Sen. Elizabeth Warren will take over as chair of the Senate Banking Committee when the new Congress convenes in January, according to a committee aide. Warren’s office confirmed plans to pursue an aggressive oversight agenda, including calls for tech CEOs, administration officials, and Wall Street executives to preserve documents ahead of potential investigations.
Warren’s priorities for the committee include tightening export controls on advanced artificial intelligence chips to China and advancing regulations for prediction markets, the aide said. The panel also has jurisdiction over federal monetary policy and housing policy, areas Warren has previously emphasized in her legislative work. Democrats’ midterm election gains secured them control of committee gavels, granting Warren subpoena power to compel testimony under oath.
Warren’s agenda intersects with recent bipartisan proposals. In January, President Donald Trump proposed a 10% cap on credit card interest rates, a measure Warren publicly supported. The idea gained further traction in February when Republican Sen. Josh Hawley and independent Sen. Bernie Sanders introduced legislation to impose the same limit. Banks have opposed the proposal, with the American Bankers Association estimating it could lead lenders to close or restrict 74% to 85% of existing credit card accounts.
Warren’s committee leadership will allow her to set the legislative agenda, summon witnesses, and advance policy changes. The committee’s broad remit includes oversight of banks, export controls, and housing policy, areas where Warren has historically taken a critical stance toward financial industry practices. The aide noted that Warren is also preparing to scrutinize prediction markets, a sector with limited federal regulation to date.