Florida Banking December 2024-January 2025

PRESIDENT'S PERSPECTIVE

ELECTION OUTCOMES AND THE RIPPLE EFFECTS

BY KATHY KRANINGER, FBA PRESIDENT AND CEO

T he American people have spoken decisively this year — President Trump is returning to the White House. He swept all seven crucial swing states, won the popular vote and secured 312 electoral votes. In addition to Florida having its first U.S. President, the state will see some musical chairs as congressional and state leaders move into the administration or fill resulting vacancies. U.S. Senate

become ranking member of the Banking Committee — setting her up to be chair should the Democrats take over in two years, when the race map is more favorable for them than the past few cycles. U.S. House As of print time we await results in three House races. The House will stay in Republican hands, though Speaker Mike Johnson (R-LA) will lead a slim

majority, and governing will remain a challenge. That is compounded by special elections that will be called to fill vacancies left by those who join the administration. Turning to House Financial Services, the chair race has been on among Rep. Andy Barr (R-KY), Rep. French Hill (R-AR), Rep. Bill Huizenga (R-MI) and Rep. Frank Lucas (R-OK). Each contender is a senior member of the committee with a proven track record of promoting regulatory relief for the

The President’s coattails carried Republican candidates over incumbent Democrat Senators in Montana, Ohio and Pennsylvania. Adding the expected win in West Virginia, the new Republican majority will have 53 seats and a new majority leader. Between retirements and election outcomes, the Senate will see 12 new senators before accounting for any replacing those who join the administration. The Senate Banking Committee will be led

“THE AMERICAN PEOPLE HAVE SPOKEN DECISIVELY THIS YEAR — PRESIDENT TRUMP IS RETURNING TO THE WHITE HOUSE.”

banking industry. FBA has worked closely with these Congressional leaders and the business community will have an ally in that seat regardless of the outcome. On the other side of the aisle, current Ranking Member Rep. Maxine Waters (D-CA) will retain her position as the top Democrat member.

by Sen. Tim Scott (R-SC), who will also join Senate leadership as the chair of the National Republican Senatorial Committee (meaning he will lead the effort to maintain the Senate majority in the 2026 elections). With Sen. Brown (D-OH) and Sen. Tester (D-MT) losing their reelection bids, Sen. Warren (D-MA) will

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