Elizabeth Warren, ranking member of the United States Senate Committee on Banking, Housing and Urban Affairs, sent a letter to Chairman Tim Scott supporting the Committee's decision to hold a hearing on artificial intelligence and urging a separate hearing with Trump Administration officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. She said lawmakers should question the Administration's approach to regulating AI companies and its oversight of risks to consumers, the financial system, and national security. Warren argued that the Administration's recent executive order on AI does not meaningfully protect the financial system because it creates a voluntary model review process rather than mandatory oversight standards for advanced AI models. She asked Bessent, citing his reported role in drafting the order and his position leading the Financial Stability Oversight Council, to explain how the Administration will address financial stability risks and protect consumers. Lutnick was separately asked to testify over what Warren described as mismanagement of export controls, citing Bloomberg reporting that guidance may have left loopholes allowing Chinese companies, including Alibaba, to buy servers containing Nvidia's most advanced AI chips outside China. The letter urges Scott to convene the additional hearing without delay.

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