Bank-friendly Senate Democrats fall in midterms, in blow to industry
By Victoria Guida and Zachary Warmbrodt
At least three Senate Democrats who backed the landmark financial deregulation bill this year lost their reelection campaigns despite their efforts to work across the aisle, in a potential setback for the banking industry. Red state senators Joe Donnelly (D-Ind.) and Heidi Heitkamp (D-N.D.), who helped write the bill, and Sen. Claire McCaskill (D-Mo.), who supported it, were all defeated by Republican challengers Tuesday. Sen. Bill Nelson (D-Fla.), who also backed the legislation, was trailing his opponent, Rick Scott, as of Wednesday. …“Every one of those Democrats who supported the bill then got screwed by the White House,” said Karen Petrou, managing partner at Federal Financial Analytics. “Some of the destruction was their own doing, but … this is a real lesson the next Senate will take to even greater heart: working with the White House doesn’t protect you from a presidential assault.”