Democrat Elizabeth Warren is set to chair the Senate Banking Committee in January
A source says she plans affordability bills and probes of Trump's administration and Wall Street, and she opposed Fed Chair Kevin Warsh's confirmation.
Reuters reports that Democrats won a sweeping victory and will soon control the US . Sen. Elizabeth Warren of Massachusetts, a Democrat, will take the gavel as chair of the Senate Banking Committee in January, according to Yahoo News. Reuters says she would likely replace Tim Scott of South Carolina, a Trump ally.
The Journal says the post gives her expansive authority over the financial industry. A source familiar with her plans told Yahoo News she intends to push legislation on affordability, focused on housing. The source says she will also use hearings and investigations into executive branch ethics and corporate practices, aimed at President Trump, his administration, Wall Street and Big Tech.
Yahoo News adds that any future nominee will have to go through her committee. It reports that Warren earlier rallied Democrats against Fed Chair Kevin Warsh's confirmation, stalling it. Reuters reports she could also look into Warsh's handling of hundreds of millions of dollars in assets.
Yahoo News says big bank chief executives can expect to testify once a year again.
- hundreds of millions of dollarsWarsh's assets whose handling Warren could investigate, per ReutersNew York Post
- once a yearexpected testimony by big bank chief executives, per Yahoo NewsYahoo News
Three sides of the story
3 news outlets reported this
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Liberal1 outlet
Warren's new power to hold Trump and Wall Street accountable
Yahoo News frames Warren's new role as a warning to Wall Street and Trump. It opens by calling her a "Democratic firebrand" who will take the gavel in January. A source familiar with her plans supplies what she intends: housing-focused affordability legislation, plus hearings and investigations into executive branch ethics and corporate practices.
The report adds that she is expected to take steps to protect the Federal Reserve from what the report calls overreach by the White House, that any Fed nominee must go through her committee, and that big bank chief executives can expect to testify once a year again. Two outside voices fill out the piece. Stephen Biggar of Argus Research expects more oversight and potentially more consumer protections, but no meaningful rulemaking.
Georgetown's James Angel says hearings with witnesses under oath will deter people from doing "Trumpier" things. He also notes that every Trump appointee requiring her committee's confirmation must survive bipartisan examination, which thus makes that person more likely to be a moderate.
Center1 outlet
Warren nears broad authority over the financial industry
The Wall Street Journal reports that Warren, a Democrat, is expected to head the Senate Banking Committee. Its headline says the post gives her the kind of broad authority over the financial industry she has long sought.
Conservative1 outlet
Warren's power over Warsh, the Fed and bankers
The New York Post runs two pieces. A Reuters wire report, published Nov. 4, says the Democratic Senate win strengthens the Fed against Trump and could bring "new headaches" for Chairman Kevin Warsh. It names Warren, "a harsh Warsh critic," as the likely replacement for Trump ally Tim Scott as chair.
It cites economists from Monetary Policy Analytics, who say Warsh "got no support" from Democrats, and notes she could look into his handling of hundreds of millions of dollars in assets. A Post column opens with "Wall Street's old nemesis on Capitol Hill is back." Its writer, who says he has covered Warren for years, calls her a "class warrior," says bankers are bracing for her, and disputes her positions on credit cards, crypto and executive pay.
It ends: "Get ready, bankers, to feel her wrath."
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A source familiar with her plans told Yahoo News that Warren intends to push affordability legislation, with a focus on housing. Stephen Biggar of Argus Research anticipates greater bank oversight, possibly additional consumer safeguards, and steps curbing banks' market share, such as blocking mergers. He does not expect meaningful rulemaking. He also says there are concerns that Republican-backed deregulation and lower capital requirements for banks are now at risk.
All sources: 4 articles from 3 outlets
Liberal (1)
Center (1)
- The Wall Street Journal: Sen. Elizabeth Warren is about to take the controls of the Senate Banking Committee, giving her the kind of expansive authority over the financial industry she has long sought
Conservative (2)
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