United States 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 the entire financial services industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators.
| Standing committee | |
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Active United States House of Representatives 117th Congress | |
| History | |
| Formed | December 11, 1865 |
| Leadership | |
| Chair | Maxine Waters (D) Since January 3, 2019 |
| Ranking member | Patrick McHenry (R) Since January 3, 2019 |
| Vice chair | Jake Auchincloss (D) Since January 3, 2021 |
| Structure | |
| Seats | 54 |
| Political parties | Majority (30)
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| Website | |
| financialservices | |
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The House Committee on Financial Services is considered to be one of the House's most powerful committees.[1]
It is currently chaired by Democrat Maxine Waters 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[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][4]
Members, 117th Congress
| Majority | Minority |
|---|---|
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Resolutions electing members: H.Res. 9 (Chair), H.Res. 10 (Ranking Member), H.Res. 62 (D), H.Res. 63 (R), H.Res. 511 (R), H.Res. 1159 (R)
Subcommittees
Meeting of the House Financial Services Committee
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]."[5] In the 115th Congress, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.[6]
| Subcommittee | Chair[7] | Ranking Member[8] |
|---|---|---|
| Consumer Protection and Financial Institutions | Ed Perlmutter (D-CO) | Blaine Luetkemeyer (R-MO) |
| Diversity and Inclusion | Joyce Beatty (D-OH) | Ann Wagner (R-MO) |
| Housing, Community Development and Insurance | Emanuel Cleaver (D-MO) | Steve Stivers (R-OH) |
| Investor Protection, Entrepreneurship and Capital Markets | Brad Sherman (D-CA) | Bill Huizenga (R-MI) |
| National Security, International Development and Monetary Policy | Jim Himes (D-CT) | French Hill (R-AR) |
| Oversight and Investigations | Al Green (D-TX) | Andy Barr (R-KY) |
List of chairs
| Chairman | Party | State | Years |
|---|---|---|---|
| Theodore M. Pomeroy | Republican | New York | 1865–1869 |
| James A. Garfield | Republican | Ohio | 1869–1871 |
| Samuel Hooper | Republican | Massachusetts | 1871–1873 |
| Horace Maynard | Republican | Tennessee | 1873–1875 |
| Samuel S. Cox | Democratic | New York | 1875–1877 |
| Aylett Hawes Buckner | Democratic | Missouri | 1877–1881 |
| William W. Crapo | Republican | Massachusetts | 1881–1883 |
| Aylett Hawes Buckner | Democratic | Missouri | 1883–1885 |
| Andrew Gregg Curtin | Democratic | Pennsylvania | 1885–1887 |
| Beriah Wilkins | Democratic | Ohio | 1887–1889 |
| George W. E. Dorsey | Republican | Nebraska | 1889–1891 |
| Henry Bacon | Democratic | New York | 1891–1893 |
| William McK. Springer | Democratic | Illinois | 1893–1895 |
| Joseph H. Walker | Republican | Massachusetts | 1895–1899 |
| Marriott Henry Brosius | Republican | Pennsylvania | 1899–1901 |
| Charles N. Fowler | Republican | New Jersey | 1901–1909 |
| Edward B. Vreeland | Republican | New York | 1909–1911 |
| Arsène Pujo | Democratic | Louisiana | 1911–1913 |
| Carter Glass | Democratic | Virginia | 1913–1918 |
| Michael Francis Phelan | Democratic | Massachusetts | 1918–1919 |
| Edmund Platt | Republican | New York | 1919–1920 |
| Louis Thomas McFadden | Republican | Pennsylvania | 1920–1931 |
| Henry B. Steagall | Democratic | Alabama | 1931–1943 |
| Brent Spence | Democratic | Kentucky | 1943–1947 |
| Jesse P. Wolcott | Republican | Michigan | 1947–1949 |
| Brent Spence | Democratic | Kentucky | 1949–1953 |
| Jesse P. Wolcott | Republican | Michigan | 1953–1955 |
| Brent Spence | Democratic | Kentucky | 1955–1963 |
| Wright Patman | Democratic | Texas | 1963–1975 |
| Henry S. Reuss | Democratic | Wisconsin | 1975–1981 |
| Fernand St. Germain | Democratic | Rhode Island | 1981–1989 |
| Henry B. Gonzalez | Democratic | Texas | 1989–1995 |
| Jim Leach | Republican | Iowa | 1995–2001 |
| Mike Oxley | Republican | Ohio | 2001–2007 |
| Barney Frank | Democratic | Massachusetts | 2007–2011 |
| Spencer Bachus | Republican | Alabama | 2011–2013 |
| Jeb Hensarling | Republican | Texas | 2013–2019 |
| Maxine Waters | Democratic | California | 2019–present |
List of ranking members
| Chairman | Party | State | Years |
|---|---|---|---|
| John LaFalce | Democratic | New York | 1999–2003 |
| Barney Frank | Democratic | Massachusetts | 2003–2007 |
| Spencer Bachus | Republican | Alabama | 2007–2011 |
| Barney Frank | Democratic | Massachusetts | 2011–2013 |
| Maxine Waters | Democratic | California | 2013–2019 |
| Patrick McHenry | Republican | North Carolina | 2019–present |
Historical membership rosters
116th Congress
| Majority | Minority |
|---|---|
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Sources: H.Res. 7 (Chair), H.Res. 8 (Ranking Member), H.Res. 57 (D), H.Res. 68 (R), H.Res. 596 (R), H.Res. 801 (R)
- Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Consumer Protection and Financial Institutions | Gregory Meeks (D-NY) | Blaine Luetkemeyer (R-MO) |
| Diversity and Inclusion | Joyce Beatty (D-OH) | Ann Wagner (R-MO) |
| Housing, Community Development and Insurance | Lacy Clay (D-MO) | Steve Stivers (R-OH) |
| Investor Protection, Entrepreneurship and Capital Markets | Brad Sherman (D-CA) | Bill Huizenga (R-MI) |
| National Security, International Development and Monetary Policy | Emanuel Cleaver (D-MO) | French Hill (R-AR) |
| Oversight and Investigations | Al Green (D-TX) | Andy Barr (R-KY) |
115th Congress
| Majority | Minority |
|---|---|
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114th Congress
| Majority | Minority |
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Sources: H.Res. 6 (Chair), H.Res. 7 (Ranking Member), H.Res. 29 (R), H.Res. 45 (D)
113th Congress
| Majority | Minority |
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112th Congress
| Majority | Minority |
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Source: https://financialservices.house.gov/uploadedfiles/113th_congress_membership.pdf
111th Congress
| Majority | Minority |
|---|---|
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Source: https://financialservices.house.gov/uploadedfiles/111thmembers.pdf
110th Congress
| Majority | Minority |
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109th Congress
| Majority | Minority |
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108th Congress
| Majority | Minority |
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107th Congress
| Majority | Minority |
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See also
- United States Senate Committee on Banking, Housing, and Urban Affairs
- List of current United States House of Representatives committees
References
- Merle, Renae (16 January 2019). "Alexandria Ocasio-Cortez vs. Wall Street: Lawmaker wins spot on powerful House committee". The Washington Post. Retrieved 28 June 2022.
- "Jurisdiction". financialservices.house.gov. Financial Services Committee. Retrieved 25 February 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 26 November 2010.
- In at least the 96th Congress, the Committee title was Banking, Finance and Urban Affairs. https://en.wikipedia.org/wiki/96th_United_States_Congress#Committees
- Lehmann, R.J. (2011-01-20). "Insurance gets top billing on new House subcommittee". SNL Financial. Archived from the original on 2021-02-25. Retrieved 2011-01-27.
- "Pearce to head committee on terrorism finances". The Arizona Republic. 9 January 2017. Retrieved 27 February 2017.
- Waters Opening Statement at Committee Organizational Meeting and Markup to Adopt Committee Rules
- McHenry Announces Republican Financial Services Subcommittee Assignments
External links
Wikimedia Commons has media related to United States House Committee on Financial Services.
- House Committee on Financial Services Homepage (Archive)
- House Financial Services Committee. Legislation activity and reports, Congress.gov.
- House Financial Services Committee Hearings and Meetings Video. Congress.gov.
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