What Is the U.S. House Financial Services 💜Cಞommittee?

The U.S. House Financial Services Committee is the congressional committee responsible for monitoring and writing legi൲slation for the financial services and housing-related industries in the United States. All♏ committee members are elected members of the U.S. House of Representatives.

Members of the committee oversee the government’s financial aid to industry and commerce, international finance, the insurance industry, securi💎ties and exchanges, urban development, and more.

In 2024 (118th Congress), there were 51 congressional members on the committee. The chair of the committee was Patrick McHenry, a Republican from North Carolina, and Maxine Waters was the ♔ranking member of the committee.

Understanding the U.S. Hou♑se Fܫinancial Services Committee

The House Financial Services Committee oversees several important federal departments, such as the 澳洲幸运5官方开奖结果体彩网:Department of the Treasury, the U.S. Department of Housing and Urban Development, the Federal Reserve, and the U.S. Securities and Exchange Commission. It also oversees 澳洲幸运5官方开奖结果体彩网:government-sponsored entities (GSEs) such as Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

The U.S. government created the committee in 1865 to take over responsibilities previously held by the Ways and Means Committee. At that time, it was known as the Committee on Banking and Currency. It was renamed the House Financial Services Committee in 1968.

The Committee’s Work Today

An issue continuously highlighted across the U.S. is the availability and affordability of housing to people in lower-income or financially distressed communities. The Community Deᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚvelopment Fಌinancial Institutions (CDFI) Fund was created to assist financially needy communities. According to the Committee, the Fund has more than $300 billion in total assets, but there is not enough transparency and accountability regarding how these assets are used in the communities for which they were allocated. Additionally, the Committee has pushed to eliminate barriers created by discriminatory land use policies in many areas.

Large financial institutions with political ties have been bailed out too often. Many bailouts occurred during and after the Great Financial Crisis. In 2023, 澳洲幸运5官方开奖结果体彩网:Silicon Valley Bank and Signature Bank collapsed after questionable investing practices led to thousands of businesses being locked out of their payroll accounts. Also, wealthy investors with uninsured deposits at these banks incited a panic and inf🀅luenced the Federal Reserve, the Treasury, and the Federal Deposit Insurance Corporation to cover their losses usin🐷g what is known as the systemic risk exception.

The Committee has pushed for an analysis and Congressional reporting for any exceptions granted in an attempt to provide more transparency and limit the exceptions granted.

Other issues the Committee has lobbied for action on are:

• 澳洲幸运5官方开奖结果体彩网:Stablecoin issues
• Credit card fee fair practices
• Sanctions on Iran and China
• Counterterrorism
• Retirement savings
• Small Business protections
• Investor protections
  

The Bottom Line

The House Financial Services Committee is an essential part of financial oversight, as it oversees the work of financial services and housing industry regulators.