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
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
United States House of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they ...
that oversees the entire
financial services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the
Federal Reserve
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 ...
, the
United States Department of the Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...
, the U.S. Securities and Exchange Commission and other financial services regulators.
The House Committee on Financial Services is considered to be one of the House's most powerful committees.
It is currently chaired by Democrat
Maxine Waters
Maxine Moore Waters (née Carr; born August 15, 1938) is an American politician serving as the U.S. representative for since 1991. The district, numbered as the 29th district from 1991 to 1993 and as the 35th district from 1993 to 2013, inc ...
from California. Waters was elected as chair of the committee, and assumed office on January 3, 2019. The Ranking Member is Republican Patrick McHenry from North Carolina, he has served as the Ranking Member since January 3, 2019.
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
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.
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
The Committee on Energy and Commerce is one of the oldest standing committees of the United States House of Representatives. Established in 1795, it has operated continuously—with various name changes and jurisdictional changes—for more tha ...
. 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
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the N ...
and
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia.asmoved to a new Subcommittee on Insurance, Housing and Community Opportunity
112th Congress
The 112th United States Congress was a meeting of the legislative branch of the United States federal government, from January 3, 2011, until January 3, 2013. It convened in Washington, D.C. on January 3, 2011, and ended on January 3, 2013, 17 ...
]." In the 115th United States Congress, 115th Congress, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.
United States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, ...
*
List of current United States House of Representatives committees
There are two main types of congressional committees in the United States House of Representatives, standing committees and select committees. Committee chairs are selected by whichever party is in the majority, and the minority party selects ran ...
Financial Services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...