The campaigns are done, the voting is over, and the results are becoming clear. Donald Trump will return to the White House as the 47th President of the United States. Republicans will also control the Senate with at least 52 seats. Races determining which party controls the House of Representatives have yet to be decided (and may not be for some time).
We are proud of NAIFA alumni who fared well yesterday. Austin Scott (R-GA), Brad Schneider (D-IL), and Monica De La Cruz (R-TX) were re-elected to the House of Representatives. Montana Insurance & Securities Commissioner Troy Downing (R-MT) is a newly elected first-term Representative. Former NAIFA members in the Senate, Tim Scott (R-SC) and Mike Rounds (R-SD), were not on the ballot this cycle and continue to serve in the upper house. As past members of our association, all of these lawmakers understand our industry and the great work NAIFA members do.
When all the votes are counted, no matter the outcome of the House races, we will have a new administration with different policy priorities. Dozens of new lawmakers will be heading to Washington, D.C. Significantly, Senator Sherrod Brown (D-OH) lost his race, meaning he will no longer chair the Senate Banking Committee or serve on the Finance Committee. The defeat of Senator Jon Tester (D-MT) will further change the makeup of the Banking Committee. The race involving Senate Finance Committee member Sen. Bob Casey (D-PA) remains too close to call.
With a new administration and a new Congress, NAIFA’s advocacy efforts will be in high gear, educating lawmakers and White House officials about the important work NAIFA members do and the issues that affect the financial security of American families and businesses. NAIFA members will need to build relationships with newly elected lawmakers and strengthen bonds with those who are returning.
A similar dynamic is playing out at the state level as the election reshapes legislatures across the country. NAIFA is the only association of insurance and financial professionals with a strong grassroots presence in every state. NAIFA members create and maintain relationships with state policymakers similar to those at the federal level. NAIFA’s state legislative days in the first quarter of 2025 will be critical to reaching these elected officials.
NAIFA’s Congressional Conference, May 19-20 in Washington, D.C., is vitally important. Tax reform remains on the Congressional to-do list for 2025, and new lawmakers will need to be brought up to speed. Please save the date and sign up online to receive a notification when registration opens.
In the meantime, a pair of NAIFA webinars will take a deeper dive into the election results and how they will impact tax policy and other financial security issues.
- “Tax and Estate Planning Under a New Presidential Administration,” November 12 at 12 pm eastern. This webinar is sponsored by the American Cancer Society.
- “Post-Election 2024: The Impact on Insurance and Financial Services,” December 3 at 3 pm eastern.
NAIFA is eager to work with members of Congress and the Trump administration, along with state officials nationwide to help shape laws and policies that benefit American consumers and ensure their access to needed risk-protection and financial products, services, and guidance. NAIFA members are the best advocates for their businesses and clients and serve as valuable resources for our elected officials. No one understands better than they do how laws and policies from Washington affect financial security in communities across the country.
Best regards,
Kevin Mayeux, CAE
