Tennessee Bankers

This Week Newsletter



November 09, 2016 - Issue No. 1645A


Trump Wins Presidency; Republicans Retain Control of Senate and House

In perhaps one of the biggest surprise elections in political history, Donald Trump defeated Hillary Clinton and will become the 45th President of the United States. When he takes office in January, the Republicans will return with majorities in both the Senate and the House. What could this mean for banking? Click here to read ABA's analysis that reviews the likely impact on key issues including Dodd-Frank regulatory fixes, the CFPB, regulatory burden, and GSE reform.
 
The only new face from Tennessee's delegation come January will be David Kustoff, the Memphis Republican who will represent the 8th District upon Stephen Fincher's retirement. Tennessee's eight other Congressmen all won their re-election races.

State Elections See Few Surprises

The state races were a much calmer state of affairs than national politics. All 16 Senators up for re-election in the even numbered districts won their races and will return in January with Republicans maintaining their current supermajority of 28-5. The only new face will be Jon Lundberg (R-Bristol) a current House member who will fill the seat left vacant by Ron Ramsey's retirement.
 
On the House side, unlike past years, the general election delivered only two incumbent upsets with all 99 seats up for re-election. The most shocking was in House District 96 where incumbent Steve McManus (R-Cordova), Chairman of the Insurance and Banking Committee, was narrowly defeated by Democrat Dwayne Thompson by a margin of 49.37 percent to 50.63 percent. 
 
Kevin Dunlap (D-Dunlap), who is serving his first term, was defeated by Republican Paul Sherrell of Sparta.
 
When the House convenes in January, the Republicans return with one addition to their super majority, going up 74 to 25. The gain is due to Democrat David Shepard of Dickson retiring and Republican Michael Curcio filling that seat.
 
The next hurdle for Republicans will be electing new House leadership when they meet on November 17. The position for Majority Leader is open with current Leader Gerald McCormick (R-Chattanooga) stepping down. And House Speaker Beth Harwell (R-Nashville) will face off against Jimmy Matlock (R-Lenoir City) for speakership. 
                    
For a complete list of all state election results, click here.