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How will fintech fare in Georgia's Senate runoff? | PaymentsSource

FINTECH

How will ntech fare in Georgia's Senate runoff? By John Adams

January 04, 2021, 12:01 a.m. EST

6 Min Read

The nal outcome of the November election will be decided soon, with the balance of power in the Senate at stake, as well as at least two years of nancial services and technology policy.

There will be two special Senate elections on Jan. 5 in Georgia, with Republican incumbent David Perdue running against Democrat Jon Ossoff in one race and incumbent Republican Kelly Loef er facing Democrat Raphael Warnock in the other. None of these candidates reached 50% of the vote in the November elections, necessitating the January runoff.

If either Republican wins, the GOP retains control of the Senate, likely leaving Kentucky Senator Mitch McConnell the majority leader and the Senate's overall power structure intact. If both Democrats win, there will be a 50-50 tie in the Senate, with Vice President-elect Kamala Harris casting the deciding vote, giving Democrats control of both chambers of Congress in addition to the White House. Democrats would also replace Republican committee chairs. That would supplant Senators with a record of deregulation of banking, opposition to payment fee curbs, and cannabis banking with Democrats who would take the opposite position.

Republican control could slow or halt much of Biden's agenda in most issues. For nancial services, Republican Senate control would make it harder for the Democrats to push stronger regulations for card fees, curb payday lending, implement the Democratic vision in governing how "big tech" uses

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