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Republican control of Congress may boost nuclear power and give banks eased enforcement of consumer laws, though its unlikely to yield a rollback of Obamacare over objections of a veto-wielding president.

Oil pipeline builder TransCanada Corp. (TRP) may find a way to advance the Keystone XL pipeline and communications companies such as AT&T Inc. (T) could see progress toward updating a legal framework that predates widespread Internet use.

Success on these and other items backed by U.S. business will come only from negotiations between President Barack Obama and top leaders of the House and Senate, who in January will be Republican.

Legislative impact on business will depend on the willingness of Senate Republican leaders to negotiate with the president, said William Galston, a senior fellow of governance studies at the Brookings Institution in Washington.

The end of a divided Congress wont open the gate for every Republican-backed bill to become law. Senate Democrats retain the power to slow bills and Obama keeps the veto pen hes used twice.

Republicans also could wield powers from the Congressional Review Act, which lets lawmakers vote to disapprove major rules before implementation. A simple majority is required, though Democrat Obama could veto any resolution.

A worker walks through the TransCanada Corp. pipe yard in Mont Belvieu, Texas, U.S. While Congress may approve legislation to approve Keystone XL pipeline, Republicans probably wont have the votes to overcome a presidential veto. Close

A worker walks through the TransCanada Corp. pipe yard in Mont Belvieu, Texas, U.S.... Read More

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A worker walks through the TransCanada Corp. pipe yard in Mont Belvieu, Texas, U.S. While Congress may approve legislation to approve Keystone XL pipeline, Republicans probably wont have the votes to overcome a presidential veto.

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Nuclear Power, Banks Seen Gaining in Republican Congress

Republican U.S. Senator-elect Joni Ernst thanks her supporters after she won the U.S. Senate race in Iowa.

WASHINGTON (MarketWatch) After a big night for Republicans, who took control of the Senate and added to their already large majority in the House, what does it mean for you and your money?

First, a very important point about the numbers. Even with some races undecided at this writing, Republicans will have at least 52 Senate seats, a gain of 7. In the House, the GOP will now have at least 243 seats, a gain of 14. When all results are in, it could be the largest Republican majority in the House since Harry Truman, a Democrat, was President nearly seven decades ago.

So a big night. But not big enough. Thats because whatever this bigger, newly-energized Republican juggernaut does that President Obama dislikes will be vetoed. And it takes a two-thirds majority in both the House and Senate to override a veto. Republicans have nowhere near two-thirds of either chamber. So the bottom line here: get ready for even more gridlock during the final two years of the Obama administration.

Also read: The surprises that defined the Republican victory

Of course, this wont stop Republicans from moving ahead with their financial agenda and trying to pick off enough Democratic votes to override any White House vetoes. Here are some of issues on the GOPs to-do list:

Think Republicans hate Obamacare? Their disdain for Dodd-Frank, the Wall Street Reform and Consumer Protection Act, may be even greater. Never mind that much of the gargantuan law was actually written with the help of financial industry lobbyists, who succeeded in watering it down, its still considered onerous and meddling in conservative circles. One Republican theme: Dodd-Franks regulations, so big and complicated, are costly to implement, and in the end, these costs are passed on to consumers.

One part of Dodd-Frank likely to be targeted by Republicans: the provision that small banks have to follow the same rules as big ones. Big banks operate on an international scale and thus are exposed to more systemic risk than smaller ones; why treat them the same? The GOP view: easing the burdens on small banks would ease the cost of credit for Americans buying a home, car or starting a business. This assumes, of course, that any savings from an easing of regulations would be passed on to consumers. Some banks may choose to pocket the difference and fatten their own bottom lines.

The 2014 midterm elections were good to Republicans. WSJ's Jerry Seib spoke to Jim Kessler of Third Way about what went wrong for the Democrats.

Even when they had the majority, Senate Democrats failed to get the permanent solution they craved on easing the burden of student loans. With rates set to soar last summer, the Bank on Students Emergency Loan Refinancing Act, sponsored by Massachusettss Elizabeth Warren, would have helped 25 million people refinance school debt accumulated before 2010 at a 3.86% interest rate. Republicans worried about the fiscal burden blocked her, and Democrats couldnt muster enough votes to end debate over the measure and vote.

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Paul Brandus: What the Republican victory means for your money

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Uploaded under "Fair Use" provisions ofr discussion and commentary at http://PolitiBrew.com 11-2-14...1:07 PM EST.

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Black Grandmother Explains Why She Just Voted Straight Republican
Black Grandmother Explains Why She Just Voted Straight Republican.

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Black Grandmother Explains Why She Just Voted Straight Republican - Video