Senator Elizabeth Warren has never seen a private financial institution she didn't want to seize control of, and her latest obsession is with private credit, the burgeoning sector of non-bank lenders that increasingly finance small and medium-sized businesses. In her May 13, 2026 letter to Treasury Secretary Scott Bessent and SEC Chairman Paul Atkins, the Massachusetts socialist warns hysterically of a fabricated "private-credit-induced financial crisis" and demands sweeping new government controls that would choke off the availability of capital by extending the exact cost drivers that restrained banks from making these kinds of loans.
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