POLITICS: Campaigns

Eric Cantor's loss is a shot at K Street's heart

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Beltway Confidential,Opinion,Timothy P. Carney,Politico,Town Hall,Big Government,Campaigns,Lobbying,Eric Cantor,Cronyism,Dave Brat

Rep. Eric Cantor was Wall Street's man in the GOP. Cantor was “one of the few remaining House Republicans who understood the complicated and nuanced issues facing the financial services community,” a Wall Streeter told Politico in a piece on this topic.

In general, the GOP's K Street wing ought to worry, as Dave Brat beat Cantor by tying him to Wall Street and Big Business, Conn Carroll explains:

If there is a theme to Brat's campaign it is this, "I’m against Big Business in bed with Big Government." And he has a whole litany of areas where Cantor voted with Big Business and Big Government.

Ron Fournier at National Journal warns that Cantor is the victim of a populist uprising.

The Chamber of Commerce and the National Association of Manufacturers lost an ally in the fight to reauthorize the Export-Import Bank, a subsidy agency. Politico Pro reports:

“Business has been counting on Cantor to make it happen on the Republican side. Now we’ll have to find someone else to help,” said Bill Reinsch, president of the National Foreign Trade Council.

As far as the race to succeed to Cantor as Majority Leader, American Banker magazine warns that things could turn in an anti-Wall Street direction: current Financial Services Committee Chairman Jeb Hensarling could win, and "it's likely the free-market conservative would adopt a less business-friendly leadership style relative to Cantor."

Business-friendly and free-market are different things. GOP donors are in one place. GOP voters are in another.

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