Democrats are eager to win back subpoena power if they retake Congress, but they’re split on how hard they’ll go after corporate America.
The party is united by the idea of aggressive oversight of President Donald Trump’s administration, which will help shape their messaging in the run-up to the 2028 election. But Democrats are at odds over how fiercely to use their probing power to go after the corporations, law firms and universities that courted the White House over the past two years.
“We don’t want to turn into a banana republic where you lose an election and it’s all about retribution,” Rep. Bill Foster, a senior member of the Financial Services Committee, said.
“We’re going to have to be a little bit wise about when companies simply did something they had to do to survive this unprecedented level of corruption, compared to companies that actually got on board and profited more by being a partner in his corruption,” he added.
Some progressives counter that a restrained approach would sit uneasily with the party’s base.
“It would be political suicide for Democrats to campaign on fighting corruption and then turn around and go easy on the very companies that are facilitating it,” said Ella Fanger, corporate power policy adviser at the liberal nonprofit group Demand Progress.
Prime targets for some Democrats are the tech companies that have taken steps to be on the president’s good side, like Apple, Amazon and Meta, which have all donated to Trump’s ballroom effort. Major cryptocurrency players, including Coinbase, Ripple and Tether also chipped in for the ballroom, and will be subject to questioning from Democrats.
The late convicted sex offender Jeffrey Epstein’s networks and associates are also poised for probes — a push that has ensnared big banks like JPMorgan Chase, Deutsche Bank and Bank of America in the past.
Sen. Chris Murphy said the party should focus on the nexus between Trump and corporate corruption.
“We should get to the bottom of the corrupt relationship that exists between corporations in this country and the Trump administration,” Murphy said, pointing to questions he’s posed about a tobacco company’s donation to Trump’s super PAC before new e-cigarette rules were unveiled.
Still, Sen. Catherine Cortez Masto, who serves on Senate Banking, warned against the weaponization of power.
“Our focus should be solving problems that we’re seeing happening,” she said, pointing to cost-of-living issues around health care, housing and energy.
What else we’re watching:
— FIRST IN IC: BUILD AMERICA CAUCUS AGENDA — Energized by progress on permitting and housing legislation this term, a bipartisan development-focused caucus is rolling out a detailed agenda for next term. The 40-member Build America Caucus is releasing a 95-page package of proposals, first shared with POLITICO, that outlines plans touching on health care, transportation, child care and research. The group launched last year with the goal of cutting red tape and regulatory bottlenecks to spur development.
— AI COLLAB STILL ILLUSIVE FOR CRUZ, CANTWELL — Commerce Chair Ted Cruz and ranking member Maria Cantwell might still be celebrating Senate passage of their landmark college sports bill last week, but it’s unclear the momentum will carry forward to agreement on another committee priority: artificial intelligence. Among the dozen lawmakers, aides and industry experts who spoke to POLITICO, few expect the two senators to shed their well-established ideologies and styles after the mutual win. That could doom their ability to replicate their latest achievement in something as complex and divisive as an AI regulatory framework.
Jasper Goodman, Katherine Hapgood, Riley Rogerson and Kelsey Brugger contributed to this report.
