Results for key House and Senate committees tracked by ACA International are in. Here’s what we know so far.
11/4/2020 9:00
The results of the 2020 presidential election—one that could have a large impact on the accounts receivable management (ARM) industry in terms of the leadership of regulators like the Consumer Financial Protection Bureau and Federal Communications Commission and matters such as the recently released debt collection rule—could be days away, but congressional election votes shaping influential committees, including House Financial Services and the Senate Committee on Banking, Housing and Urban Affairs, are in.
The Democrats retained their majority in the U.S. House of Representatives and the Republicans appear poised to keep a narrow majority in the U.S. Senate, although results are still coming in, according to NPR.
Among members of the House Financial Services Committee, chairwoman U.S. Rep. Maxine Waters, D-Calif., was re-elected, as was ranking member Patrick McHenry, R-N.C.
U.S. Reps. Andy Barr, R-Ky., French Hill, R-Ark., Ted Budd, R-N.C., and Josh Gottheimer, D-N.J., on the committee all secured another term in the House, according to a Reuters report on elections impacting financial services. U.S. Rep. Ann Wagner, R-Mo., defeated Democrat Jill Schupp 52% to 45.4%.
The CFPB’s final rule on the Fair Debt Collection Practices Act is expected to continue to be a priority for the committee.
ACA International also tracked a few elections for freshman legislators on the committee:
- U.S. Rep. Cindy Axne, D-Iowa, defeated U.S. Rep. David Young in Iowa’s third district. Axne came to Congress on the blue wave of the 2018 midterm elections, also defeating Young at that time.
- At press time, U.S. Rep. Ben McAdams, D-Utah, the former mayor of Salt Lake City and the only Democrat representing Utah in Congress and on the House Financial Services Committee, was ahead over Republican opponent and former NFL player Burgess Owens with 65% of precincts reporting. He defeated two-term U.S. Rep. Mia Love by less than 700 votes in 2018 and was considered one of the most vulnerable members of Congress running for reelection this year.
- Incumbent U.S. Rep. Van Taylor, R-Texas, was reelected Nov. 3., defeating opponent Lulu Seikaly 55% to 43%, according to media reports Wednesday morning. Taylor acceded to former U.S. Rep. Sam Johnson’s seat upon his retirement after defeating his next-closest opponent by 10 percentage points. from Republicans in Texas’s third district has become increasingly difficult. President Donald Trump won the district by 14 points in 2016, but Mitt Romney won by 30 points in 2012. Despite favorable polling for Joe Biden, Taylor was well positioned to retain his seat in Congress before the election.
- Unlike Axne, McAdams and Taylor, U.S. Rep. Lee Zeldin, R-N.Y., came into the election having served in the U.S. House of Representatives since 2015. With 99% of precincts in New York reporting Wednesday morning, Zeldin secured a win—61.3% to 38.7%—over opponent and political newcomer Nancy Goroff. New York’s 1st Congressional District, which covers part of Long Island, moved sharply Republican in the 2016 presidential race after Trump won by 12 points. Zeldin, after double-digit wins in 2014 and 2016, won the race in 2018 by less than 4 percentage points.
Senate Committee on Banking, Housing and Urban Affairs
While there is a chance the Senate majority could flip to the Democrats as votes are still being counted, there were several successful Republican wins in the Senate. According to Reuters, if Republicans keep their majority in the Senate, U.S. Sen. Pat Toomey, R-Pa., could move into the role of chairman for his last two years in Congress. Toomey has announced his retirement and that he will not run for reelection in 2022.
Here are a few other key Senate elections tracked by ACA:
- U.S. Sen. Martha McSally, R-Ariz. A year after McSally was appointed to her current seat following the death of John McCain, she was defeated by Democrat Mark Kelly, a retired NASA astronaut and captain in the U.S. Navy and husband to former Arizona U.S. Rep. Gabby Giffords. With 82% of precincts reporting Wednesday, according to Fox News, Kelly was ahead of McSally 53% to 46%. The contest between two retired combat veterans presenting different visions for the nation is one key election in determining the control of the U.S. Senate.
- U.S. Sen. Thom Tillis, R-N.C. In a close election with sway over the Republicans’ majority in the Senate, Tillis defeated Cal Cunningham Tuesday. Trump weighed in heavily on Tillis’ behalf, which helped close a significant gap in polling before the election.
- U.S. Sen. Mike Rounds, R-S.D. In a year where so much is at stake for Senate Republicans, particularly those on the Senate Banking Committee, Rounds secured a victory in South Dakota over former State Rep. Dan Ahlers. Predictions before Nov. 2 showed Rounds was expected to be back in Washington for a second term as the junior senator from South Dakota.
- U.S. Sen. David Perdue, R-Ga. Georgia has not elected a Democrat senator in 20 years, and that trend continues with Perdue’s close win over Jon Ossoff. Their campaign battle was one of the tightest races the state has seen in decades.
- U.S. Sen. Doug Jones, D-Ala. U.S. Sen. Doug Jones’ race was another must-watch and he was defeated by former Auburn University football coach Tommy Tuberville Tuesday. Jones secured a win in a 2017 special election to replace Alabama Sen. Jeff Sessions after he left the seat to become U.S. attorney general. As a Democrat from deeply red Alabama, Jones faced a tough battle against Tuberville. Jones’s seat was one Democrats worked to defend to take control of the chamber.
ACA is continuing to review election results to provide updates for members and continues to prepare for every outcome. We’ve been laying the groundwork for engagement and education with incumbents who might find themselves moving committees as well as candidates who might find themselves as members of Congress in January.
Members can read coverage of today’s Fall Forum main stage session on the election here and learn more in our election outlook memorandum for the year ahead.