Two Key Banking Policymakers Win Elections

Source: American Banker

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.