The United States House Committee on Financial Services is a standing committee of the U.S. House of Representatives.
It oversees and legislates on issues related to the United States financial and banking systems and other areas within its jurisdiction.
The committee plays a crucial role in shaping financial policy, regulating financial institutions, and addressing matters that impact the overall stability and integrity of the U.S. financial system.
The committee was originally established in 1865 as the Committee on Banking and Currency.
Over the years, it underwent several name changes to reflect its evolving scope and responsibilities.
In 1965, it became the Committee on Banking and Currency and later the Committee on Banking, Finance and Urban Affairs in 1975.
However, in 2007, the committee changed another name to become the Committee on Financial Services.
This change reflected a broader focus on overseeing not only traditional banking and finance but also housing, insurance, securities, and other aspects of the financial services industry.
Key aspects of the United States House Committee on Financial Services:
1. The committee’s jurisdiction covers various areas related to financial services, including banking, insurance, securities, housing, monetary policy, economic stabilization, international finance, and more.
2. The committee has the authority to draft, amend, and recommend legislation on matters within its jurisdiction.
It reviews proposed bills and resolutions related to financial services and makes recommendations before they are presented to the full House for consideration.
3. The committee oversees various federal agencies and regulatory bodies, including but not limited to the Federal Reserve, the Securities and Exchange Commission (SEC), the Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau (CFPB).
4. The committee is central in developing financial legislation, including banking and securities laws.
It addresses issues such as consumer protection, financial stability, housing policy, and the regulatory framework for financial institutions.
sub-committees under the United States House Committee on Financial Services
1. Subcommittee on Housing, Community Development, and Insurance
2. Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets
3. Subcommittee on Consumer Protection and Financial Institutions
4. Subcommittee on Diversity and Inclusion
The House Committee on Financial Services is a key player in shaping the legislative landscape related to the financial sector in the United States.
Its work is crucial for maintaining the stability and integrity of the U.S. financial system and addressing emerging challenges and opportunities in the financial services industry.