Republicans experienced a devastating blow last night as the electorate sent a clear message to the party in charge and threw many of them out. The punditry is pointing a finger of blame at President Donald Trump and his policy vacillations and determination to support candidates who may like him but utterly fail at the ballot box.
As control of Congress shifts, legislation is likely to move away from Fintech innovation toward more social-focused policies and more big government.
Phil Goldfeder, CEO of the American Fintech Council (AFC), has issued a statement on midterm results, taking a diplomatic approach.
“Elections inevitably shape the legislative agenda, but they should never dictate whether working families have access to safe, modern, and affordable financial services. Utilizing responsible innovation to expand financial opportunity and protect consumers is a fundamental priority that transcends party lines. Congratulations to all the incoming members of the House and Senate. Regardless of the makeup of Congress, AFC will collaborate with leaders across the political spectrum to establish clear, consistent rules of the road that empower responsible fintech innovators and mission-driven community banks to deliver lower costs, greater transparency, and expanded financial choices for everyday Americans.”
Democrats will now decide which legislation gets reviewed and approved, but, at least for the next two years, the White House is expected to use its veto power. Many market observers see this as good for investors, as extreme legislation is effectively dead on arrival.
