WASHINGTON, DC-As expected the Republicans swept into poweryesterday, claiming the necessary 39 seats for a majority shortlyafter midnight eastern standard time. Indeed, when all is said anddone the Republicans are expected to have gained 50 seats in thiselection. The Senate stayed under Democratic control, with itsnumbers eroded.
The widespread assumption is that these results will translateinto political gridlock. However, the Republicans’ majority in theHouse will give them an edge in certain areas that have a directimpact on the commercial real estate space, starting withrule-making for the financial overhaul as well as the futuredirection of Fannie Mae and Freddie Mac.
Barney Frank, who at one point appeared in for a tough slog forhis seat, won re-election. It was a hollow victory, of course, ashe is losing his post as head of the House Financial ServicesCommittee. Set to take his chairmanship most likely isRepresentative Spencer Bachus of Alabama. Bachus will be leadingmuch of the oversight with the rule-making for Dodd-Frank. He willalso be a key voice in the discussions for the overhaul of FannieMae and Freddie Mac.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
