Two key banking policymakers win elections; other races remain toss-ups

Rep. Patrick McHenry of North Carolina and Sen. Tim Scott of South Carolina — Republican heirs apparent to leadership positions on the congressional banking committees — handily won reelection, according to the Associated Press, but other closely watched races remained uncalled Tuesday night.

McHenry, the ranking Republican on the House Financial Services Committee, won with 73% of the vote. McHenry is widely expected to be tapped as committee chair if Republicans take the House gavel, as appears increasingly likely.

Scott — who is widely expected to take over as top Republican on the Senate Banking Committee, a post held by the retiring Sen. Pat Toomey, R-Pa. — also easily won reelection with a reported 62% of the vote Tuesday night, though many ballots remain uncounted.

House Financial Services panel Chair Maxine Waters's race remained undecided Tuesday night, but the California Democrat's seat, like McHenry's, is not closely contested. Senate Banking Chair Sherrod Brown, D-Ohio, is not up for reelection this year.

But the outcomes of races that many in the banking industry have been watching most closely remained far less certain. 

Sen. Raphael Warnock, a Georgia Democrat who sits on the Banking Committee, is in a neck-and-neck race for reelection against Republican challenger Herschel Walker. Warnock's tenure on the committee has concentrated largely on consumer protection issues, and he has chaired the subcommittee on financial institutions and consumer protection. 

Warnock signed on to Brown's Fair Access to Financial Services Act that would prohibit banks and other financial institutions from discriminating against customers because of race, color, religion, national origin, sex, gender identity or sexual orientation, and pushed the heads of the largest banks to curb overdraft fees. Warnock also chairs the agriculture subcommittee on commodities, risk management and trade, an influential seat in financial policy. 

Sen. Catherine Cortez Masto, D-Nev., who is also a Banking Committee member, was likewise undecided as of Tuesday night. She touted her role in passing pandemic-era spending bills that helped Nevada's tourism industry throughout the economic shutdowns, and has highlighted the role she played as Nevada attorney general when the state received a $1.9 billion settlement from banks after the 2008 financial crisis. She characterizes the payment on her website as having "held the Big Banks accountable." 

Important House races were also undecided. The contest involving House Financial Services Committee member Cindy Axne, D-Iowa, a proponent of rural housing issues, was too close to call Tuesday night, as was that of Rep. Sean Patrick Maloney, D-N.Y., who is an influential voice on cryptocurrency legislation.