Wall Street loses a good friend in Eric Cantor

Eric Cantor addresses the media after his primary defeat.
Chip Somodevilla | Getty Images News | Getty Images

Eric Cantor's coming exit from Congress means that Wall Street will lose a key ally on Capitol Hill.

Cantor, the second-ranking Republican in the House of Representatives, received significant support from financial firms and was known as a leading industry ally on related regulation.

"The majority leader is someone the financial industry has always been able to work with on complicated and politically challenging issues, and his loss is a loss for the industry," said Podesta Group principal Andy Lewin, who lobbies on financial services issues. "Someone in leadership will fill the vacuum the majority leader leaves behind, but there's no doubt that this is a big short-term loss."