Election Day Takeaways

November 20, 2014

U.S. flagVoters have spoken.  The Republican Party won a majority in both the House and Senate for the first time since 2006.  And the results will shape Barack Obama’s final two years as president.

In the Senate, the Republicans have won 8 seats and hold a 53 to 46 majority (two Independents currently caucus with Democrats), with one race still to be decided. Louisiana holds its run-off election on December 6th. 

With control of the Senate in Republican hands next year, Mitch McConnell (R-Ky.) will be the next majority leader, trading places with Harry Reid (D-Nev.), who will become minority leader.

As expected, the GOP retained control of the majority in the House and are on pace to begin the 114th Congress with their biggest majority in more than eight decades.

Other election takeaways:

  • Key committees that have jurisdiction over the profession’s issues will have new leadership.  House Ways and Means Chairman Dave Camp (R-Mich.) and Senate Banking Committee Chairman Tim Johnson (D-S.D.) are retiring at the end of the year.  House GOP members have chosen Paul Ryan (R-Wis.) to chair the Ways and Means Committee.  Although Senate leadership elections haven't been scheduled yet and committee assignments won’t be known for a while, Richard Shelby (R-Ala.) is likely to chair Senate Banking. 

  • With the retirement of Rep. John Campbell (R-Calif.), there will be one less CPA in Congress. 

  • Issues of importance to the CPA profession that may be considered during the Lame Duck session and in 2015 include tax extenders and tax reform. 

The American Institute of CPAs has strong relationships on both sides of the political aisle in the House and Senate, and will meet with the new lawmakers and their staffs to educate them about the accounting profession’s issues.