United States House Committee on Financial Services

Meeting of the House Financial Services Committee

The United States House Committee on Financial Services (also referred to as the House Banking Committee) 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 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. It is chaired by Spencer Bachus (R-AL) and the ranking Democrat is Barney Frank (D-MA).

History

The committee was once known as the Committee on Banking and Currency. The Banking and Currency Committee was created in 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.^[1]

Current members, 112th Congress

Majority

Minority

Spencer Bachus, Alabama, Chairman Peter T. King, New York Ed Royce, California Frank Lucas, Oklahoma Donald A. Manzullo, Illinois Walter B. Jones, North Carolina Judy Biggert, Illinois Gary Miller, California Shelley Moore Capito, West Virginia Jeb Hensarling, Texas, Vice Chair Scott Garrett, New Jersey Randy Neugebauer, Texas Patrick McHenry, North Carolina John Campbell, California Michele Bachmann, Minnesota Thaddeus McCotter, Michigan Kevin McCarthy, California Steve Pearce, New Mexico Bill Posey, Florida Mike Fitzpatrick, Pennsylvania Lynn Westmoreland, Georgia Blaine Luetkemeyer, Missouri Bill Huizenga, Michigan Sean Duffy, Wisconsin Nan Hayworth, New York Jim Renacci, Ohio Robert Hurt, Virginia Robert Dold, Illinois David Schweikert, Arizona Michael Grimm, New York Quico Canseco, Texas Steve Stivers, Ohio Stephen Fincher, Tennessee

Barney Frank, Massachusetts, Ranking Member Maxine Waters, California Carolyn B. Maloney, New York Luis Gutierrez, Illinois Nydia Velázquez, New York Mel Watt, North Carolina Gary Ackerman, New York Brad Sherman, California Gregory W. Meeks, New York Michael Capuano, Massachusetts Ruben Hinojosa, Texas William Clay, Jr., Missouri Carolyn McCarthy, New York Joe Baca, California Stephen Lynch, Massachusetts Brad Miller, North Carolina David Scott, Georgia Al Green, Texas Emanuel Cleaver, Missouri Gwen Moore, Wisconsin Keith Ellison, Minnesota Ed Perlmutter, Colorado Joe Donnelly, Indiana André Carson, Indiana Jim Himes, Connecticut Gary Peters, Michigan John Carney, Delaware

Source:

• Resolutions electing Republican members (H.Res. 6, H.Res. 33)
• Resolutions electing Democratic members (H.Res. 7, H.Res. 39)

Subcommittees

The Financial Services Committee operates with six subcommittees. This is an increase from five subcommittees in the 110th Congress. The former Domestic and International Monetary Policy, Trade, and Technology Subcommitee has been split into two subcommittees.^[2] 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]."^[3]

Subcommittee	Chair	Ranking Member
Capital Markets and Government-Sponsored Enterprises	Scott Garrett (R-NJ)	Maxine Waters (D-CA)
Financial Institutions and Consumer Credit	Shelley Moore Capito (R-WV)	Carolyn B. Maloney (D-NY)
Insurance, Housing and Community Opportunity	Judy Biggert (R-IL)	Luis Gutierrez (D-IL)
Domestic Monetary Policy and Technology	Ron Paul (R-TX)	William Clay, Jr. (D-MO)
International Monetary Policy and Trade	Gary Miller (R-CA)	Carolyn McCarthy (D-NY)
Oversight and Investigations	Randy Neugebauer (R-TX)	Michael Capuano (D-MA)

Chairmen

As Committee on Banking and Currency (1865–1968)

• 1920–1931: Louis T. McFadden
• 1931–1943: Henry B. Steagall
• 1963–1975: Wright Patman

As House Committee on Banking, Finance, and Urban Affairs

• 1975–1981: Henry S. Reuss
  (as House Committee on Banking, Currency, and Housing from 1975–1977)
• 1981–1989: Fernand St. Germain
• 1989–1995: Henry B. González

As House Committee on Banking and Financial Services

• 1995–2001: Jim Leach

As House Committee on Financial Services (since 2001)

• 2001–2007: Mike Oxley^[4][5]
• 2007–2011: Barney Frank
• 2011-present: Spencer Bachus

See also

• United States Senate Committee on Banking, Housing, and Urban Affairs

References

1. ^ "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. http://www.archives.gov/legislative/guide/house/chapter-05.html. Retrieved 26 November 2010. 
2. ^ "Bachus Announces Ranking Members for Subcommittees" (Press release). Committee on Financial Services Republicans. 8 January 2009. http://republicans.financialservices.house.gov/index.php?option=com_content&task=view&id=309&Itemid=43. Retrieved 26 November 2010. 
3. ^ Lehmann, R.J. (2011-01-20). "Insurance gets top billing on new House subcommittee". SNL Financial. Archived from the original on 2011-01-27. http://www.webcitation.org/5w2vompPu. Retrieved 2011-01-27. 
4. ^ "Oxley Chosen as Financial Services Committee Chair". Insurance Journal. 5 January 2001. http://www.insurancejournal.com/news/national/2001/01/05/13669.htm. Retrieved 26 November 2010. 
5. ^ "House Financial Services Committee Chairman Oxley Announces Retirement". National Association of Professional Insurance Agents. 8 November 2005. 

External links

• House Committee on Financial Services Homepage