Elizabeth Warren set to take over the Senate banking committee. Here's what she plans to do

Sen. Elizabeth Warren is set to take over the Senate Banking Committee. The Massachusetts Democrat is already charting the panel’s course.

Among Warren’s top issues for the Congress that convenes in January are addressing the cost of living, tightening export controls on advanced artificial intelligence chips to China and promulgating regulations for prediction markets, according to a Warren banking committee aide. The aide spoke on condition of anonymity to discuss the yet-to-be-announced agenda. Warren is also plotting an aggressive oversight agenda and urged tech CEOs, administration officials and Wall Street executives to preserve their documents, the aide said.

Democrats’ dominant win in last week’s midterm elections hands them control of committee gavels on Capitol Hill. With that comes the ability to set the legislative agenda for the House and Senate and subpoena power to compel government officials and business leaders to testify under oath. The Banking, Housing and Urban Affairs Committee has a broad remit, including jurisdiction over federal monetary policy, banks and export controls.

Warren’s plans to tackle affordability include capping credit card interest rates, following up her 21st Century Road to Housing Act with additional legislation to build more affordable homes and lowering medical, consumer and student debt.

The aide said Warren also intends to put constraints on AI chips going to China, while shaping rules for AI at home.

Warren is also seeking to end the “Wild West-style” lack of oversight in the prediction market industry, the aide said. She and Utah Republican Sen. John Curtis have already written to Kalshi and Polymarket demanding information on safeguards around election-related markets.

The banking committee is also likely to be at the center of Democrats’ oversight agenda, which is expected to cast a wide net into private industry. Warren said tech CEOs, administration officials, Trump family cryptocurrency businesses and Wall Street executives should prepare to answer the committee’s questions and should preserve their documents, the aide said.