noticeable by those concerned about regulatory burden faced by community banks as a result of the Dodd-Frank Act. In a statement issued on the day following the election, Senate Minority Leader Mitch McConnell predicted that Republicans controlling the Senate Banking Committee in the next Congress will “take a look” at the “damage” Dodd-Frank has inflicted upon community banks.
IBAT President and CEO Chris Williston responded to the election by calling upon lawmakers to continue pursuing “common sense legislative initiatives…to enact meaningful changes.”
“Prompt action will benefit not only a beleaguered, discouraged and overwhelmed community banking sector, but more importantly, will enhance the economic recovery via additional credit availability to consumers, homeowners and small businesses,” Williston said.
A full breakdown of the midterm elections, drafted by IBAT Executive Vice President Steve Scurlock, is available on IBAT's website.
With elections in the books, IBAT staff attention now turns to the 84th Regular Session of the Texas Legislature, as pre-filing of bills began this week.