With the 2010 elections close at hand, Democrats are at risk of losing their No. 2 lawmaker on the House Financial Services Committee.
Rep. Paul Kanjorski of Pennsylvania barely beat back an election challenge two years ago, helped by a groundswell of support for Barack Obama.
But without a presidential contest and down in the polls, Kanjorski is once again in the race of his life. If he is not re-elected, the banking panel's leadership would be shaken up and there could be significant repercussions for banks, credit unions and the Federal Home Loan banks. Over the years he has been a key player on several mortgage-related issues.
Some bankers sounded as if they would be happy to see Kanjorski go. The Pennsylvania Bankers Association said it was frustrated with his votes on regulatory reform and his avid defense of credit unions.
"During the financial regulatory reform there were offices where we were basically shut off," said James Biery, the trade group's president and chief executive. "We had a difficult time expressing our views to Kanjorski."
Biery said the group particularly objects to Kanjorski's attempts to bolster credit unions, a longtime foe of the banking industry. CUs also have been a small, but important player in HELOCs.
