As the election campaign in Malaysia heats up, the United States also held an election to determine the next leader of Congress.
Congress is the legislative body of the US federal government consisting of the House of Representatives and the Senate.
In this context, the House has the role of deciding the law through a vote while the Senate can block or approve it and confirm the appointment made by the president.
These elections are held every two years, and when they occur in the middle of a four-year presidential term, they are called midterms.
Each state has two senators who serve six-year terms, so every two years roughly one-third of the Senate will be elected along with the House of Representatives.
Who will win?
At this point, the Democratic Party holds the majority in the House and Senate for the past two years which has helped President Joe Biden to pass the law he wants.
Still, current polls suggest Republicans may control the House, while Democrats retain a majority in the Senate.
What will be the effect?
Midterms often serve to evaluate the president's performance, and the party holding the White House tends to lose seats.
This is the concern of President Joe Biden whose popularity rating among voters has dropped below 50% since last August.
If the Democrats survive, Biden will be able to continue his plans on climate change, expand health care programs, protect abortion rights and tighten gun control.
As for the Republicans, if they control either chamber, the party will be able to stop Biden's agenda.
Perhaps roughly speaking, the reader cannot see what the importance and impact is on the market. However, the fact is that the political situation in the United States also plays an important role in influencing market movements, especially stocks.
