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United States House Committee on Financial Services

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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.

House Financial Services Committee
Standing committee
Active

United States House of Representatives
118th Congress
History
FormedDecember 11, 1865
Leadership
ChairPatrick McHenry (R)
Since January 3, 2023
Ranking memberMaxine Waters (D)
Since January 3, 2023
Vice chairFrench Hill (R)
Since January 3, 2023
Structure
Seats52
Political partiesMajority (29)
  •   Republican (29)
Minority (23)
Website
financialservices.house.gov

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.

Jurisdiction

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Under the rules of the 113th Congress, the Financial Services Committee's jurisdiction includes:

  1. Banks and banking, including deposit insurance and Federal monetary policy
  2. Economic stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services
  3. Financial aid to commerce and industry (other than transportation)
  4. Insurance generally
  5. International finance
  6. International financial and monetary organizations
  7. 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
  8. Public and private housing
  9. Securities and exchanges
  10. Urban development[2]

History

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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]

Members, 118th Congress

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Majority Minority

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)

Subcommittees

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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]."[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

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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)

List of chairs

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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 2019–2023
Patrick McHenry Republican North Carolina 2023–present

List of ranking members

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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

Historical membership rosters

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117th Congress

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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

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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

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Majority Minority

114th Congress

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Majority Minority

Sources: H.Res. 6 (Chair), H.Res. 7 (Ranking Member), H.Res. 29 (R), H.Res. 45 (D)

113th Congress

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Majority Minority

112th Congress

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Majority Minority

Source: https://financialservices.house.gov/uploadedfiles/113th_congress_membership.pdf

111th Congress

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Majority Minority

Source: https://financialservices.house.gov/uploadedfiles/111thmembers.pdf

110th Congress

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Majority Minority

109th Congress

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Majority Minority

108th Congress

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Majority Minority

107th Congress

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Majority Minority

93rd Congress

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Majority Minority

See also

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References

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  1. ^ Merle, Renae (January 16, 2019). "Alexandria Ocasio-Cortez vs. Wall Street: Lawmaker wins spot on powerful House committee". The Washington Post. Retrieved June 28, 2022.
  2. ^ "Jurisdiction". financialservices.house.gov. Financial Services Committee. Retrieved February 25, 2021.  This article incorporates text from this source, which is in the public domain.
  3. ^ "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 November 26, 2010.
  4. ^ Lehmann, R. J. (January 20, 2011). "Insurance gets top billing on new House subcommittee". SNL Financial. Archived from the original on February 25, 2021. Retrieved January 27, 2011.
  5. ^ "Pearce to head committee on terrorism finances". The Arizona Republic. January 9, 2017. Retrieved February 27, 2017.
  6. ^ "McHenry Announces Financial Services Subcommittee Chairs and Jurisdiction for 118th Congress | Financial Services Committee". financialservices.house.gov. Retrieved January 18, 2023.
  7. ^ "Ranking Member Waters Announces Subcommittee Membership for Democratic Caucus on House Financial Services Committee". U.S. House Committee on Financial Services Democrats. February 1, 2023. Retrieved February 2, 2023.
  8. ^ Waters Opening Statement at Committee Organizational Meeting and Markup to Adopt Committee Rules
  9. ^ McHenry Announces Republican Financial Services Subcommittee Assignments
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