Wall Street’s Fresh Woe From House Finance Panel’s New Democrats

The House Financial Services Committee has long been a coveted gig for any member of the U.S. Congress—Democrat or Republican. The panel helps shape major economic policies but, more important for members perpetually up for reelection, it virtually guarantees access to campaign cash from the banks, hedge funds, and other financial companies keen to keep them happy.

As it seemed more and more likely that the majority would change in the new Congress, Wall Street began directing its political dollars toward moderate Democrats who might be able to counter liberals eager to draw Republican blood. For the first time since ...