NEW YORK ( TheStreet) -- Now that Republicans have a majority in the House of Representatives, they can begin the process of disappointing their Wall Street constituents as they face the difficult task of rolling back landmark legislation with President Obama still in the White House and the Democrats maintaining a slim majority in the Senate. Goldman Sachs ( GS) has been the second-largest contributor to the Republican Party during this election cycle and also ranks second in giving to the Republican National Committee and the National Republican Senatorial Committee, according to the most recent data available from OpenSecrets.org. Berkshire Hathaway ( BRK.A) is also among the top 20 contributors to the GOP. Other companies shooting for influence with Republicans include Deutsche Bank ( DB) and WP Carey ( WPC). The National Republican Senatorial Committee also scored large contributions from KKR ( KKR), Blackstone ( BX) and Citigroup ( C). Needless to say, these contributors will be expecting results from the new members of Congress, including attempts to roll back or vote against funding parts of the Affordable Health Care Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The following 10 GOP victors took seats Congressional seats from the Democrats, and most have plans for gutting President Obama's big victories during the first half of his term in office.
Representative-Elect Kevin Yoder -- Kansas's 3rd DistrictFour-term State Representative Kevin Yoder will be the new representative of the 3rd District in Kansas, defeating Stephene Moore, whose husband Dennis Moore is the incumbent and will retire in January. Yoder is the chairman of Kansas's Houses Appropriations Committee and claims to have cut "more spending than any other Appropriations Chair in Kansas history." Regarding health care, Yoder has pledged to "work to repeal and defund this bad legislation that will drive up costs, increase the deficit, grow bureaucracy and lower the standards of health care that Americans expect." They key word there is "defund." With the Democratic majority in the Senate, not to mention a Democrat as President, there's no way the GOP can repeal the health care reform act over the next two years. However, they don't have to include funding for healthcare appropriations in the funding bills. This would cause President Obama to veto the appropriation bills just as President Clinton did in 1995. This could result in a government shut-down. Of course, a government shut-down could backfire against Republicans in the court of public opinion as it did in for then-Speaker of the House Newt Gingrich.
Representative-Elect Tim Griffin -- Arkansas's 2nd DistrictBilling himself as "Arkansas's common sense conservative," U.S. Army veteran and former U.S. Attorney Tim Griffin defeated Joyce Elliot to win the 2nd District seat being vacated in January with the retirement of incumbent Vic Snyder. Griffin also has White House experience, serving as President George W. Bush's Special Assistant and Deputy Director for the Office of Political Affairs. Among his many proposals to reduce federal spending, Griffin says that "Congress should prohibit the U.S. Treasury Secretary from entering into any new
Representative-Elect Adam Kinzinger -- Illinois's 11th DistrictAdam Kinzinger defeated the incumbent Debbie Halvorson and will be the new representative for the 11th District in Illinois in January. Kinzinger is an Air Force veteran and has government experience serving two terms on the McLean County Board, to which he was elected at the age of 20. He has cited the Bush tax cuts set to expire at the end of this year as part of the climate of uncertainty faced by small businesses, which are "uneasy about any new investment" in the face of increased health care costs, "higher taxes and the threat of cap and trade legislation." In order to encourage investments by small businesses, Kinzinger wants the federal government to provide tax breaks "similar to what was implemented following the post-September 11, 2001 recession," which would include writing-off the entire cost of new vehicles, computers, and other investments purchased within a year and within the United States." Kinzinger was against the Affordable Health Care Act, saying the legislation "did not address the issue of cost nor address the crisis in a fiscally responsible manner." He has said he favors increasing access to health insurance by "allowing Americans to purchase insurance across state lines," and "enacting tort reform and offering full federal tax deductibility for qualified medical expenses such as premiums, out of pocket spending, deductibles and co-payments." A call to Kinzinger's campaign office requesting comment on banking reform was not returned.
Representative-Elect Jeff Landry -- Louisiana's 3rd DistrictJeff Landry defeated Ravi Sangisetty to become the new representative for the 3rd District in Louisiana in January when Charlie Melancon retires. Landry is an Army veteran and has also served as a sheriff's deputy in St. Martin Parish and as a Police Officer in Parks, La. While he hasn't taken a strong position like Yoder to vote against funding the programs required by the Affordable Health Care Act, he has said that he supports reducing mandates "to provide service that patients do not want or do not need increase costs." Regarding "bank bailouts" like TARP, Landry says that the government "should not pick winners and losers in our free market system."
Representative-Elect Tom Reed -- New York's 29th DistrictTom Reed is the former mayor of Corning, New York, and is an attorney in private practice. He defeated Matt Zeller to become the new representative for the 29th District in New York, taking a seat that became open when Eric Massa resigned in March. Reed calls the Affordable Health Care Act "arguably the most intrusive federal legislative initiative to be signed into law since America started," and has pledged to "repeal & replace Obamacare, lower taxes for businesses and individuals alike." Campaign Manager Joe Sempolinski said Reed was against the bank bailout, telling TheStreet that "if we're going to have a free market system, we can't only have a reward on the way up, but consequences of risk on the way down." Regarding financial reform, Sempolinski said a crisis "shouldn't be an excuse to just pass legislation," but that Congress needs to make sure that existing laws are enforced. "Tom is for a free market but a well and fairly-regulated market," he said.
Senator-Elect John Boozman -- ArkansasJohn Boozman is currently the U.S. Representative for the 3rd district in Arkansas, in his fifth term. He defeated the incumbent Blanche Lincoln. Congressman Boozman voted against the Affordable Health Care Act and "supports its repeal and replacing it with responsible reform." He would rather make reforms such as "opening up competition; allowing us all to buy insurance across state lines; and letting small businesses pool their resources to get the best health care plans for their employees." Boozman also voted against the Dodd-Frank Bill saying that while reforms were needed to "to protect taxpayers, investors, and consumers, and make Wall Street responsible for its actions," the banking reform legislation would not "not reform Wall Street or prevent another economic collapse," but would "place new costs on businesses, ration capital and credit, and place new red-tape on job creators, leading to further job losses." The senator-elect has also said that financial reforms need to address Fannie Mae and Freddie Mac, "which played a central role in causing the turmoil that devastated our economy."
Senator-Elect John Hoeven -- North DakotaNorth Dakota Governor John Hoeven defeated Tracy Potter to replace retiring Democrat Byron Dorgan. Hoeven has served as Governor since 2000, and boasts of a balanced budget, along with export growth and job creation in his state. He has extensive previous experience in the banking industry. Hoeven was against the Affordable Health Care Act, saying the legislation "creates billions of dollars in unfunded mandates for the states, and puts government between you and your doctor." Like many Republicans, he says that a better approach to reducing health care costs would be to focus on tort reform legislation, allowing insurance companies to operate across state lines, improve information technology and clamp-down on Medicaid and Medicare fraud. When asked about Hoeven's stance on the Dodd-Frank financial reform act, a spokesperson for the Governor's campaign told TheStreet that "he thought the reform needed to be more focused on the Wall Street banks and insurance companies that caused the problem in the first place," also saying that "adding another layer of bureaucracy in the Consumer Financial Protection Agency, which is unelected, is not the right approach."
Senator-Elect Ron Johnson -- WisconsinTea Party favorite Ron Johnson defeated the incumbent Russ Feingold. Johnson is the CEO of PACUR, LLC, which is a polyester manufacturing company. Johnson has called the Affordable Health Care Act "a $1 trillion experiment that will lead to higher cost, lower quality health care and rationing by government bureaucrats." He has pledged to vote to repeal the legislation and "replace it with market-based solutions that will include: portability, malpractice reform, mandate reduction, insurance purchase across state lines, lower costs, and a safety net for those with pre-existing conditions." Johnson opposed "the Wall Street bailout," and has said he doesn't believe the federal government "is capable of picking 'winners and losers' and should not remove capital from the private sector to create more government programs and jobs, which are unsustainable." A call to the Senator-elect's campaign office for specific comment on financial services reform was not returned.
Senator-Elect Pat Toomey -- PennsylvaniaPat Toomey served three terms as the U.S. representative for Pennsylvania's 15th district, retiring in January 2005. He defeated Congressman Joe Sestak to replace Senator Arlen Specter, who will leave the Senate in January. Sestak defeated Specter in Pennsylvania's Democratic Primary election in May. As the poll results rolled in on Tuesday night, Sestak was ahead for a while, and there was speculation that his advertising attacking Toomey as a free trader exporting jobs to China could signal an attack angle for Democrats in the next election cycle. Toomey was against the Affordable Health Care Act and believes that health care costs can be contained if the government encourages "growth of personally owned and controlled health care." He has said that "individuals who buy their own health insurance
Senator-Elect Mark Kirk -- IllinoisMark Kirk is completing his fifth term as the U.S. Representative for the 10th district in Illinois. He defeated Alexi Giannoulias for President Obama's former Senate seat, which will be vacated by Roland Burris in January. Burris was appointed Senator in January 2009 by Governor Rod Blagojevich. Kirk is a military veteran and still a Naval Reserve intelligence officer and also served as Special Assistant to the Assistant Secretary of State from 1991 to 1993. He voted against the final version of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and before voting against it was quoted by The Hill as saying he was "concerned the legislation does not go far enough to rein in 'too big to fail' banks," and that "Taxpayers will continue to be on the hook for future bailouts without those reforms." Kirk was also against the Affordable Health Care Act and introduced the Medical Rights Act, which included proposals to cut waste and reduce fraud, allow insurance to be purchased across state lines, enacting "lawsuit reform" and give "give individuals who buy their own insurance the same tax break employers receive.
Philip van Doorn. >To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >To submit a news tip, send an email to: email@example.com.