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Elizabeth Warren Takes Banking Committee Gavel

· Fact-checked before it aired. Unconfirmed claims from this segment are not shown.

Democrats swept the 2026 midterms, taking control of both chambers of Congress. That puts Sen. Elizabeth Warren in line to chair the Senate Banking Committee, with broad power to haul in bank CEOs, investigate consumer-finance practices, and pressure regulators. Banks are already bracing for hearings on junk fees, mortgages, predatory lending, credit-card rate caps, and AI-driven fraud. Fed Chair Kevin Warsh is also expected to face sharper oversight from Democrats. [investing.com](https://www.investing.com/news/economy-news/banks-brace-for-tighter-oversight-from-us-congress-after-democrats-sweep-5002830) [nypost.com](https://nypost.com/2026/11/04/business/fed-chair-kevin-warsh-set-to-face-new-headaches-with-democrats-in-control/)

Democrats campaigned heavily on cost-of-living, housing, and consumer protection. Warren has long criticized Wall Street and the CFPB for scaling back enforcement, and she said the new role gives her “a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams.” On the House side, Rep. Maxine Waters is the favorite to lead the Financial Services Committee and has signaled scrutiny of Trump's “crypto corruption.” [politicopro.com](https://subscriber.politicopro.com/article/2026/11/warren-waters-fin

Democrats won control of the U.S. Senate in the 2026 midterms, making Sen. Elizabeth Warren — the top Democrat on the Banking Committee — expected to become the panel's chair, with new oversight and subpoena power over financial firms.

Kilauea, the volcano on Hawaii's Big Island, is spewing lava, as reported by Reuters.

Iran's Supreme Leader is Ayatollah Ali Khamenei; Mojtaba Khamenei is his son, not the Supreme Leader. No reliable reporting confirms the supposed order.

California Gov. Gavin Newsom commuted the sentences of more than 500 people on death row, the largest mass clemency in U.S. history.

Israeli settlers set fire to olive trees bel

Fact-check

VERIFIED TRUE

Democrats won control of the U.S. Senate in the 2026 midterms, making Sen. Elizabeth Warren — the top Democrat on the Banking Committee — expected to become the panel's chair, with new oversight and subpoena power over financial firms.

Sen. Elizabeth Warren is about to take the controls of the Senate Banking Committee, giving her the kind of expansive authority over the financial industry she has long sought https://t.co/RdTg3es7EN

Original post · The Wall Street Journal (@WSJ)

Reuters NAMES: Elizabeth Warren = Democratic U.S. Senator from Massachusetts, in line to chair the Senate Banking Committee.

VERIFIED MISLEADING

Iran's Supreme Leader is Ayatollah Ali Khamenei; Mojtaba Khamenei is his son, not the Supreme Leader. No reliable reporting confirms the supposed order.

Breaking News Today's News JUST IN: 🇮🇷 Iran's Supreme Leader Mojtaba Khamenei orders military commanders to respond to enemy threats swiftly and without geographic limits.

Original post · Global Watch (@abuzarali749)

None found NAMES: Mojtaba Khamenei = son of Iran's Supreme Leader, Ayatollah Ali Khamenei.

VERIFIED TRUE

California Gov. Gavin Newsom commuted the sentences of more than 500 people on death row, the largest mass clemency in U.S. history.

California governor commutes sentences of more than 500 people on death row - Gavin Newsom cites state values and flaws in the legal system as he grants largest mass clemency in US history.

Original post · Al Jazeera

Al Jazeera NAMES: Gavin Newsom = Governor of California.

VERIFIED TRUE

Israeli settlers set fire to olive trees belonging to Palestinian farmers in the village of Burqa, near Ramallah, according to Al Jazeera.

Israeli settlers set fire to Palestinian olive grove near Ramallah - Israeli settlers have set fire to olive trees belonging to Palestinian farmers in the village of Burqa, near Ramallah.

Original post · Al Jazeera

Al Jazeera NAMES: Burqa = Palestinian village near Ramallah.

VERIFIED TRUE

Türkiye's parliament ratified a defence agreement with Saudi Arabia that lays groundwork for further Turkish involvement in Saudi Arabia's conflict with the Houthis.

Turkiye’s parliament ratifies Mecca defence agreement - Parliament's approval lays the groundwork for further Turkish involvement in Saudi Arabia's conflict with the Houthis.

Original post · Al Jazeera

Al Jazeera NAMES: Houthis = Iran-aligned armed group in Yemen; Türkiye = Turkey.

VERIFIED TRUE

President Trump met with a Russian envoy after the envoy appeared with Melania Trump and Ukrainians; Trump again said a major Russia-Ukraine deal is “very close” but gave no specifics, per Al Jazeera.

Trump met Russian envoy after he appeared with Melania Trump and Ukrainians - Trump again said a major Russia-Ukraine deal is 'very close', but gave no specifics.

Original post · Al Jazeera

Al Jazeera NAMES: Trump = Donald Trump, U.S. president.

Sources

What the hosts said

BElizabeth Warren just got the gavel she's wanted for years.
BThe Wall Street Journal posted on X that she's about to take the controls of the Senate Banking Committee.
BAnd Wall Street is already flinching.
BDemocrats control Congress now, so she's expected to chair the committee—subpoena power, hearings, the whole thing.
BOversight? That's one word for it. TD Cowen analysts say bank CEOs are likely to get hauled in front of Congress.
BThe panel also oversees Federal Reserve Chair Kevin Warsh, so he'll be in the hot seat too.
BMy concern is this becomes political theater. A CEO in a chair doesn't lower your mortgage rate.
BIt can stop junk fees and scams before they spread. That's real money for families.
BLet's be honest, Bella. Warren has wanted to throttle big banks for decades. This is her moment.
BAnd maybe banks have had it too easy. She says she wants to protect consumers from private equity greed and special interest scams.
BNo, no, wait—credit card rate caps sound great until banks stop lending to riskier borrowers.
BThey're already making record profits. The question is whether they'll pass costs or trim a little.
BExactly! When Washington squeezes banks, normal people lose access to credit. That's not populism, that's consequences.
BI'm not saying every hearing helps. But the last few years, enforcement was scaled back. Somebody has to watch.
BFine. Peter Ricchiuti from Tulane says consumer protection could come back to life. I'll give you that.
BAnd Tom Perez at Mayer Brown says that letter you got six months ago can be next January's subpoena.
BThat's not comforting—that's a corporate lawyer's billing pitch.
BMaybe both can be true.
BAnd on the House side, Maxine Waters is the favorite to lead Financial Services.
BShe's already signaling scrutiny of what she calls crypto corruption.
BIf there's self-dealing, someone should look.
BLook, hearings are not audits. They're cameras and outrage.
BThat's the job after a midterm wipeout! Voters sent them to check power.
BThen Congress should pass laws, not stage perp walks.
BThat's exactly what the committee can start: laws on credit card fees and housing supply.
BI'll believe it when I see a bill, not a soundbite.
BBanks are already bracing for hearings on mortgages, AI fraud, the works.
BThey're hiring lawyers, not building houses.
BMaybe they can do both.
BDifferent world entirely: Kilauea is spewing lava right now.
BThe footage looks like the earth cracked open and decided to pour itself out.
BThese eruptions can go on for days, but right now it's lava fountains, not a threat to homes.
BIt's the kind of thing that reminds you how small we are.
BLet's hope it stays that way and doesn't threaten nearby towns.
BThe Big Island has been through enough.
BAnd now for a claim that's just wrong. Global Watch posted on X claiming Iran's Supreme Leader Mojtaba Khamenei ordered military commanders to respond without geographic limits.
BMojtaba Khamenei isn't the Supreme Leader. That's Ayatollah Ali Khamenei. Mojtaba is his son.
BSo the account got the title and the name wrong—and there's no reliable reporting that any such order was given.
BThat's exactly the kind of post that spreads fast and starts a panic.
BIt follows another Global Watch post we had to knock down earlier tonight.
BThe same account also claims Gulf countries are preparing for harsher Iranian retaliation if the U.S. attacks again. No official or reliable source confirms that.
BIt's prediction dressed up as breaking news.
BPeople should treat it as a claim, not a fact.
BThis is the second post tonight from that account that didn't hold up.
BThat's why we check. Accuracy matters when the subject is war.
BAgreed, and especially when a fake order could move markets.

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