Elizabeth Warren expected to lead Senate banking committee in January

Sen. Elizabeth Warren is expected to become chair of the Senate Committee on Banking, Housing and Urban Affairs when Democrats take control of Congress in January, giving the Massachusetts Democrat expanded authority to investigate financial institutions and advance legislation affecting the sector. The move is expected as a result of this week’s midterm elections, which saw both the Senate and House of Representatives flip from Republican to Democratic majorities. Several outlets, including The Wall Street Journal and Reuters, anticipate that Warren is lined up for the role, even though other senators could theoretically rank ahead of her for the chairmanship. The transition would give Warren, who is currently a ranking member of the legislative committee, more staff and subpoena powers, potentially increasing scrutiny of major banks, consumer lenders, private equity firms and cryptocurrency companies. Warren, who would replace current Chairman Tim Scott (R-S.C.), is also expected to examine the Trump administration’s mass firings of financial regulatory employees and potential conflicts of interest involving companies with ties to the president. Warren has built her political car...