Definition
The United States House Committee on Financial Services 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 and the ranking Democrat is Maxine Waters.
U.S. House Financial Services Committee
What is ‘U.S. House Financial Services Committee’
The congressional committee responsible for monitoring, writing legislation and enforcing existing laws that affect the financial services and housing-related industries in the U.S. Committee members – who are elected members of the U.S. House of Representatives – oversee all businesses and organizations involved in securities, insurance, banking, housing and real estate.
It also has oversight for several federal departments, agencies, government-sponsored enterprises (GSEs) and internationally-affiliated organizations including: Fannie Mae (Federal National Mortgage Association), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Bank, Freddie Mac (Federal Home Loan Mortgage Corporation), International Monetary Fund and the U.S. Department of Housing and Urban Development.
Explaining ‘U.S. House Financial Services Committee’
The U.S. House Financial Services Committee was formed in 1865 and was originally known as the Committee on Banking and Currency. Its Senate counterpart is the U.S. Senate Committee on Banking, Housing & Urban Affairs. There are 70 congressional members on the House Committee – the majority of members are from the current party holding the majority in the U.S. House of Representatives.
Further Reading
- Interest-group competition and the organization of congress: theory and evidence from financial services' political action committees – www.jstor.org [PDF]
- Can special interests buy congressional votes? Evidence from financial services legislation – www.journals.uchicago.edu [PDF]
- Capital market reactions to the passage of the Financial Services Modernization Act of 1999 – www.sciencedirect.com [PDF]
- Was there a US house price bubble? An econometric analysis using national and regional panel data – www.sciencedirect.com [PDF]
- Credit rating agencies in capital markets: A review of research evidence on selected criticisms of the agencies – journals.sagepub.com [PDF]
- Completing the single market in financial services: the politics of competing advocacy coalitions – www.tandfonline.com [PDF]
- Supporting social enterprises to support vulnerable consumers: the example of community development finance institutions and financial exclusion – link.springer.com [PDF]
- The changing landscape of the financial services industry: What lies ahead? – papers.ssrn.com [PDF]
- The democratization of finance? Promises, outcomes and conditions – www.tandfonline.com [PDF]
