House Committee on Financial Services

House Committee on Financial Services
source
Committee	House Committee on Financial Services
Founded	1865 as the Committee on Banking and Currency
Chair	Maxine Waters
Ranking member	Patrick McHenry

House Committee on Financial Services is a standing committee of the United States House of Representatives that oversees the entire financial services industry, including the Federal Reserve, Securities and Exchange Commission, and Department of the Treasury. The committee has jurisdiction over issues related to banking, securities, insurance, housing, and monetary policy, and is responsible for overseeing the implementation of laws such as the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Gramm-Leach-Bliley Act. The committee works closely with other committees, including the Senate Committee on Banking, Housing, Urban Affairs, the House Committee on Ways and Means, and the House Committee on Oversight and Reform, to ensure that the financial services industry is operating in a safe and sound manner. The committee also interacts with various regulatory agencies, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.

● History

The committee was established in 1865 as the Committee on Banking and Currency, with Thaddeus Stevens as its first chair, and has undergone several name changes over the years, including the Committee on Banking, Finance, and Urban Affairs, before becoming the House Committee on Financial Services in 2001, with Michael Oxley as its chair. The committee has played a key role in shaping the country's financial services industry, including the passage of the Federal Reserve Act in 1913, which established the Federal Reserve System, and the Glass-Steagall Act in 1933, which separated commercial and investment banking. The committee has also worked closely with other committees, including the Senate Committee on Finance, the House Committee on Energy and Commerce, and the House Committee on Judiciary, to address issues related to financial regulation, consumer protection, and international trade. The committee has also interacted with various organizations, including the American Bankers Association, the Securities Industry and Financial Markets Association, and the National Association of Realtors.

● Jurisdiction

The committee has jurisdiction over issues related to banking, securities, insurance, housing, and monetary policy, including the oversight of the Federal Reserve, the Securities and Exchange Commission, and the Department of the Treasury. The committee also has jurisdiction over issues related to financial regulation, consumer protection, and international trade, including the implementation of laws such as the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Gramm-Leach-Bliley Act. The committee works closely with other committees, including the Senate Committee on Banking, Housing, Urban Affairs, the House Committee on Ways and Means, and the House Committee on Oversight and Reform, to ensure that the financial services industry is operating in a safe and sound manner. The committee also interacts with various regulatory agencies, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, as well as organizations such as the Financial Stability Oversight Council, the Commodity Futures Trading Commission, and the Federal Housing Finance Agency.

● Subcommittee

The committee has several subcommittees, including the Subcommittee on Consumer Protection and Financial Institutions, the Subcommittee on Housing, Community Development and Insurance, the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, and the Subcommittee on National Security, International Development and Monetary Policy. These subcommittees are responsible for conducting hearings and markups on legislation related to their respective areas of jurisdiction, and work closely with other committees, including the House Committee on Foreign Affairs, the House Committee on Homeland Security, and the House Committee on Small Business. The subcommittees also interact with various organizations, including the National Association of Home Builders, the Mortgage Bankers Association, and the Securities Industry and Financial Markets Association.

● Members

The committee has a total of 57 members, with 33 Democrats and 24 Republicans, including Maxine Waters, Patrick McHenry, Nydia Velázquez, and Bill Huizenga. The committee members come from a variety of backgrounds, including finance, law, and public policy, and have experience working with organizations such as the Federal Reserve Bank of New York, the Securities and Exchange Commission, and the Department of the Treasury. The committee members also interact with various stakeholders, including banks, credit unions, and consumer advocacy groups, such as the Consumer Financial Protection Bureau, the National Consumer Law Center, and the Center for Responsible Lending.

● Chairs

The committee has had several chairs over the years, including Michael Oxley, Barney Frank, and Jeb Hensarling, who have played a key role in shaping the committee's agenda and overseeing the implementation of laws related to the financial services industry. The chairs have worked closely with other committees, including the Senate Committee on Banking, Housing, Urban Affairs, the House Committee on Ways and Means, and the House Committee on Oversight and Reform, to ensure that the financial services industry is operating in a safe and sound manner. The chairs have also interacted with various regulatory agencies, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, as well as organizations such as the Financial Stability Oversight Council, the Commodity Futures Trading Commission, and the Federal Housing Finance Agency.

● Notable Legislation

The committee has played a key role in the passage of several notable pieces of legislation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Gramm-Leach-Bliley Act, and the Sarbanes-Oxley Act. The committee has also worked on legislation related to housing finance reform, including the Federal Housing Administration, and Fannie Mae and Freddie Mac, as well as legislation related to consumer protection, including the Consumer Financial Protection Bureau and the Credit Card Accountability Responsibility and Disclosure Act. The committee has also interacted with various stakeholders, including banks, credit unions, and consumer advocacy groups, such as the National Association of Home Builders, the Mortgage Bankers Association, and the Securities Industry and Financial Markets Association. The committee has also worked with other committees, including the House Committee on Energy and Commerce, the House Committee on Judiciary, and the House Committee on Transportation and Infrastructure, to address issues related to financial regulation, consumer protection, and international trade.

Category:United States congressional committees