Wall Street critic Elizabeth Warren could be at height of her power in new Congress
XLF•Elizabeth Warren is widely expected to chair the Senate Banking Committee when Democrats take over Congress in January, giving her more staff and subpoena power. She is likely to probe a bank charter approval, financial agency firings and efforts to shut down the CFPB.
1. More committee authority
As the Senate Banking Committee’s top Democrat, Warren is widely expected to become its chair in January. The role would give her more staff and the power to issue subpoenas, demand testimony and advance legislation, potentially increasing scrutiny of banks, consumer lenders, private equity firms and crypto companies.
2. Likely investigations
One person familiar with Warren’s thinking said she is likely to probe the Office of the Comptroller of the Currency’s approval of a bank charter for Trump-backed World Liberty Financial, and investigate financial agency firings and efforts to shut down the Consumer Financial Protection Bureau. The administration has defended its actions toward the CFPB, while a White House spokesperson said “sham investigations and radical left policies” would undermine cooperation.
3. Bipartisan priorities
Warren may also pursue issues with bipartisan support, including housing affordability and artificial intelligence-linked export controls. She said she is ready to work with Republicans and wrote that major technology companies, Wall Street executives and large corporations should prepare to answer tough questions.
