United States House Committee on Financial Services
The United States House Committee on Financial Services (HFSC) is a committee of the United States House of Representatives. It is responsible for overseeing matters related to securities, commodities, banking, and insurance.
The HFSC was initially established on December 7, 1865, as a select committee. However, in 1891, it was expanded and became a standing committee. The committee was originally known as the Committee on Banking and Currency until 1968 when it adopted its current name, the Committee on Financial Services.
The Committee on Financial Services holds significant power within the United States House of Representatives. It plays a crucial role in shaping financial policies and regulations that impact the nation’s economy.
Currently, the committee is chaired by Democrat Maxine Waters from California, who has been serving as the chairman since 2019. The ranking member of the committee is Patrick McHenry, a Republican from North Carolina, also serving since 2019.
The committee consists of 54 seats, with 30 Democrats and 24 Republicans. Its jurisdiction encompasses various areas, including banking, insurance, real estate industries, securities and futures markets, and combating criminal activities that affect the financial system, such as money laundering and terrorism financing.
Additionally, the Committee on Financial Services oversees housing finance reform, monetary policy issues, and federal agency rulemaking within its jurisdiction. It is also responsible for ensuring consumer protection by enforcing laws, regulations, and executive orders pertaining to financial services and products.
The committee’s jurisdiction extends to financial literacy, predatory lending, privacy, and national security issues involving the Department of Treasury’s Office of Terrorism and Financial Intelligence (TFI).
In addition to its legislative authority, the Committee on Financial Services possesses investigative authority over the departments and agencies within its jurisdiction. It has the power to investigate whether these entities are fulfilling their missions and adhering to the law. These investigations are conducted through oversight hearings or subcommittee hearings, with the findings reported to the full committee for further consideration during a markup session.
What are subcommittees?
The Committee on Financial Services consists of six subcommittees, each focusing on specific areas of financial services:
- Consumer Protection and Financial Institutions
- Diversity and Inclusion
- Housing, Community Development and Insurance
- Investor Protection, Entrepreneurship and Capital Markets
- National Security, International Development and Monetary Policy
- Oversight and Investigations
Each subcommittee has its own chairman and ranking member responsible for leading and guiding the respective subcommittee’s work.
The Consumer Protection and Financial Institutions Subcommittee focuses on issues related to consumer protection, financial institutions, and the regulations that govern them. This subcommittee works to ensure fair and transparent practices within the financial industry.
The Diversity and Inclusion Subcommittee is dedicated to promoting diversity and inclusion within the financial services sector. It aims to address disparities and barriers faced by underrepresented groups in the industry.
The Housing, Community Development and Insurance Subcommittee handles matters concerning housing finance, community development, and insurance. This subcommittee focuses on ensuring affordable and accessible housing options for all Americans.
The Investor Protection, Entrepreneurship and Capital Markets Subcommittee focuses on protecting investors and facilitating entrepreneurship and capital market activities. It aims to create a conducive environment for businesses and innovation.
The National Security, International Development and Monetary Policy Subcommittee deals with issues related to national security, international development, and monetary policy. This subcommittee examines the intersection between financial services and national security concerns.
The Oversight and Investigations Subcommittee is responsible for conducting oversight and investigative activities related to financial services and financial institutions. This subcommittee ensures compliance with laws and regulations and addresses any misconduct or improper practices.
Each subcommittee’s work is vital to the overall functioning and effectiveness of the Committee on Financial Services. By dividing the workload and focusing on specific areas, these subcommittees allow for more in-depth analysis and specialized expertise.
In conclusion, the United States House Committee on Financial Services (HFSC) is a powerful committee within the United States House of Representatives. It plays a crucial role in overseeing matters related to securities, commodities, banking, and insurance. With its jurisdiction over various industries and its responsibility for shaping financial policies, the committee influences the nation’s economy and ensures the protection of consumers and investors.
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