Elizabeth Warren will take over the Senate Banking Committee next year. Expect hearings.

Democratic firebrand Elizabeth Warren, a consumer advocate known for her fierce battles over financial regulations, will take the gavel in January to become chair of the powerful Senate Banking Committee.

According to a source familiar with her plans, the Massachusetts senator intends to use her expanded platform to advance legislation to tackle populist affordability issues with a focus on housing.

The person familiar with her plans says Warren will use the committee's investigative powers to hold hearings and launch investigations into executive branch ethics and corporate practices, aiming to hold President Trump, the administration, Wall Street, and Big Tech accountable for economic decisions she views as having driven up costs for consumers.

Warren is also expected to take steps to shield the Federal Reserve from White House overreach . Any future nominee for the Fed will have to go through her committee. Earlier this year, she rallied Democrats to oppose Fed Chairman Kevin Warsh's confirmation before the banking committee, stalling his eventual confirmation.

Wall Street is likely to be another of Warren's targets. Before Republicans regained control of Congress, Democrats would have the chief executives of big banks testify before the Senate Banking and House Financial Services committees once a year. The banking industry can expect a return to that practice.

Stephen Biggar, who covers the financial sector for Argus Research, says hearings will offer more transparency, but won't be accompanied by meaningful rulemaking. Biggar expects increased oversight, potentially more consumer protections, and actions to limit banks' market share size, such as blocking mergers.

He added that there are concerns that the deregulation efforts and lower capital requirements for banks championed by Republicans are now at risk.

James Angel, an associate professor at Georgetown University's McDonough School of Business, said he thinks the hearings will accomplish two things: producing information and sound bites that will get people to pay attention and galvanize public opinion. Second, Angel says they will serve as a deterrent for people in power.

"If people will be held under oath and there's a prospect of perjury, that will deter people from doing 'Trumpier' things," Angel said in an interview.

Angel also noted that any Trump appointee who has to be confirmed by Warren's committee will need to withstand bipartisan scrutiny and thus is more likely to be a moderate.

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