UPDATE: This article includes a statement from Sen. Elizabeth Warren's office and reflects her official position as the top Democrat on the Senate's banking committee in the next Congress.
WASHINGTON — Sen. Mark Warner, D-Va., a
The decision comes on the heels of President-elect Donald Trump's
"Whether it's threats posed by a revanchist Russia, an emboldened China, cyberhacking, or the rise of AI, our national security is facing down a multitude of enormous challenges," Warner said in the statement. "President-elect Trump must work to address these issues while respecting the independent expertise of the Intelligence Community, and I plan to continue carrying out robust oversight as Vice Chairman of the Intelligence Committee."
Warner, who as a member of the banking committee was
Warren — who has been a progressive voice on banking issues and made them a centerpiece of her political identity on Capitol Hill — will take up the role of senior Democrat on the panel.
"I've spent my entire career fighting to make our economy work better for middle-class families — not just for the wealthy and well-connected. Decisions made by the Senate Committee on Banking, Housing and Urban Affairs have a powerful impact on Americans' lives, and I'm grateful for the opportunity to fight for families who most need a government on their side," Warren said in a statement. "In the aftermath of the 2024 election, it's powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class.
Serving as ranking member of the committee will give Warren significantly more power to set the agenda of the Democratic party on financial and banking issues.
"We beat the big banks on Wall Street and cracked down on overdraft and junk fees," Warren said at her victory speech last week when she was reelected for another six years. "I led the charge to create the Consumer Financial Protection Bureau — go CFPB — and now, with a cop on the beat, big banks have been forced to return more than $20 billion directly to consumers they cheated."
Republicans in the Senate don't have the 60 votes needed to invoke cloture and block a filibuster, which means they will need Democratic buy-in for any bank-related policy they want to pass. Warren and future Senate Banking Committee Chairman Tim Scott, R-S.C., could also find
The Consumer Financial Protection Bureau, which Warren originally proposed before she became a senator, is likely to be a target of the new Trump-led administration. Republicans tried to stifle the agency's power under Trump's previous term, and its current director, Rohit Chopra, has been the target of GOP attacks in Congress for the last four years under President Joe Biden.
"The CFPB has survived every attack, and I've got news for Wall Street — the CFPB is here to stay," Warren said last week.
