Committee on Financial Services
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 Jeb Hensarling (R-TX) and the ranking Democrat is Maxine Waters (D-CA).
The committee was once known as the Committee on Banking and Currency. The Banking and Currency Committee was created on December 11, 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.
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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. 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]." In the 115th Congress, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.
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