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
A committee or commission is a body of one or more persons subordinate to a deliberative assembly or other form of organization. A committee may not itself be considered to be a form of assembly or a decision-making body. Usually, an assembly o ...
of the
United States House of Representatives
The United States House of Representatives is a chamber of the Bicameralism, bicameral United States Congress; it is the lower house, with the U.S. Senate being the upper house. Together, the House and Senate have the authority under Artic ...
that oversees the entire
financial services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...
industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...
, the
United States Department of the Treasury
The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments.
...
, the
U.S. Securities and Exchange Commission
The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
and other financial services regulators.
The House Committee on Financial Services is considered to be one of the House's most powerful committees.
It is currently chaired by Republican French Hill from Arkansas, having assumed office in 2025. The Ranking Member is Democrat Maxine Waters from California, who previously chaired the committee under a Democratic majority in the House.
Jurisdiction
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
History
The Banking and Currency Committee was created on December 11, 1865, to take over responsibilities previously handled by the
Ways and Means Committee
A ways and means committee is a government body that is charged with reviewing and making recommendations for government budgets. Because the raising of revenue is vital to carrying out governmental operations, such a committee is tasked with fi ...
. It continued to function under this name until 1968, when it assumed the current name.
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
The Committee on Energy and Commerce is one of the oldest standing committees of the United States House of Representatives. Established in 1795, it has operated continuously—with various name changes and jurisdictional changes—for more tha ...
. 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
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New ...
and
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia.asmoved to a new Subcommittee on Insurance, Housing and Community Opportunity 112th Congress">112th United States Congress">112th Congress" In the
115th Congress
The 115th United States Congress was a meeting of the legislative branch of the United States of America federal government, composed of the Senate and the House of Representatives. It met in Washington, D.C., from January 3, 2017, to January ...
, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.
United States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, ...
*
List of current United States House of Representatives committees
There are two main types of congressional committees in the United States House of Representatives, standing committees and select committees. Committee chairs are selected by whichever party is in the majority, and the minority party selects ...
* Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167
Financial Services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...