Warren to Push Tighter AI Chip Export Curbs on China as Senate Banking Chair

The Massachusetts Democrat is in line for the gavel after her party's sweeping win in last week's midterm elections, which handed Democrats control of committees in both chambers when the new Congress convenes in January. That brings the power to set legislative agendas and to subpoena government officials and business leaders to testify under oath.

For the AI industry, the committee matters more than its name suggests. Its remit covers monetary policy and banks but also export controls, which makes it the Senate panel with the most direct say over the rules that govern sales of advanced chips abroad. The aide said Warren intends to put constraints on AI chips going to China while also shaping rules for AI at home, though no specific bill or measure was described.

The change in control puts a long-standing critic of large technology companies and of loose chip export policy in charge of that oversight at a moment when Washington's attention is already on the sector. Nvidia, the dominant supplier of AI processors, faces scrutiny from lawmakers in both parties following the board inquiry into its chief executive, Jensen Huang.

Warren is also preparing what the aide called an aggressive oversight programme. She has urged technology chief executives, administration officials, Wall Street executives and the Trump family's cryptocurrency businesses to preserve their documents and to be ready to answer the committee's questions, the aide said. Requests to preserve records are often an early step before formal investigations and subpoenas.

Prediction markets are another target. Warren wants to end what the aide described as a "Wild West-style" lack of oversight in the industry. She and Utah Republican Senator John Curtis have already written to Kalshi and Polymarket asking for information about their safeguards around markets tied to elections. The fast-growing platforms, which let users trade contracts on the outcome of events, have so far operated under limited federal rules.

The cost of living is set to sit at the top of the committee's legislative work. Warren's plans include capping credit card interest rates, following her 21st Century Road to Housing Act with further legislation to build more affordable homes, and lowering medical, consumer and student debt, according to the aide.

How far she can get on any of these will depend on the full Senate and on the White House. Committee chairs control which bills reach a vote in their panel and can hold hearings and issue subpoenas, but legislation still needs to pass both chambers and avoid a presidential veto. President Donald Trump said over the weekend that AI risks can be managed and that he would work with Democrats on guardrails.

Warren's formal agenda is expected to be announced before the new Congress is sworn in in January.