Democrats Urged to Chase Corporate Greed, Not Just Trump, in Oversight Blitz

Democrats are being told to point their new congressional gavels at corporate America — not just President Donald Trump. Outside groups and strategists are urging them to make affordability and corporate accountability the headline when they take control of key committees in January. The warning: don't repeat 2019, when a fresh majority spent over a year on impeachment and watched Trump's popularity rise.

Alex Jacquez of the progressive think tank Groundwork Collaborative told CNBC the old playbook never resonated with voters. New polling from Groundwork and Hart Research, shared exclusively with CNBC, found two in three voters want investigations into corporate greed made a high priority — more than the 58% who want Congress to focus on Trump's personal corruption. In focus groups, Jacquez said, the anger at CEOs was intense, with jail time for executives coming up far more than he expected.

Lucas Holtz, a senior political advisor at the center-left think tank Third Way, said voters aren't looking for political vendettas. He told CNBC that Democrats should investigate responsibly and tie their oversight back to the cost of living. Third Way says it has been in close contact with Democratic leaders on their congressional agenda.

But the target list is already sprawling. Sen. Ron Wyden of Oregon, expected to lead the Senate Finance Committee, will probe JPMorgan Chase's banking relationship with the late sex offender Jeffrey Epstein, according to a person familiar who spoke on condition of anonymity because the investigation hasn't been announced. The scrutiny would include decisions by Mary Callahan Erdoes, CEO of JPMorgan's asset and wealth management division. Wyden has said the panel's priorities are affordability for voters and accountability for corporations, plus making billionaires pay their fair share and breaking what he calls a corporate chokehold on health care.

On the House side, presumptive Judiciary Committee Chair Jamie Raskin has floated probes into the Justice Department's handling of Epstein's trafficking operation, Trump's $1.8 billion lawfare fund, attempts at self-pardons and emoluments clause violations by Trump and his Cabinet. Crypto investigations will fall to Sen. Elizabeth Warren of Massachusetts, the incoming Senate banking chair and a longtime industry critic. Sen.-elect Sherrod Brown of Ohio also returns to the Senate after crypto interests spent millions to defeat him in 2024. Tech, prediction markets and crypto firms that have embraced or benefited from the Trump administration are all in the crosshairs, according to a person familiar with the plans.

Democrats think they have a mandate after the election, and companies can't dodge congressional subpoenas — or get pardoned as an entity, one person noted. Former Federal Trade Commission Chair Lina Khan posted on X on Thursday that investigations are a key catalyst for securing reform and legislation, pointing to past Judiciary Committee work. Whether Democrats actually heed the outside advice, or chase Trump instead, is still an open question.