Wall St braces for more oversight under Elizabeth Warren: Casone tells CEOs to 'lawyer up'

The president also made a joke about you that I won't repeat, Senator Warren. That was the easy one. Oh, actually, I will. He said he had reservations. You know, if this was a joke, why not just say so? It was a joke, and he made a joke about you, too, Senator Warren. Yes, he did. He got a lot of laughs. It has been nonstop. Trumpian extravaganza of corruption and incompetence. This body needs to get its house in order first. How about we get the White House in order at the same time? I would encourage you to do that. I don't trade in individual stocks. I don't own any individual stocks. My house is in order. Thank you. I'm not sure what's better, the fighting verbally or the love letters between the two of them, but Elizabeth Warren, she's expected to chair the Senate Banking Committee in January, and the Wall Street Journal warns she could use her new subpoena powers to investigate big banks, target private equity, and turn up the heat on the crypto industry. How big of a nightmare is this? So she is Wall Street's nightmare. And here she comes. And by the way, that exchange between the two of them, did anybody, did you really get anything out of that? Because they were talking over each other. I didn't hear a thing. So she's going to keep doing that for two years when she's chair in Senate banking. Then every CEO better just. Buckle up, lawyer up and get, you know, get media training because she's going to bring every big bank CEO in front of her committee. She's already saying this. She's going to go after Kevin Warsh. She wants to she wants more oversight of the Fed. She wants to make sure that they have a voice in that. She wants to go after credit card companies. She wants to go after so many different. You mentioned SpaceX IPO was delayed, maybe now Anthrax. I know, thank you for remembering that. I jumped on that earlier. That was my deep tease, I told Jackie, because she tried to delay the SpaceX IPO. I mean, she wants to go into every single component of our banking financial system. And what she's going to do is going to be, along with Representative Maxine Waters, who's in her late 80s, she also is looking at a plum committee assignment. That is happening. All of this is so important, Lou, because... We sit there and say, oh, well, it's not going to matter, and it's going to be fine, and the Wall Street's going to be fine. It's absolutely going to matter because the regulations that she is going to try and put, in particular on the big banks, they want to undo everything that President Trump has done when it comes to pulling off regulation. And don't get me started on what's going to happen to the crypto industry and, oh, and online gambling, online gambling. That's also a target. I'm not okay with that, online gambling. But there is a lot to unpack here. So, Heather, I want to go to you on this thought. You mentioned it here, the big banks. Online gambling, I'm sorry. I'm not okay with it. I'm okay with targeting online gambling. I think it's terrible. Gambling is addictive. You're making it more accessible. It's not okay. So targeting online gambling to regulate that, sure. You're right. But I want to go to your point here about it's going after big banks. Investors not necessarily taking it. I would have pulled up the XLF, the Spider Financial ETF, to see what was going on. It's kind of meh today. Yeah, well, maybe. I'm freaking out. Why? Because you had one of the worst days in the market ever yesterday. We're not really digesting the news of Elizabeth Warren's new power. But, yeah, I mean, I would keep an eye on J.P. Morgan, Goldman, Bank of America, for example. It really is Wall Street's nightmare. She's always been very aggressive towards the banks. So this is not a surprise. But more scrutiny doesn't necessarily mean more laws. She still has to go through Congress, right? And what's the president going to do? Veto. He's going to veto anything that's put in front of him. And unless you're going to override with two-thirds, then real quick, I know you've got to go. Amex, MasterCard, she's going after them, too. She said it. Something to pay attention to, for sure. You want to lock down credit, you do that. The markets are up today. I know. I know we got shellacked yesterday. I just, I don't want to overdo the boogeyman in Elizabeth Warren. No, I agree. I mean, look, don't overreact. Let's wait for actual practical policy. I'm all Cheryl on this one. But it is a risk that is now there with her. It's a real thing. Yeah. Make sure to like and subscribe to the latest news on Fox Business on YouTube. And you can catch full shows streaming now on Fox One.