With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.
The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate.
Industry groups have launched new programs that are expected to carry over into 2021, while others are raising new calls for Congress to tackle data security.
The industry supports candidates on both sides of the aisle but has tilted towards Democrats during this cycle. Experts say that's partly a reflection of the current makeup of Congress.
Political donations from the sector and interviews with industry experts highlight a wide range of views on affordable housing resources, the appropriate level of regulatory relief and how policymakers should enforce fair housing rules.
Republicans still receive more money overall from bankers, but the gap is narrowing ahead of the November elections. Experts say that the trend corresponds with signs of a “blue wave” and that many in the industry prefer Democrats on nonregulatory issues.
