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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 | |
|---|---|
Active United States House of Representatives 118th Congress | |
| History | |
| Formed | December 11, 1865 |
| Leadership | |
| Chair | Patrick McHenry (R) Since January 3, 2023 |
| Ranking member | Maxine Waters (D) Since January 3, 2023 |
| Vice chair | French Hill (R) Since January 3, 2023 |
| Structure | |
| Seats | 52 |
| Political parties | Majority (29)
|
| Website | |
| financialservices | |
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.
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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]
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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]
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Resolutions electing members: H.Res. 14 (Chair), H.Res. 15 (Ranking Member), H.Res. 56 (R), H.Res. 57 (D), H.Res. 71 (amending rank)
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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]
Current subcommittees
| Subcommittee | Chair[6] | Ranking Member[7] |
|---|---|---|
| Capital Markets | Ann Wagner (R-MO) | Brad Sherman (D-CA) |
| Digital Assets, Financial Technology and Inclusion | French Hill (R-AR) | Stephen Lynch (D-MA) |
| Financial Institutions and Monetary Policy | Andy Barr (R-KY) | Bill Foster (D-IL) |
| Housing and Insurance | Warren Davidson (R-OH) | Emanuel Cleaver (D-MO) |
| National Security, Illicit Finance, and International Financial Institutions | Blaine Luetkemeyer (R-MO) | Joyce Beatty (D-OH) |
| Oversight and Investigations | Bill Huizenga (R-MI) | Al Green (D-TX) |
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| Chairman | Party | State | Years |
|---|---|---|---|
| Jim Leach | Republican | Iowa | 1992–1995 |
| Henry B. González | Democratic | Texas | 1995–1999 |
| 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 | 2019–2023 |
| Maxine Waters | Democratic | California | 2023–present |
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117th Congress
| Majority | Minority |
|---|---|
|
|
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
| Subcommittee | Chair[8] | Ranking Member[9] |
|---|---|---|
| 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) |
116th Congress
| Majority | Minority |
|---|---|
|
|
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 |
|---|---|
|
|
114th Congress
Sources: H.Res. 6 (Chair), H.Res. 7 (Ranking Member), H.Res. 29 (R), H.Res. 45 (D)
113th Congress
112th Congress
| Majority | Minority |
|---|---|
|
|
Source: https://financialservices.house.gov/uploadedfiles/113th_congress_membership.pdf
111th Congress
Source: https://financialservices.house.gov/uploadedfiles/111thmembers.pdf
110th Congress
109th Congress
108th Congress
| Majority | Minority |
|---|---|
|
|
107th Congress
93rd Congress
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- United States Senate Committee on Banking, Housing, and Urban Affairs
- List of current United States House of Representatives committees
- Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167
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