Warren doubles down on Trump economic record; rail grants, crypto tax lead Senate activity

Sen. Elizabeth Warren, D-Mass., released the report "Settling For Less: How Trump's weak antitrust enforcement and backroom deals are driving up costs" Thursday morning, joined by Sens. Mazie Hirono, D-Hawaii, and Richard Blumenthal, D-Conn., and three House members. The report's topline: "Since President Trump returned to office, corporate giants have announced at least 330 large mergers totaling more than $2.2 trillion in market consolidation."

Hours later, Warren wrote to USDA Secretary Brooke Rollins releasing a separate analysis on food costs. "These outcomes are not inevitable. They are the direct result of President Trump's failed policies — and I urge the Department of Agriculture to act now to reverse them," Warren wrote.

The food analysis centers on what her office terms a "food misery index," combining more than $17.2 billion in rising grocery costs with more than $5.1 billion in lost household SNAP benefits since July 2025. "SNAP participation is falling because the Trump administration has intentionally kicked people off of the program — leaving Americans hungry and still struggling to afford food," Warren wrote in the letter to Rollins.

"Instead of reaching for tools to mitigate these threats to families and working to bring down costs, the administration continues to sit idly by, peddling false narratives about the drop in SNAP participation, while delivering a one-two punch to American families who are struggling to put food on their tables," Warren concluded.

Two Democratic-led inquiries demanded federal watchdog action Thursday, targeting tariff refund administration and alleged FBI surveillance of protesters.

Sen. Raphael Warnock, D-Ga., leading a bicameral coalition, called on the Government Accountability Office to investigate the Trump administration's handling of court-ordered tariff refunds after the Supreme Court struck down tariffs imposed under emergency powers. "Georgians are already paying the price for the Trump administration's reckless and illegal tariff policies. Now, the administration's failure to deliver court-ordered refunds is putting additional financial strain on hardworking families and small businesses across the country," Warnock said. The release notes that roughly $100 billion of the $166 billion collected from importers had been refunded as of August.

Separately, Sen. Alex Padilla, D-Calif., and Senate Democratic Whip Dick Durbin, D-Ill., led six colleagues in demanding the DOJ Inspector General investigate allegations that the White House directed the FBI to open investigations into Los Angeles protesters based solely on First Amendment activity. "The Disclosure states that no actual or potential national security threat or federal criminal activity existed on which to predicate investigating the protesters. The Disclosure also alleges that the investigations pulled FBI employees and resources away from active cases involving drug trafficking, violent crime, and transnational criminal organizations," the senators wrote. The letter was co-signed by Sens. Blumenthal, Cory Booker, D-N.J., Hirono, Adam Schiff, D-Calif., and Sheldon Whitehouse, D-R.I.

Federal rail dollars flowed to two states Thursday through the Consolidated Rail Infrastructure and Safety Improvements program, with senators from both parties claiming credit.

Sen. Jim Banks, R-Ind., announced that seven Indiana rail projects were selected for up to $75,816,584 in CRISI grants. The awards cover track and bridge rehabilitation, crossing upgrades, and equipment improvements across the state. "Reliable rail infrastructure helps Indiana businesses move goods safely and efficiently and connects Hoosier communities to markets across the country. These investments will strengthen safety and reliability throughout the state," Banks said.

In New Mexico, Sens. Martin Heinrich and Ben Ray Luján, both D-N.M., welcomed an $18.5 million CRISI grant for the Albuquerque International Sunport's Rail Spur Project. "This $18.5 million federal investment will restore a critical section of track at the Albuquerque International Sunport, improve safety and freight service, and create new opportunities to move goods through one of the Southwest's most important cargo hubs," Heinrich said. Luján added: "I'm proud to welcome this critical investment and will continue working to bring federal dollars home to New Mexico."

Sen. Steve Daines, R-Mont., introduced the Aligning Digital Assets with Principles of Taxation Act — the ADAPT Act — Thursday, joined by Sens. Cynthia Lummis, R-Wyo., Bernie Moreno, R-Ohio, and Tim Scott, R-S.C. The bill would update the Internal Revenue Code to set clearer tax rules for digital assets, including exempting small stablecoin transactions from gain-or-loss tracking and applying wash sale rules to crypto.

"Digital assets have changed dramatically, but our tax code hasn't kept up, and hardworking Americans are paying the price," Daines said. "The 'Adapt Act' will modernize the Internal Revenue Code and make digital assets more accessible for everyday use by reducing unnecessary complexity, increasing compliance, protecting the tax base and supporting U.S. digital asset innovation."

Sen. Scott framed the bill in parity terms: "By creating clear guidelines, closing loopholes, and applying the same tax rules to traditional securities and digital assets, the ADAPT Act will protect Americans' investments and keep innovation on American soil."

Sens. Dave McCormick, R-Pa., and John Fetterman, D-Pa., jointly announced Thursday that U.S. Steel's board approved a nearly $3 billion investment in a new hot strip mill at the company's Edgar Thomson Plant in Braddock, Pennsylvania — a bipartisan moment against an otherwise partisan day.

The new mill is expected to raise annual production capacity from approximately 2.2 million tons to 3.5 million tons, with initial production targeted for late 2029. The investment is part of a broader $11 billion commitment tied to the U.S. Steel–Nippon Steel partnership. "This is exactly what Senator Fetterman and I fought for: real investment, good-paying jobs, and a strong future for American steelmaking in the Mon Valley," McCormick said. "The Mon Valley helped build America, and with this investment, Pennsylvania steelworkers will help build its future."

Sen. Rick Scott, R-Fla., wrapped a trip to Greece, Cyprus, and Israel Thursday, releasing a readout of meetings with senior officials in all three countries. Scott — chairman of the Senate Armed Services Subcommittee on Seapower — framed the travel around energy partnerships, military cooperation, and deterrence.

"America today faces a world of threats — Russia, Communist China, Iran, North Korea — all enemies who want to destroy our way of life and end America's leadership on the world stage," Scott said. "The true America First way to deal with this reality is committing to security with allies who share our values and are active, contributing mutual defense and economic partners."

Sen. Jacky Rosen, D-Nev., announced $33.7 million in EPA funding for Nevada drinking water infrastructure, drawing from the Bipartisan Infrastructure Law. "Every Nevadan deserves to have access to clean drinking water," Rosen said. "At a time when water shortages are worsening, it's so important that we protect and conserve this essential resource."

Sen. Michael Bennet, D-Colo., led a bipartisan Colorado delegation in pressing USDA and the Interior Department to ensure continuity for the Recreation.gov booking system as its current contract nears expiration. The letter flagged bot-driven reservation abuse as a specific concern. "Any major change to the Recreation.gov system should be carefully evaluated to ensure it benefits taxpayers, improves service quality, maintains operational continuity, and avoids reducing the capabilities upon which land managers and visitors currently rely," the lawmakers wrote.

Sen. Banks also announced the 5th Annual Northeast Indiana Defense Summit, set for October 27–28 in Fort Wayne, featuring senior Trump administration officials, military leaders, and defense industry executives. Sen. Pete Ricketts, R-Neb., participated in a fireside chat at the 2026 Tech Nebraska Summit in Omaha. "Here in Nebraska, we have the people, the resources, and the grit to lead innovation in America and on the global stage," Ricketts said.

Signals

• volumeThursday's 14 releases ran 81.7% below the Thursday dow average of 76.5, the lowest single-day count in the current tracking window; the pre-election state work period is the likely driver.
• coordinatedWarren issued two reports within roughly three hours — the antitrust report at 12:45 ET and the SNAP/grocery analysis at 15:28 ET — making her the sole senator with multiple releases on the day and the dominant voice in the brief.
• coordinatedThree overlapping Democratic senators — Hirono, Blumenthal, and Padilla — appear across two separate oversight demands (Warren antitrust report and DOJ IG letter), suggesting coordinated engagement across issue areas.
• recessThe Senate is in a pre-election state work period; no floor votes are scheduled, which aligns with the day's low volume and the prevalence of state-level funding announcements.
• silent breaksSen. Lindsey Graham, R-S.C., has issued no releases in 100 days — the longest silence in the tracked cohort — followed by Sen. Alan Armstrong, R-Okla., at 98 days and Sen. Roger Wicker, R-Miss., at 92 days.

Quiet desks

Senators with no release in two weeks or more.

• Sen. Lindsey Graham, R-SC100d
• Sen. Alan Armstrong, R-OK98d
• Sen. Roger F. Wicker, R-MS92d
• Sen. Peter Welch, D-VT58d
• Sen. John Kennedy, R-LA35d
• Sen. John Barrasso, R-WY23d
• Sen. Mike Lee, R-UT23d
• Sen. Andy Kim, D-NJ22d
• Sen. Ron Johnson, R-WI22d
• Sen. Cynthia M. Lummis, R-WY21d