CNN, Fox and MSNBC have all projected that the GOP will win a majority of seats in the House, thus ending the Democrats' four-year control of that chamber.
The takeover means, among other things, that Rep. Barney Frank (D-Mass.) will no longer chair the House Financial Services Committee. It's not clear who will chair the panel as the GOP is likely to have a battle among several members of the panel.
Rep. Spencer Bachus (R-Ala.), is the senior member of his party on the panel but other possible chairs include Reps. Jeb Hensarling of Texas and Rep. Ed Royce of California.