banks played a key role in 1856 in bringing forward john c. frémont as a moderate republican presidential nominee. because of his success as speaker, banks was considered a possible presidential contender, and his name was put in nomination by supporters (knowing that he supported frémont) at the know nothing convention, held one week before the republicans met. banks then refused the know nothing nomination, which went instead to former president millard fillmore. banks was active on the stump in support of frémont, who lost the election to james buchanan; banks easily won reelection to his own seat. democrats, however, regained control of the house of representatives, depriving him of the speakership.