The U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology is a

subcommittee A committee or commission is a body of one or more persons subordinate to a deliberative assembly. A committee is not itself considered to be a form of assembly. Usually, the assembly sends matters into a committee as a way to explore them more ...

of the

House Committee on Financial Services The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees t ...

. The committee was formerly part of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology until the

111th Congress The 111th United States Congress was a meeting of the legislative branch of the United States federal government from January 3, 2009, until January 3, 2011. It began during the last weeks of the George W. Bush administration, with th ...

, when a separate Subcommittee on International Monetary Policy and Trade was created.

Jurisdiction

The jurisdiction of the Subcommittee on Domestic Monetary Policy and Technology includes— (i)

financial aid Student financial aid in the United States is funding that is available exclusively to students attending a post-secondary educational institution in the United States. This funding is used to assist in covering the many costs incurred in the p ...

to all sectors and elements within the economy; (ii)

economic growth Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of ...

and stabilization; (iii) defense production matters as contained in the

Defense Production Act of 1950 The Defense Production Act of 1950 () is a United States federal law enacted on September 8, 1950 in response to the start of the Korean War.Congressional Research ServiceThe Defense Production Act of 1950: History, Authorities, and Considerati ...

, as amended; (iv) domestic

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

, and agencies which directly or indirectly affect domestic monetary policy, including the effect of such policy and other financial actions on

interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...

s, the allocation of

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...

, and the structure and functioning of domestic

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...

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Bureau of Engraving and Printing The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Rese ...

; and (vi) development of new or alternative forms of currency.

Members, 112th Congress

In December 2010, ''Bloomberg Businessweek'' reported that incoming

Speaker of the House The speaker of a deliberative assembly, especially a legislative body, is its presiding officer, or the chair. The title was first used in 1377 in England. Usage The title was first recorded in 1377 to describe the role of Thomas de Hungerf ...

John Boehner John Andrew Boehner ( ; born , 1949) is an American retired politician who served as the 53rd speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, he served 13 terms as the U.S. represe ...

was considering ways to prevent

Ron Paul Ronald Ernest Paul (born August 20, 1935) is an American author, activist, physician and retired politician who served as the U.S. representative for Texas's 22nd congressional district from 1976 to 1977 and again from 1979 to 1985, as well ...

, who has long been a critic of

Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Fed, he was appointed a distinguished fellow at the Brookings Institution. Durin ...

and the

Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...

, from becoming chair of the subcommittee or restrict his authority. Paul has stated that he will use the position to draw attention to the Fed's policies and what he perceives to be its negative consequences.

References

External links

Official site
{{United States congressional committees Financial Services Domestic Monetary Policy and Technology Monetary policy of the United States