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As pre-election polling hints that Democrats are poised to possibly win control of the House in the next Congress, the securities and investment industries – as well as banks – are giving more money to Democrats, especially moderate ones. Democrats only need 23 seats to overtake the majority; pollsters are suggesting they could win as many as 43 seats.

Bloomberg recently reported that the securities and investment industries have given $56.8 million to Democratic congressional candidates and $33.4 million to Republicans this election cycle, according to data from the Center for Responsive Politics. The same data show that bankers – who most often prefer Republicans – are also giving a helping hand to Democrats: The industry has spent $8.5 million supporting Democrats and $13.5 million backing Republicans.

More moderate Democrats, such as those that helped create and pass the NAFCU-backed S. 2155, are garnering more support as the financial services industry hopes regulatory relief efforts will continue in 2019.

Unlike the House, polling projections have the Senate remaining in the Republican majority. Senate Democrats have 26 seats up for reelection; Republicans, only nine.

"No matter the outcome, rest assured that NAFCU maintains relationships and works well with both parties," said NAFCU Director of Political Affairs Chad Adams in a recent Q&A on election projections. "Split-party control of Congress and the Executive Branch is a formula for gridlock in the next Congress, which means it may be hard to pass major legislation in the next two years, especially once the 2020 Presidential campaign gets started in earnest in late 2019."

More on NAFCU's election projections and the impact these midterms could have on credit unions can be read here.

NAFCU will continue its bipartisan advocacy efforts – no matter the results of Tuesday's elections – so that credit unions can realize a legislative environment that will allow them to grow and thrive.