Mediaboss Marketing

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.

Read the original post:
Paul Brandus: What the Republican victory means for your money