Magazine article American Banker

Rep. Kanjorski Prevails, but Other Lawmakers Lose Seats

Magazine article American Banker

Rep. Kanjorski Prevails, but Other Lawmakers Lose Seats

Article excerpt

Byline: Stacy Kaper

WASHINGTON - Tuesday's elections significantly changed the House and Senate banking committee lineups, but one crucial financial services lawmaker, Rep. Paul Kanjorski, D-Pa., overcame stiff odds to win re-election.

The House Financial Services Committee lost at least six members (two retired) and the Senate Banking Committee lost three, including Republican Sen. Elizabeth Dole, who lost to Democrat Kay Hagan, a former banker.

Those ousted from the Financial Services Committee includedReps. Chris Shays of Connecticut and Tom Feeney of Florida, both Republicans. Two Democrats, Reps. Tim Mahoney of Florida and Don Cazayoux of Louisiana, also lost.

With Democrats gaining at least 20 seats in the House and 5 in the Senate, the Financial Services Committee and Senate Banking Committees are expected to have wider Democratic margins in the next Congress. Financial Services now has 37 Democrats and 33 Republicans. Senate Banking is split 11 Democrats to 10 Republicans.

The biggest surprise of the night was the re-election of Rep. Kanjorski, who had been well behind in the polls a week ago in his bid for a 13th term.

Rep. Kanjorski is the second-most-senior Democrat on the House Financial Services Committee, where he chairs the capital markets subcommittee and has been viewed as a leader on issues about insurance, the government-sponsored enterprises, and the Federal Home Loan banks.

"It provides important continued stability and leadership within the Financial Services Committee," said Steve O'Connor, the head of government affairs for the Mortgage Bankers Association. …

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