Warren Favored to Chair Senate Banking After Midterm Flip
The post is not yet formal. She would gain subpoena power over banks, lenders and crypto firms after Democrats flipped both chambers.
Sen. Elizabeth Warren is the favorite to become chair of the Senate Banking Committee when Democrats take control of Congress in January, a move that would hand the Massachusetts Democrat subpoena power and a larger staff over banks, lenders, private equity and crypto firms, Reuters reported Friday.
The assignment is not yet formal. Senate Democrats still have to lock in committee roles. HousingWire also reported the expectation Friday, noting that two or three senators could in theory rank ahead of Warren for the chairmanship but are expected to take other posts. She would replace Sen. Tim Scott (R-S.C.) as chair after Democrats flipped both chambers in this week's midterms.
What a Banking chair can do
The Senate Committee on Banking, Housing and Urban Affairs writes and advances financial legislation and oversees regulators including the Federal Reserve, the OCC, the SEC and the Consumer Financial Protection Bureau. A chair can schedule hearings, issue subpoenas, demand testimony and set the committee's investigative calendar. Warren is now the top Democrat on the panel as ranking member.
Reuters, citing people familiar with her thinking, said Warren will likely probe the OCC's August decision to approve a bank charter for World Liberty Financial, a crypto project tied to President Donald Trump. The same account said she will examine administration firings of financial-agency staff and efforts to shrink the CFPB, which she helped create. Spokespeople for the OCC and World Liberty did not immediately respond to Reuters. A CFPB spokesperson said the administration is "fixing" what it calls overregulation. A White House spokesperson said Trump is willing to work with anyone on behalf of Americans but that "sham investigations and radical left policies" would undermine that effort.
Warren wrote in a Thursday Time opinion piece that Senate Democrats should probe corporate business dealings and that "Big Tech CEOs, Wall Street executives, and giant corporations should prepare to answer tough questions." She has long criticized crypto firms alongside traditional lenders. Democrats take control of both chambers in January 2027.
Committee assignments are still pending. World Liberty and the OCC had not commented to Reuters by publication on the charter probe her aides flagged.
Sources: Reuters (via Street Insider) · HousingWire
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