Warren and Hill target bipartisan banking deal after midterm sweep
With Democrats holding a House majority but lacking a veto-proof margin, the two key banking figures outline where they can cooperate with the White House.
By Sarah Reynolds ·
Democratic lawmakers won a decisive majority in last Tuesday's election, but they do not have the numbers to override a presidential veto. This leaves the new Congress in a delicate position. They must pass legislation to address high consumer prices while working with a Republican White House that has just undergone major leadership changes.
Senator Elizabeth Warren of Massachusetts is set to lead the Senate Banking Committee. She argues that her party can find common ground with President Donald Trump on specific economic issues. Warren pointed to the president's stated goal of reducing credit card interest rates to 10 percent as a starting point. She said her office already has a bill drafted to meet that goal. She also noted that Trump has expressed interest in expanding housing supply, a topic where Democrats have proposed legislation.
Warren emphasized that voters from both parties campaigned on similar economic platforms. She cited candidates in states like Michigan, Kansas, and North Carolina who pledged to break up large pharmaceutical companies or grocery monopolies. Warren described these proposals as united by a focus on economic power. She said the committee will pursue both legislation and investigations into corporate misconduct. She warned that executives who have cheated consumers should expect serious scrutiny.
Representative French Hill of Arkansas, a Republican, joined Warren on the program to discuss potential cooperation. He represents the minority party in the House, where Democrats won a majority. Hill and Warren discussed the possibility of working together on banking and financial legislation. Their conversation focused on areas where the two parties might agree, such as housing and consumer protection. Both agreed that the pressure to act is intense following the election results.
The political dynamics in Washington have shifted sharply. Susie Wiles, the former White House chief of staff, has departed her post. Stephen Miller, a senior adviser, is now serving as the president's chief of staff. This change occurred amid internal disagreements over the party's performance in the midterms. Former White House senior adviser Calley Means, who advised Health Secretary Robert F. Kennedy Jr., has publicly accused Wiles and other aides of prioritizing special interests over the party's health agenda before the election. When asked if her goal was to remove Wiles, Means answered yes.
President Trump told 60 Minutes correspondent Ross Douthat that he expects to work with the new Democratic majority. He stated that he will get along with Democrats unless they choose to be destructive. He reminded them that he retains the power of veto. The interview, taped on Friday before news of Wiles' ouster broke, also covered Trump's personal finances. Trump said his net worth increased by roughly $3 billion since returning to office. He attributed the increase to stock market performance and noted that he does not take a salary from the presidency.
The new Congress faces immediate challenges in passing bills. Democrats in Michigan, Ohio, and New Hampshire have outlined agendas focused on lowering costs, ending tariffs, and protecting social programs. They must now translate these campaign promises into law. The ability of the House and Senate to reach consensus with the White House will determine the pace of legislative action in the coming months.
