Warren plans to cap credit card rates and probe tech and Wall Street

Elizabeth Warren is set to run the Senate Banking Committee when Congress convenes in January, and she is already planning what to do with it. A committee aide says her list includes capping credit card interest rates, building more affordable homes and putting rules on prediction markets. The aide spoke anonymously because the agenda has not been announced.

What she wants

• Cap credit card interest rates and lower medical, consumer and student debt.
• Follow her 21st Century Road to Housing Act with more bills to build affordable homes.
• Tighten export controls, meaning limits on what can be sold abroad, on advanced AI chips going to China.
• End the "Wild West-style" lack of oversight of prediction markets.

Prediction markets are sites where people bet on outcomes such as elections. Warren and Utah Republican Sen. John Curtis have already written to Kalshi and Polymarket. They asked what safeguards exist around election-related markets.

Pressure on business

Democrats won control of committee leadership in last week's midterm elections. That brings subpoena power, which lets a committee compel people to testify under oath. Warren has urged tech CEOs, administration officials, Trump family cryptocurrency businesses and Wall Street executives to preserve their documents, the aide said.

What is not known

The details are not public yet. There is no word on how high a credit card rate cap would be, or on whether any of these ideas can become law. For now, this is a preview of priorities, not a set of new rules.