The House Committee on Financial Services is considered to be one of the House's most powerful committees.[1]
It is currently chaired by Republican Patrick McHenry from North Carolina, having assumed office in 2023. He previously served as the committee's Ranking Member. The Ranking Member is Democrat Maxine Waters from California, who previously chaired the committee under a Democrat majority in the House.
Jurisdiction
Under the rules of the 113th Congress, the Financial Services Committee's jurisdiction includes:
Banks and banking, including deposit insurance and Federal monetary policy
Economic stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services
Financial aid to commerce and industry (other than transportation)
Insurance generally
International finance
International financial and monetary organizations
Money and credit, including currency and the issuance of notes and redemption thereof; gold and silver, including the coinage thereof; valuation and revaluation of the dollar
Public and private housing
Securities and exchanges
Urban development[2]
History
The Banking and Currency Committee was created on December 11, 1865, to take over responsibilities previously handled by the Ways and Means Committee. It continued to function under this name until 1968, when it assumed the current name.[3]
The Financial Services Committee operates with six subcommittees. The jurisdiction over insurance was transferred in 2001 to the then-House Banking and Financial Services Committee from the House Energy and Commerce Committee. Since that time it had been the purview of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. But "with plans to reform Fannie Mae and Freddie Mac expected to take up much of that panel's agenda, insurance instead [was] moved to a new Subcommittee on Insurance, Housing and Community Opportunity [as of the 112th Congress]."[4] In the 115th Congress, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.[5]
Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167
References
^Merle, Renae (January 16, 2019). "Alexandria Ocasio-Cortez vs. Wall Street: Lawmaker wins spot on powerful House committee". The Washington Post. Retrieved June 28, 2022.
^"Jurisdiction". financialservices.house.gov. Financial Services Committee. Retrieved February 25, 2021. This article incorporates text from this source, which is in the public domain.
^"Chapter 5. Records of the Banking and Currency Committees". Guide to the Records of the U.S. House of Representatives at the National Archives, 1789–1989 (Record Group 233). National Archives and Records Administration. Retrieved November 26, 2010.
^Lehmann, R. J. (January 20, 2011). "Insurance gets top billing on new House subcommittee". SNL Financial. Archived from the original on February 25, 2021. Retrieved January 27, 2011.
^"Pearce to head committee on terrorism finances". The Arizona Republic. January 9, 2017. Retrieved February 27, 2017.
^"McHenry Announces Financial Services Subcommittee Chairs and Jurisdiction for 118th Congress | Financial Services Committee". financialservices.house.gov. Retrieved January 18, 2023.
^"Ranking Member Waters Announces Subcommittee Membership for Democratic Caucus on House Financial Services Committee". U.S. House Committee on Financial Services Democrats. February 1, 2023. Retrieved February 2, 2023.
^Waters Opening Statement at Committee Organizational Meeting and Markup to Adopt Committee Rules