Summary
The Committee on Financial Services, also referred to as the House Banking Committee, 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.
Senate counterpart: Committee on Banking, Housing, and Urban Affairs
Subcommittees:
- Capital Markets
- Digital Assets, Financial Technology and Inclusion
- Financial Institutions and Monetary Policy
- Housing and Insurance
- National Security, Illicit Finance, and International Financial Institutions
Chair: Patrick McHenry, North Carolina (R)
Ranking Member: Maxine Waters, California (D)
Majority Staff Director: Matt Hoffmann
Minority Staff Director: Charla Ouertatani
Meeting Location: 2129 Rayburn House Office Building Washington, DC 20515
(202) 225-7502
Featured Video:
The Promises and Perils of Central Bank Digital Currencies – July 28, 2021
OnAir Post: Financial Services Committee
News
Press Releases and news can be found here at the committee website.
House Committee on Financial Services, – October 15, 2021
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at a Subcommittee on Housing, Community Development and Insurance virtual hearing entitled, “Zoned Out: Examining the Impact of Exclusionary Zoning on People, Resources, and Opportunity.”
Thank you very much, Mr. Chairman for holding this hearing. It’s very important. In America today, our zip code preordains our access to jobs, homeownership, affordable rents, and a child’s access to quality education. It began with enslaving and later segregating my ancestors, stripping our Indigenous brothers and sisters from their land, redlining people of color out of homeownership, and it continues today with restrictive and exclusionary zoning policies. Communities across this country continue to use zoning and local control as a dog whistle to preserve racial residential segregation that contributes to the undersupply of housing. We must ensure every family in America has access to the communities of their choice. So, I look forward to our expert witnesses for their testimony today. Again, I thank you for holding this hearing.
Novogradac – September 14, 2021
The U.S. House of Representatives Financial Services Committee today voted to approve legislation that drives $322 billion to housing and community development resources. The committee’s budget amendment includes $80 billion to build, preserve or retrofit more than 3 million affordable housing units, with $37 billion for the National Housing Trust Fund, $35 billion for the HOME program and $10 billion for the Capital Magnet Fund. The bill includes $90 billion in rental assistance to low-income renters, including $75 billion for hundreds of thousands of Housing Choice vouchers, with $25 billion of those funds aimed at helping those who have experienced or are at risk of experiencing homelessness. Eighty billion dollars is aimed at addressing public housing capital backlog. The legislation provides $8.5 billion for Community Development Block Grant (CDBG) funding, including targeted funding for colonias and manufactured housing communities. The bill includes $10 billion in first-time, first-generation homebuyer down payment assistance. The bill provides $2 billion for the Indian Housing Block Grant Program and $9.64 billion for a housing investment fund.
About
Jurisdiction
Clause 1(h) of rule X of the Rules of the House of Representatives for the 113th Congress sets forth the jurisdiction of the Committee on Financial Services as follows –
(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.
Source: Committee website
Members
Republican Members (Majority)
Chair: Patrick McHenry, North Carolina
Frank Lucas, Oklahoma
Pete Sessions, Texas
Bill Posey, Florida
Blaine Luetkemeyer, Missouri
Bill Huizenga, Michigan
Ann Wagner, Missouri
Andy Barr, Kentucky
Roger Williams, Texas
French Hill, Arkansas, Vice Chair
Tom Emmer, Minnesota
Barry Loudermilk, Georgia
Alex Mooney, West Virginia
Warren Davidson, Ohio
John Rose, Tennessee
Bryan Steil, Wisconsin
William Timmons, South Carolina
Ralph Norman, South Carolina
Dan Meuser, Pennsylvania
Young Kim, California
Byron Donalds, Florida
Andrew Garbarino, New York
Scott L. Fitzgerald, Wisconsin
Mike Flood, Nebraska
Mike Lawler, New York
Monica De La Cruz, Texas
Andy Ogles, Tennessee
Erin Houchin, Indiana
Zach Nunn, Iowa
Democratic Members (Minority)
Ranking Member: Maxine Waters, California
Nydia Velázquez, New York
Brad Sherman, California
Gregory Meeks, New York
David Scott, Georgia
Stephen Lynch, Massachusetts
Al Green, Texas
Emanuel Cleaver, Missouri
Jim Himes, Connecticut
Bill Foster, Illinois
Joyce Beatty, Ohio
Juan Vargas, California
Josh Gottheimer, New Jersey
Vicente Gonzalez, Texas
Sean Casten, Illinois
Ayanna Pressley, Massachusetts
Steven Horsford, Nevada
Rashida Tlaib, Michigan
Ritchie Torres, New York
Sylvia Garcia, Texas
Nikema Williams, Georgia
Wiley Nickel, North Carolina
Brittany Pettersen, Colorado
Contact
Email: Financial Services Committee
Locations
U.S. House Committee on Financial Services Democrats
2129 Rayburn House Office Building
Washington, DC 20515
Phone: (202) 225-4247
Fax: 202) 225-6952
Web Links
- Government Site
- House Telephone Directory
- Senate Committee on Banking, Housing, and Urban Affairs
- OnAir Post: Financial Services Committee
- Chair, Patrick McHenry
- Ranking Member, Maxine Waters
- Wikipedia
- YouTube
Legislation
Markups
Source: Committee website
Hearings
Source: Committee website
Subcommittees
Capital Markets
Source: Wikipedia
Jurisdiction
The subcommittee reviews laws and programs related to the U.S. capital markets, the securities industry, and government-sponsored enterprises, such as Fannie Mae and Freddie Mac. It also oversees the Securities and Exchange Commission and self-regulatory organizations, such as the New York Stock Exchange and the Financial Industry Regulatory Authority, that police the securities markets.
In 2001 the jurisdiction over insurance was transferred to the then-House Banking and Financial Services Committee from the House Energy and Commerce Committee. Since that time it has 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].”
Republican Members (Majority)
Chair: Ann Wagner, Missouri
Frank Lucas, Oklahoma
Pete Sessions, Texas
Bill Huizenga, Michigan
French Hill, Arkansas
Tom Emmer, Minnesota
Alex Mooney, West Virginia
Bryan Steil, Wisconsin
Dan Meuser, Pennsylvania
Andrew Garbarino, New York, Vice Chair
Mike Lawler, New York
Zach Nunn, Iowa
Erin Houchin, Indiana
Democratic Members (Minority)
Ranking Member: Brad Sherman, California,
Gregory Meeks, New York
David Scott, Georgia
Juan Vargas, California
Josh Gottheimer, New Jersey
Vicente Gonzalez, Texas
Sean Casten, Illinois
Wiley Nickel, California
Stephen Lynch, Massachusetts
Emanuel Cleaver, Missouri
Digital Assets, Financial Technology and Inclusion
Source: Wikipedia
Jurisdiction
The jurisdiction of the Subcommittee on Diversity and Inclusion (117th Congress) includes —
- all matters related to diversity and inclusion within all the agencies, departments, programs, and entities within the jurisdiction of the committee, including workforce diversity and inclusion, external or customer diversity and inclusion, and supplier diversity;
- the Offices of Minority and Women Inclusion within the federal financial agencies
- methods, initiatives, and measures to promote financial and economic inclusion for all consumers.
Republican Members (Majority)
Chair: French Hill, Arkansas
Frank D. Lucas, Oklahoma
Tom Emmer, Minnesota
Warren Davidson, Vice Chairman
John Rose, Tennessee
Bryan Steil, Wisconsin
William Timmons, South Carolina
Byron Donalds, Florida
Mike Flood, Nebraska
Erin Houchin, Indiana
Democratic Members (Minority)
Ranking Member: Stephen F. Lynch, Massachusetts
Bill Foster, Illinois
Josh Gottheimer, New Jersey
Ritchie Torres, New York
Brad Sherman, California
Al Green, Texas
Sean Casten, Illinois
Wiley Nickel, North Carolina
Financial Institutions and Monetary Policy Digital Assets, Financial Technology and Inclusion
Source: Wikipedia
Jurisdiction
The subcommittee oversees all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, all matters pertaining to consumer credit including the Consumer Credit Protection Act and access to financial services, as well as the safety and soundness of the banking system.
Republican Members (Majority)
Chair: Andy Barr, Kentucky
Bill Posey, Florida
Blaine Luetkemeyer, Missouri
Roger Williams, Texas
Barry Loudermilk, Georgia, Vice Chair
John Rose, Tennessee
William Timmons, South Carolina
John Rose, Tennessee
Ralph Norman, South Carolina
Scott L. Fitzgerald, Wisconsin
Young Kim, California
Byron Donalds, Florida
Monica De La Cruz, Texas
Andy Ogles, Tennessee
Democratic Members (Minority)
Ranking Member: Bill Foster, Illinois
Nydia Velázquez, New York
Brad Sherman, California
Gregory Meeks, New York
David Scott, Georgia
Al Green, Texas
Joyce Beatty, Ohio
Juan Vargas, California
Sean Casten, Illinois
Ayanna Pressley, Massachusetts
Housing and Insurance
Source: Wikipedia
Jurisdiction
The Housing, Community Development and Insurance subcommittee oversees the U.S. Department of Housing and Urban Development and Ginnie Mae. The subcommittee also handles matters related to public, affordable, and rural housing, as well as community development including Empowerment Zones, and government-sponsored insurance programs, such as the National Flood Insurance Program. 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].
Republican Members (Majority)
Chair: Warren Davidson, Ohio
Bill Posey, Florida
Blaine Luetkemeyer, Missouri
Ralph Norman, South Carolina
Scott Fitzgerald, Wisconsin
Andrew Garbarino, New York
Mike Flood, Nebraska
Mike Lawler, New York
Monica De La Cruz, Texas, Vice Chairwoman
Erin Houchin, Indiana
Democratic Members (Minority)
Ranking Member: Emanuel Cleaver, II, Missouri
Nydia M. Velázquez, New York
Rashida Tlaib, Michigan
Ritchie Torres, New York
Ayanna Pressley, Massachusetts
Sylvia Garcia, Texas
Nikema Williams, Georgia
Steven Horsford, Nevada
Brittany Pettersen, Colorado
National Security, Illicit Finance, and International Financial Institutions
Source: Wikipedia
Jurisdiction
The subcommittee’s jurisdiction includes domestic monetary policy, and agencies which directly or indirectly affect domestic monetary policy; multilateral development institutions such as the World Bank; coins and currency, including operations of the United States Mint and the Bureau of Engraving and Printing; and international trade and finance including all matters pertaining to the International Monetary Fund and the Export-Import Bank of the United States.
Republican Members (Majority)
Chair: Blaine Luetkemeyer, Missouri
Andy Barr, Kentucky
Roger Williams, Texas
Barry Loudermilk, Georgia
Dan Meuser, Pennsylvania
Young Kim, California, Vice Chairwoman
Zach Nunn, Iowa
Monica De La Cruz, Texas
Andy Ogles, Tennessee
Democratic Members (Minority)
Ranking Member:
Joyce Beatty, Ohio
Vicente Gonzalez, Texas
Wiley Nickel, North Carolina
Brittany Pettersen, Colorado
Bill Foster, Illinois
Juan Vargas, California
Josh Gottheimer, New Jersey
Oversight and Investigations
Source: Wikipedia
Jurisdiction
The Subcommittee conducts oversight of the agencies, departments, and programs under the Committee’s jurisdiction. The Subcommittee also conducts investigations on any matter within the jurisdiction of the Committee, and evaluates the need for any legislative changes to the laws and programs within this jurisdiction.
Republican Members (Majority)
Chair: Bill Huizenga, Michigan
Pete Sessions, Texas
Ann Wagner, Missouri
Alexander X. Mooney, West Virginia
John Rose, Tennessee, Vice Chairman
Dan Meuser, Pennsylvania
Andy Ogles, Tennessee
Democratic Members (Minority)
Ranking Member: Al Green, Texas
Steven Horsford, Nevada
Rashida Tlaib, Michigan
Sylvia Garcia, Texas
Nikema Williams, Georgia
More Information
Agencies and Other Resources
Source: Committee website
Forums
Source: Committee website
Throughout the 113th Congress, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, organized panel discussions on housing finance reform, TRIA, debt ceiling brinksmanship, and the Export-Import Bank. At these forums, a diverse group of experts provided presentations on each issue, engaged on and in discussion with one another, and took questions from the audience. These events were open to the public and many Democratic Members attended and were able to learn about issues not addressed by the full committee.
Campaign Finance
Source: Open Secrets webpages
