A handful of tight Senate and House elections will determine control of key Congressional committees in Tuesday's federal election, with the outcome determining the shape of a high-stakes tax policy debate and the next surface transportation bill.
There are 34 Senate seats that will be decided in Tuesday's election. Democrats need to flip only four seats to win back a House majority. The Cook Political Report rates 22 House races as toss-ups. Most polls give Republicans a narrow edge in the Democrat-controlled Senate and Democrats a narrow victory in the Republican-controlled House.
If the chambers switch party control, leadership of key committees that affect the municipal bond market will shift.
Sen. Mike Crapo, R-Idaho, would likely ascend to the helm of the powerful Senate Finance Committee, which has jurisdiction over the tax code, if Republicans take the Senate.
The
On the House side, current Ways and Means Committee Chair Jason Smith, R-Mo., has formed 10 tax teams
The Ways and Means committee figures to play a major role in
If the Democrats re-take the House, Ranking Member Richard Neal, D-Mass.,
The House Committee on Transportation and Infrastructure is currently chaired by Rep. Sam Graves, R- Mo., who, if Republicans retain control, would hit his six-year term limit on the committee. Graves is expected to seek a waiver asking to continue his leadership.
If Graves fails in his bid, Rep. Rick Crawford, R-Ark., who leads the Highways and Transit Subcommittee, is angling to become the next chair.
If Democrats take the House, Washington ranking member Rep. Rick Larsen is expected to become the chair.
The next leader will take the helm as the committee begins to write the next surface transportation bill as the $1.2 trillion Infrastructure Investment and Jobs Act expires on Sept. 30, 2026.
Policy decisions will include
The House Financial Services Committee, which oversees Wall Street, will see a leadership turnover no matter the election outcome as Chair Patrick McHenry, R-N.C., retires. Potential Republican replacements include Kentucky Rep. Andy Barr, Michigan Rep. Bill Huizenga and Oklahoma Rep. Frank Lucas.
Ranking member Rep. Maxine Waters of California would retake the helm if Democrats win the House. Waters has named long-term reauthorization for the