Sen. Elizabeth Warren spoke at the National Press Club in Washington on January 12, 2026, calling on Democrats to campaign on an explicitly populist economic agenda and to resist pressure from wealthy donors and corporate interests ahead of the 2026 midterm elections.
Sen. Elizabeth Warren of Massachusetts delivered a speech at the National Press Club in Washington, D.C., on January 12, 2026, setting out what she described as a blueprint for Democrats to rebuild trust with working-class voters and compete more effectively in the 2026 midterm elections.
In the speech text published by The Nation, Warren said the United States was in a “dangerous moment” and criticized several actions and policies she attributed to President Donald Trump. She cited tariffs that she said were raising costs for families, said “millions” of Americans had lost health insurance amid Republican efforts to fund tax cuts for wealthy people, and said federal immigration enforcement was “sowing chaos and terror,” pointing to the fatal shooting of Renee Good in Minnesota.
Warren also accused Trump of trying to push out the chair of the Federal Reserve Board and of using the power of government to “silence, extort, bankrupt, or even prosecute” critics. She further asserted that Trump had “invaded Venezuela” to boost oil-company profits—an allegation that other major outlets reporting on the speech did not independently verify.
Turning to Democratic strategy, Warren argued that Democrats “were wiped out in 2024” and rejected the idea that the party lost because it was “too progressive.” She said that, in the language of some influential donors and political operatives, “too progressive” is often a shorthand meant to weaken policies aimed at working people.
“Americans are stretched to the breaking point financially, and they will vote for candidates who name what is wrong and who credibly demonstrate that they will take on a rigged system in order to fix it,” she said.
Warren drew a distinction between wealthy supporters she described as “deeply public-minded” and a larger set of rich donors she said use super PACs, lobbying, and media ownership to protect an economy “rigged in their favor.”
She criticized aspects of the so-called “abundance” agenda—while endorsing government efficiency—and pointed to examples where she said corporate interests used regulation to block reforms. In the speech, she cited her longstanding support for free government tax filing and described delays in implementing changes meant to lower hearing-aid costs.
As an example of donor pressure, Warren cited Democratic donor and LinkedIn co-founder Reid Hoffman, describing him as a major Democratic contributor. In the speech text, she said Hoffman donated $7 million in support of Kamala Harris and publicly urged Harris to remove Federal Trade Commission Chair Lina Khan. Warren added that Harris did not promise to fire Khan, but also did not promise to keep her. She also cited a New York Times report, referenced in the speech, saying Harris later narrowed proposed price-gouging measures after pressure from “corporate allies.”
Warren said polling by Geoff Garin showed populist messaging performed better than “abundance” messaging, and she echoed political strategist James Carville’s argument that Democrats should run on “the most populist economic platform since the Great Depression.”
She listed policy goals that included increasing Social Security benefits, universal child care, stronger price-gouging laws, a higher minimum wage, and higher taxes on wealthy individuals and large corporations. She pointed to 2025 campaign examples she said emphasized affordability, including New York City Mayor Zohran Mamdani and New Jersey Governor-elect Mikie Sherrill.
Warren also argued that Democrats should focus on curbing corruption, including banning members of Congress from trading individual stocks and cryptocurrencies. She said she had donated more than $400,000 to 23 state Democratic parties “just last week” to help fund competitive races for the Senate, House, and governorships.
“Democrats must build a big tent based on big ideas that help working people,” Warren concluded.
