Bloomberg Talks
Episode: Senator Elizabeth Warren Talks Credit Card Caps, Powell
Release Date: January 12, 2026
Guest: Senator Elizabeth Warren (D-MA), Ranking Member, Senate Banking Committee
Host: Bloomberg
Episode Overview
This episode centers on Senator Elizabeth Warren’s stance on lowering costs for American families, her recent public exchange and direct phone call with President Donald Trump, and her perspective on current economic policies—including proposed credit card interest rate caps and housing affordability. The conversation also addresses the controversial investigation into Federal Reserve Chair Jerome Powell, raising issues about Fed independence and political influence.
Key Discussion Points & Insights
Warren’s Speech and Trump’s Outreach
[00:38–02:18]
-
Warren details a speech at the National Press Club, focusing on affordability and the Democratic Party’s mission to lower costs.
-
She publicly called out Donald Trump for failing to deliver on campaign promises to lower living expenses, citing increases in groceries, healthcare, housing, and utilities.
-
Warren reveals that after her speech, President Trump phoned her to discuss potential ways to reduce costs for families.
“After that speech was over, Donald Trump gave me a call and we talked about things we could do to lower costs for American families. That is my job. That is the job of Democrats. That is the job of Congress and the President of the United States.”
— Senator Warren [01:16]
The Potential for Bipartisan Collaboration
[02:18–05:30]
-
The host draws parallels between some of Trump’s recent proposals and Warren’s long-standing policy ideas, such as capping credit card interest rates, limiting institutional investors in housing, and curbing defense contractor stock buybacks.
-
Warren confirms they discussed capping credit card rates and the “Road to Housing” bill, which passed the Senate but is held up in the Republican-controlled House.
“We specifically talked about putting a cap on interest rates on credit cards and about getting this road to housing bill ... Donald Trump just hasn't delivered on either one of those. So my view is no more talk. Let's actually deliver for American families.”
— Senator Warren [02:47] -
Warren emphasizes her unwavering focus: fighting to lower costs for families, pushing Democrats to stake out a bold, concrete agenda rather than appease wealthy special interests.
“Are we actually going to get in this fight full-throated all the way and show with concrete proposals that we are willing to make a difference in people's lives?”
— Senator Warren [03:45] -
She reaffirms her readiness to work with anyone, including Trump, if it means tangible help for constituents but stresses accountability and action over “talk.”
Democratic Credentials & Cost of Living Crisis
[05:30–07:22]
-
Warren highlights historical Democratic accomplishments (Social Security, Medicare, minimum wage, etc.) as evidence of the party’s commitment to the American middle class.
-
She asserts that Trump's year in office has worsened cost-of-living metrics, citing a 21% rise in mortgage foreclosures and across-the-board price hikes.
“Since Donald Trump has been president, home mortgage foreclosures have gone up 21%, costs have gone up in category after category after category. … Families cannot take it anymore.”
— Senator Warren [05:39] -
The blame is placed on GOP policies: tariffs, corporate consolidation, and obstruction of legislation intended to help ordinary Americans.
Jay Powell Investigation and the Question of Fed Independence
[07:22–09:50]
-
The host raises the Justice Department's investigation into Fed Chair Jerome Powell—an effort Warren strongly opposes, calling it a “pretext” for presidential interference.
-
Warren defends the principle of Fed independence, even as someone who has previously criticized Powell’s policy decisions.
“I am a supporter of Fed independence. … The weaponization of the Department of Justice is fundamentally wrong.”
— Senator Warren [08:14] -
She warns that undermining the Fed for political advantage, especially before elections, risks long-term economic harm and erodes public trust.
“If they could control interest rates, it would be to roll those interest rates down to juice the economy … Now that may work for the election, but it's terrible for the economy long term and it undermines confidence in the Fed.”
— Senator Warren [08:00] -
Warren calls for Congressional oversight of the Justice Department’s actions, suggesting an investigation into its potential politicization.
Senate Hearings and Subpoenas
[09:50–10:18]
-
The host asks about Bill Pulte, the FHFA Director, rumored to be a key player behind the investigation into Powell.
-
Warren is open to subpoenaing Pulte to testify before the Senate Banking Committee, noting it would require bipartisan cooperation.
“I would be very glad to subpoena Bill Pulte to testify before the Senate Banking Committee ... yes, by golly, he should come and testify under oath.”
— Senator Warren [10:18]
Notable Quotes & Memorable Moments
-
On President Trump’s follow-through:
“Donald Trump has talked about proposals that would reduce costs, but so far hadn't lifted a finger to deliver. So for me, it's put-up time.”
— Senator Warren [04:58] -
On Democratic priorities:
“Our job is to be in the fight to lower costs for American families. And I’m all in.”
— Senator Warren [07:08] -
On Fed independence:
“All of those are about Donald Trump exercising control over the Fed, destroying Fed independence. ... And that’s what this probe is. It’s a pretext. It’s a way to try to knock the legs out from Jerome Powell. I’m no Jerome Powell supporter, but I am a supporter of Fed independence.”
— Senator Warren [08:32]
Timestamps for Key Segments
- [00:38] – Introduction and context of Warren’s speech
- [01:16] – Warren recounts phone call with Trump
- [02:47] – Discussion of credit card caps and housing bill
- [05:39] – Costs increases under Trump, historical Democratic achievements
- [07:42] – Powell investigation; Warren’s defense of Fed independence
- [09:50] – Bill Pulte, FHFA, and potential Senate subpoena
Conclusion
Senator Elizabeth Warren delivers an impassioned call-to-action for Democrats to reaffirm their tradition of championing the middle class by actively tackling America's cost-of-living crisis. She outlines opportunities and barriers to bipartisan progress, singles out recent Republican policies as exacerbating economic pain, and defends institutional safeguards like Fed independence. On potential hearings and investigations, she signals willingness to hold administration officials accountable—regardless of political complexity. The episode highlights the high stakes and sharp divisions shaping the current economic and political landscape.