Warren's Banking Chair Bid Could Find Unlikely GOP Allies, Shaking Up 2028 Race

Senator Elizabeth Warren may get her clearest shot yet to take on corporate America next year, and she could have some surprising help from Republicans. The Massachusetts Democrat is poised to chair the Senate Banking Committee if her party retakes the chamber, and populist Republicans eager to swing at Wall Street and Big Tech may provide powerful backup.

One longtime financial industry lobbyist, granted anonymity to speak candidly, said Warren has a streak that is not just about being a progressive gadfly, but actually reaching across the aisle to push for policy ideas. There is absolutely reason for concern, the person said.

What Could Warren and Populist Republicans Agree On?

As Banking chair, Warren is expected to try to recruit Republicans in a crackdown on artificial intelligence, specifically restrictions on chip giant Nvidia's exports to China, which already has some GOP support. She is also likely to push a follow-up to this year's bipartisan housing law that sought to rein in private equity's role in the market, according to people close to the senator.

Some of President Donald Trump's own populist ideas, like credit card interest rate caps and limits on stock buybacks for defense contractors, would provide fertile ground for Warren.

But Trump would also likely be Warren's biggest obstacle, as he has been resistant to embrace policy overlaps with her and has opposed AI restrictions.

Warren's approach also threatens to expose rifts between GOP populists who have been ascendant under Trump and more mainstream conservatives.

Asked about the possibility of a Chair Warren, Sen. Mike Rounds, a more moderate South Dakota Republican, said he doesn't think anything would get done except lots of investigations and lots of accusations.

GOP Fears Over Trump-Country Races

Top Republicans are on a campaigning sprint after a late September trove of internal polling revealed some close-to-catastrophic scenarios in a slew of formerly safe red seats. Key seats in Kentucky, North Carolina, Nevada and other areas that Trump won by 10 points or more in 2024 were competitive. All three vulnerable GOP-held seats in Iowa looked doomed, and a crop of Republican incumbents who haven't had to run serious races in years were vulnerable from Oklahoma to Wisconsin and beyond.

One senior House Republican involved in the conversations, granted anonymity to speak candidly, said the scary part is not knowing where the bottom is.

The GOP's national campaign arms, the NRCC and the RNC, are keeping a more optimistic view of the map, pointing to historic fundraising and strong incumbents. Still, top Republicans' travel schedules reveal the extent of their concerns: Speaker Mike Johnson is heading to deep-red Kentucky for a fundraiser to boost Republican Ralph Alvarado in the 6th District, which Trump won by 15 points in 2024.

Grassley Fires Back at Democrats Over Smith Treatment

Senate Judiciary Chair Chuck Grassley is firing back at Democrats on his committee who have criticized the GOP's treatment of former special counsel Jack Smith. The Iowa Republican's letter to top Judiciary Democrat Dick Durbin says it was Democrats who acted in an embarrassing manner at a recent hearing with Smith by falling over themselves to defend the unlawful and unconstitutional actions of the Biden-era prosecutor.

Grassley also accused Democrats of withholding records from Republicans in the past and refusing to engage in legitimate oversight of Smith's activities. Earlier this week, Democrats had asked Grassley to apologize and called out Missouri GOP Sen. Eric Schmitt, who falsely accused Smith of attending an NBA game in Atlanta with the subtext that it was used to conspire with local prosecutors on criminal charges against Trump.

Lawmakers Push for GAO Action Against Trump Administration

Lawmakers are desperate for a government watchdog to step up and help them in their fight against the Trump administration over control of federal cash. The independent Government Accountability Office concluded earlier this week that the White House illegally withheld more than $1 billion for education and health care research programs, the latest in more than a half-dozen such findings GAO has published since the start of Trump's second term.

But the agency has yet to use its unique power to take the president to court to challenge those impoundments, and lawmakers who are tired of the administration running roughshod over their funding prerogatives want GAO to act. One problem: GAO is currently run by an interim director.

They are empowered to sue, Senate Appropriations Chair Susan Collins told reporters last week. I think the biggest problem is that we have an acting director of the GAO, who understandably is wary of suing the administration without direct congressional approval.

Democrats Press Trump on Permitting, Target AI Chip Exports

Senate Democrats are seeking stronger assurances on the Trump administration's future approval of renewable energy projects as they work to secure votes for a permitting deal struck last week. They have actually stopped contracts on renewables, said Sen. Mazie Hirono. That's not going to fly if we're going to come to an agreement on permitting reform.

Meanwhile, the top Democrat on the House subcommittee that oversees export controls wants to scrutinize the Trump administration's deals allowing U.S. chipmakers to sell some high-end AI chips to China. Rep. Sydney Kamlager-Dove said the Commerce Department's Bureau of Industry and Security is making export decisions to pad Trump's pocket and outlined her plans to dig deeper into the department's decision to ease AI chip controls on the United Arab Emirates.

Graham Spars Over Trans Issues in South Carolina

South Carolina Sen. Darline Graham is attacking her opponent for allegedly shifting her stance on transgender rights as Democrats continue to grapple with their messaging on the issue. It's sad that you think you can lie to the people of South Carolina and get away with it, Graham posted about Democratic candidate Annie Andrews.

Earlier this week, Trump used an anti-trans slur against Andrews, who later released a television ad stating that she doesn't support biological men playing women's sports or gender surgery for minors. Graham then targeted the ad, stating it is contradictory to Andrews' previous opposition to state legislation that classifies sports teams based on the sex assigned at birth.

Ossoff Blasts Collins in Georgia Debate

Democratic Sen. Jon Ossoff in a debate ripped into his opponent, Rep. Mike Collins, over past social media posts he has shared and alleged ties to White nationalists. If John Lewis were marching today from Selma to Montgomery, Mike Collins would be grabbing a billy club, Ossoff said in response to a question about voting rules and election administration.

Collins, for his part, hit Ossoff over last year's government shutdown and tried to tie the senator to Bidenomics and voters' current economic struggles.