Banks are breathing a sigh of relief after established GOP incumbents bested a handful of Tea Party challengers at the polls recently.
Industry sources said the establishment wins improve Republican odds of retaking the Senate, which would in turn lead to a friendlier climate for the long-beleaguered sector. But some note that the Tea Party has left a mark on the Republican Party, presenting a challenging landscape for the industry.
The Tea Party movement can trace its roots back to fury about bailouts and banks, but the force that pulled the Republican Party right in recent years is finding less success at the polls recently.
In Idaho, Rep. Mike Simpson (R-Idaho) was repeatedly blasted by outside groups for his 2008 vote in favor of the Wall Street rescue, but he soundly defeated his conservative challenger all the same.
Voters in Georgia, Oregon and Pennsylvania also opted for more mainstream candidates as opposed to conservative upstarts. And in Kentucky, Senate Minority Leader Mitch McConnell (R-Ky.) trounced his primary challenger, Matt Bevin, who made McConnell’s vote in favor of the bailout a central plank of his campaign.
Read more at thehill.com