Big Banks Celebrate Tea Party Defeats

Big banks are breathing easier in the wake of Tea Party defeats that they believe increase the GOP’s odds of reclaiming the Senate, reports The Hill.

“The fact that Ted Cruz will not have a whole lot of new allies is very encouraging,” one senior financial industry executive told the paper.

The Tea Party’s outrage over the government’s bank bailouts served as a flashpoint for the movement’s genesis. Despite recent Tea Party primary defeats, the banking sector worries the movement could cause headaches moving forward.

“As an industry, we have to look at every member of Congress independently, we can’t just assume that there’s going to be one party for us and one party against us,” said Financial Services Roundtable government affairs chief Francis Creighton.

Either way, The Hill notes that “The Tea Party has left a mark on the Republican Party, presenting a challenging landscape for the industry.”