The Table Is Set: What the New Majority Means for Investigations in the 120th Congress

Voters delivered Democrats decisive control of the U.S. House of Representatives and Senate in the 2026 midterm elections, giving years of oversight interest a path to investigative action. When the 120th Congress convenes on January 3, 2027, the incoming majority will have the power to compel document productions and testimony in pursuit of inquiries into the Trump Administration, companies, other organizations and individuals. Those drawn into these inquiries can face significant reputational, legal and financial consequences well before any future legislative risks.

For private companies, Democratic control of the U.S. Congress will have several immediate and longer-term implications:

• Existing Inquiries Will Gain Force. Companies should expect renewed or expanded document and testimony requests, backed by the incoming majority's authority to hold hearings and issue subpoenas.
• Corporate Relationships with the Administration Will Face Increased Scrutiny. Government contracts, waivers, regulatory approvals, loans and policy changes may become subjects of investigation, bringing companies' communications with administration officials and the benefits they received into focus.
• Companies May Become Sources of Evidence When Their Conduct Is Not the Focus. Where executive branch agencies resist or delay disclosure, investigators may turn to private parties for corresponding emails, messages, meeting notes and other records concerning government decisions.

Likely Investigative Priorities and Committees to Watch

Long before the midterm elections, Democratic members and oversight staff laid the groundwork for a return to the majority. The election now gives that work a path to compulsory process and other committee action. Affordability and scrutiny of the relationship between private interests and government decisions will drive much of the agenda, while leadership choices will help determine which inquiries move first and how aggressively they proceed.

Reps. Robert Garcia (D-Calif.) at the House Committee on Oversight and Government Reform, Jamie Raskin (D-Md.) at the House Committee on the Judiciary and Frank Pallone Jr. (D-N.J.) at the House Committee on Energy and Commerce are positioned to advance inquiries they have helped develop from the minority. Other gavels remain contested. At the House Committee on Financial Services, Rep. Maxine Waters (D-Calif.) faces challenges from Reps. Bill Foster (D-Ill.) and Sean Casten (D-Ill.), with implications for the committee's approach to financial regulation, digital assets, housing and consumer protection.

Senate leadership choices are also interconnected. Sen. Maggie Hassan (D-N.H.) is positioned to succeed retiring Sen. Gary Peters (D-Mich.) at the Senate Committee on Homeland Security and Governmental Affairs, while Sen. Richard Blumenthal (D-Conn.) is positioned to lead its Permanent Subcommittee on Investigations. An anticipated move by Sen. Sheldon Whitehouse (D-R.I.) to the Senate Committee on the Judiciary following the retirement of Sen. Dick Durbin (D-Ill.) could open the Senate Committee on Environment and Public Works gavel to Sens. Jeff Merkley (D-Ore.) or Ed Markey (D-Mass.), depending on other leadership selections.

At the Senate Committee on Banking, Housing, and Urban Affairs, Sen. Elizabeth Warren (D-Mass.) is positioned to chair, although Sen.-elect Sherrod Brown (D-Ohio) has also been discussed as a contender; his prior chairmanship does not automatically restore his seniority under Democratic Conference rules. These selections remain subject to party processes and organizational decisions and will help determine which inquiries receive sustained attention.

Not all oversight efforts will be exclusively partisan. China, healthcare and consumer prices, energy costs, artificial intelligence (AI) and data centers are likely to attract bipartisan interest and potential cooperation. The following chart maps the principal areas of anticipated scrutiny and committees positioned to pursue them.

The incoming majority could also create select committees or dedicated subcommittees to pursue particular priorities. Recent Congresses have used these bodies to investigate the coronavirus pandemic and competition with China. Affordability or AI could provide a focus for a similar effort in the 120th Congress, creating additional avenues for scrutiny of private companies.

Considerations for Organizations Facing or Preparing for Congressional Scrutiny

The change in control warrants a fresh assessment by organizations already responding to congressional inquiries and those anticipating future scrutiny. Prior correspondence and staff reports offer useful indicators of likely priorities. Organizations should review outstanding requests, commitments and submissions and assess applicable preservation obligations – including where they have received preservation letters – as well as prepare for expanding document demands or witness testimony.

Leaders of legal, government affairs, communications and relevant businesses should establish response objectives, identify relevant records and personnel, and confirm procedures for escalating inquiries. Counsel should help structure this work to preserve applicable privileges and work-product protections, recognizing that congressional committees may challenge those protections.

Response decisions should account for parallel litigation, enforcement matters, government contracts and pending approvals. Meeting a committee's information needs while protecting sensitive information requires procedural and political judgment alongside litigation, regulatory and communications experience. Organizations should revisit their strategies as committee priorities become clearer and inquiries develop.

How Holland & Knight Can Help

Holland & Knight's nationally recognized Congressional Investigations Team helps organizations prepare for scrutiny and respond to active investigations, including document requests. subpoenas, investigative interviews and hearings. Our attorneys work with Holland & Knight public policy professionals and colleagues across white collar defense, litigation and regulatory practices to develop strategies tailored to each organization's circumstances.

We also offer a fixed-fee congressional investigations readiness assessment to identify potential vulnerabilities, evaluate response capabilities and establish practical steps for managing an inquiry. For more information, please contact the authors.

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your Holland & Knight representative or other competent legal counsel.