How the Democratic Senate Could Impact Your Wallet By Laura Woods of GOBankingRates | The Senate is blue for the first time since 2015, and this could inflate your wallet. Legislation previously rejected by the Republican-led Senate now has a greater chance of passing. The 117th Congress is composed of 48 Democrats, 50 Republicans and two Independents who caucus with the Democrats— Sens. Angus S. King (Maine) and Bernie Sanders (Vermont). Vice President Kamala Harris holds the tie-breaking vote. Democrats also hold a majority in the House of Representatives, which sets initiatives proposed by President Joe Biden up for success. Democratic senators have no shortage of plans that they think will help Americans enjoy financial stability — and they’re just getting started. Many of the bills they’ve introduced — or are planning to sponsor in the future — will likely have a direct impact on your bank account.