The United States House Committee on Financial Services (also referred to as the House Banking Committee) 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 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. It is chaired by Spencer Bachus (R-AL) and the ranking Democrat is Barney Frank (D-MA).
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The committee was once known as the Committee on Banking and Currency. The Banking and Currency Committee was created in 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.[1]
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The Financial Services Committee operates with six subcommittees. This is an increase from five subcommittees in the 110th Congress. The former Domestic and International Monetary Policy, Trade, and Technology Subcommitee has been split into two subcommittees.[2] 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]."[3]
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Capital Markets and Government-Sponsored Enterprises | Scott Garrett (R-NJ) | Maxine Waters (D-CA) |
| Financial Institutions and Consumer Credit | Shelley Moore Capito (R-WV) | Carolyn B. Maloney (D-NY) |
| Insurance, Housing and Community Opportunity | Judy Biggert (R-IL) | Luis Gutierrez (D-IL) |
| Domestic Monetary Policy and Technology | Ron Paul (R-TX) | William Clay, Jr. (D-MO) |
| International Monetary Policy and Trade | Gary Miller (R-CA) | Carolyn McCarthy (D-NY) |
| Oversight and Investigations | Randy Neugebauer (R-TX) | Michael Capuano (D-MA) |