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46.94%: Cory Gardner, GOP

Republican Cory Gardner busted one of Colorado's long-standing political axioms: As Jefferson County goes, so goes Colorado.

Gardner narrowly lost Jefferson County to Democrat Mark Udall but went on to win the U.S. Senate race.

"Conventional wisdom has been turned upside down in this election," said longtime GOP strategist Dick Wadhams, who lives in Jefferson County.

That's because he has long said, and others have agreed with him, that "if you don't win Jeffco, you don't win the state."

Until this election, Jefferson County had picked the winners in every U.S. Senate race since 1990 and gubernatorial contest since 1978, a decades-long stretch that made it the state's premier swing turf.

47.28%: Mark Udall, Democrat

The Jefferson County clerk and recorder on Tuesday posted official results showing that Udall won 47.28 percent of the vote to Gardner's 46.94 percent in Colorado's famously bellwether county.

But Gardner lost by only 869 votes in Jeffco, a tight margin that allowed him to win statewide, 48 percent to 46 percent.

Like the state, Jefferson County is equal parts urban bedroom communities and rugged mountain towns. It's mostly white with a solid Latino population, a mix of gated communities and working-class bungalows.

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Cory Gardner upends conventional wisdom, loses Jeffco but wins Senate

Republican control of the Senate makes it likely that Alabama's Richard Shelby, the senior Republican on the Committee on Banking, Housing, and Urban Affairs, will become its chair, steering the committee that oversees the Fed.

"I don't think he's a big fan of the Fed," Hugh Johnson, chairman of Hugh Johnson Advisors, said of Shelby, a onetime central bank backer who turned into a Fed critic during the financial crisis.

Shelby opposed Yellen's nomination as vice chair in 2010 and then as chair last year. He also fought President Barack Obama's 2010 nomination of Nobel Prize-winning economist Peter Diamond to serve as Fed governor, with Diamond subsequently withdrawing from consideration. Two of seven board seats remain vacant.

"Anyone very dovish is not even going to get a hearing or a vote," said Mark Calabria, a former staff member for Shelby and now director of financial regulation studies at the Cato Institute, a libertarian think tank.

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"Shelby, who is expected to chair the banking committee, is sympathetic to getting the Fed out of bank regulation, but getting 60 votes for that is a tough thing to do," Calabria added.

Legislation that passed the House in September and sponsored by Georgia Republican Paul Broun would require the comptroller general to audit the Fed's board of governors and banks within a year and report back to Congress on its findings. Rand Paul, R-Kentucky, has introduced companion legislation in the Senate.

"Rand Paul will likely come down and demand a Fed audit, but it's an open question at this point whether there will be a vote. There's a small handful of Republicans who were not terribly sympathetic to it," Calabria said.

The measure has a good chance of passing should it be brought to a vote, Calabria said.

House Financial Services Committee Chairman Jeb Hensarling, a Texas Republican, told Bloomberg News in an October statement that he had already "held a number of conversations with Sen. Shelby, who might, and hopefully will, be the next Senate Banking Committee chairman, and we have had preliminary discussions about what he would like to achieve."

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GOP to turn up heat on Fed in 2015

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