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United States House Committee on Financial Services facts for kids

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House Financial Services Committee
Standing committee
Active
Seal of the United States House of Representatives.svg
United States House of Representatives
118th Congress
History
Formed December 11, 1865
Leadership
Chair Patrick McHenry (R)
Since January 3, 2023
Ranking member Maxine Waters (D)
Since January 3, 2023
Vice chair French Hill (R)
Since January 3, 2023
Structure
Seats 52
Political parties Majority (29) Minority (23)

The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, 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 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.

The House Committee on Financial Services is considered to be one of the House's most powerful committees.

It is currently chaired by Republican Patrick McHenry from North Carolina, having assumed office in 2023. He previously served as the committee's Ranking Member. The Ranking Member is Democrat Maxine Waters from California, who previously chaired the committee under a Democrat majority in the House.

Jurisdiction

Under the rules of the 113th Congress, the Financial Services Committee's jurisdiction includes:

  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

History

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.

Members, 118th Congress

Majority Minority
  • Patrick McHenry, North Carolina, Chair
  • 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

Resolutions electing members: H.Res. 14 (Chair), H.Res. 15 (Ranking Member), H.Res. 56 (R), H.Res. 57 (D), H.Res. 71 (amending rank)

Subcommittees

US House Committee
Meeting of the House Financial Services Committee

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.

Current subcommittees

Subcommittee Chair Ranking Member
Capital Markets Ann Wagner (R-MO) Brad Sherman (D-CA)
Digital Assets, Financial Technology and Inclusion French Hill (R-AR) Stephen Lynch (D-MA)
Financial Institutions and Monetary Policy Andy Barr (R-KY) Bill Foster (D-IL)
Housing and Insurance Warren Davidson (R-OH) Emanuel Cleaver (D-MO)
National Security, Illicit Finance, and International Financial Institutions Blaine Luetkemeyer (R-MO) Joyce Beatty (D-OH)
Oversight and Investigations Bill Huizenga (R-MI) Al Green (D-TX)

List of chairs

Chairman Party State Years
Theodore M. Pomeroy Republican New York 1865–1869
James A. Garfield Republican Ohio 1869–1871
Samuel Hooper Republican Massachusetts 1871–1873
Horace Maynard Republican Tennessee 1873–1875
Samuel S. Cox Democratic New York 1875–1877
Aylett Hawes Buckner Democratic Missouri 1877–1881
William W. Crapo Republican Massachusetts 1881–1883
Aylett Hawes Buckner Democratic Missouri 1883–1885
Andrew Gregg Curtin Democratic Pennsylvania 1885–1887
Beriah Wilkins Democratic Ohio 1887–1889
George W. E. Dorsey Republican Nebraska 1889–1891
Henry Bacon Democratic New York 1891–1893
William McK. Springer Democratic Illinois 1893–1895
Joseph H. Walker Republican Massachusetts 1895–1899
Marriott Henry Brosius Republican Pennsylvania 1899–1901
Charles N. Fowler Republican New Jersey 1901–1909
Edward B. Vreeland Republican New York 1909–1911
Arsène Pujo Democratic Louisiana 1911–1913
Carter Glass Democratic Virginia 1913–1918
Michael Francis Phelan Democratic Massachusetts 1918–1919
Edmund Platt Republican New York 1919–1920
Louis Thomas McFadden Republican Pennsylvania 1920–1931
Henry B. Steagall Democratic Alabama 1931–1943
Brent Spence Democratic Kentucky 1943–1947
Jesse P. Wolcott Republican Michigan 1947–1949
Brent Spence Democratic Kentucky 1949–1953
Jesse P. Wolcott Republican Michigan 1953–1955
Brent Spence Democratic Kentucky 1955–1963
Wright Patman Democratic Texas 1963–1975
Henry S. Reuss Democratic Wisconsin 1975–1981
Fernand St. Germain Democratic Rhode Island 1981–1989
Henry B. Gonzalez Democratic Texas 1989–1995
Jim Leach Republican Iowa 1995–2001
Mike Oxley Republican Ohio 2001–2007
Barney Frank Democratic Massachusetts 2007–2011
Spencer Bachus Republican Alabama 2011–2013
Jeb Hensarling Republican Texas 2013–2019
Maxine Waters Democratic California 2019–2023
Patrick McHenry Republican North Carolina 2023–present

List of ranking members

Chairman Party State Years
Jim Leach Republican Iowa 1992–1995
Henry B. González Democratic Texas 1995–1999
John LaFalce Democratic New York 1999–2003
Barney Frank Democratic Massachusetts 2003–2007
Spencer Bachus Republican Alabama 2007–2011
Barney Frank Democratic Massachusetts 2011–2013
Maxine Waters Democratic California 2013–2019
Patrick McHenry Republican North Carolina 2019–2023
Maxine Waters Democratic California 2023–present

Historical membership rosters

117th Congress

Majority Minority
  • Patrick McHenry, North Carolina, Ranking Member
  • Frank Lucas, Oklahoma
  • Pete Sessions, Texas (from June 30, 2021)
  • Bill Posey, Florida
  • Blaine Luetkemeyer, Missouri
  • Bill Huizenga, Michigan
  • Ann Wagner, Missouri, Vice Ranking Member
  • Andy Barr, Kentucky
  • Roger Williams, Texas
  • French Hill, Arkansas
  • Tom Emmer, Minnesota
  • Lee Zeldin, New York
  • Barry Loudermilk, Georgia
  • Alex Mooney, West Virginia
  • Warren Davidson, Ohio
  • Ted Budd, North Carolina
  • David Kustoff, Tennessee
  • Trey Hollingsworth, Indiana
  • Anthony Gonzalez, Ohio
  • John Rose, Tennessee
  • Bryan Steil, Wisconsin
  • Lance Gooden, Texas
  • William Timmons, South Carolina
  • Van Taylor, Texas
  • Ralph Norman, South Carolina (from June 8, 2022)

Resolutions electing members: H.Res. 9 (Chair), H.Res. 10 (Ranking Member), H.Res. 62 (D), H.Res. 63 (R), H.Res. 511 (R), H.Res. 1159 (R)

Subcommittees
Subcommittee Chair Ranking Member
Consumer Protection and Financial Institutions Ed Perlmutter (D-CO) Blaine Luetkemeyer (R-MO)
Diversity and Inclusion Joyce Beatty (D-OH) Ann Wagner (R-MO)
Housing, Community Development and Insurance Emanuel Cleaver (D-MO) Steve Stivers (R-OH)
Investor Protection, Entrepreneurship and Capital Markets Brad Sherman (D-CA) Bill Huizenga (R-MI)
National Security, International Development and Monetary Policy Jim Himes (D-CT) French Hill (R-AR)
Oversight and Investigations Al Green (D-TX) Andy Barr (R-KY)

116th Congress

Majority Minority
  • Patrick McHenry, North Carolina, Ranking Member
  • Frank Lucas, Oklahoma
  • Bill Posey, Florida
  • Blaine Luetkemeyer, Missouri
  • Bill Huizenga, Michigan
  • Steve Stivers, Ohio
  • Ann Wagner, Missouri, Vice Ranking Member
  • Andy Barr, Kentucky
  • Scott Tipton, Colorado
  • Roger Williams, Texas
  • French Hill, Arkansas
  • Tom Emmer, Minnesota
  • Lee Zeldin, New York
  • Barry Loudermilk, Georgia
  • Alex Mooney, West Virginia
  • Warren Davidson, Ohio
  • Ted Budd, North Carolina
  • David Kustoff, Tennessee
  • Trey Hollingsworth, Indiana
  • Anthony Gonzalez, Ohio
  • John Rose, Tennessee
  • Bryan Steil, Wisconsin
  • Lance Gooden, Texas
  • Denver Riggleman, Virginia
  • William Timmons, South Carolina (since September 26, 2019)
  • Van Taylor, Texas (since January 16, 2020)

Sources: H.Res. 7 (Chair), H.Res. 8 (Ranking Member), H.Res. 57 (D), H.Res. 68 (R), H.Res. 596 (R), H.Res. 801 (R)

Subcommittees
Subcommittee Chair Ranking Member
Consumer Protection and Financial Institutions Gregory Meeks (D-NY) Blaine Luetkemeyer (R-MO)
Diversity and Inclusion Joyce Beatty (D-OH) Ann Wagner (R-MO)
Housing, Community Development and Insurance Lacy Clay (D-MO) Steve Stivers (R-OH)
Investor Protection, Entrepreneurship and Capital Markets Brad Sherman (D-CA) Bill Huizenga (R-MI)
National Security, International Development and Monetary Policy Emanuel Cleaver (D-MO) French Hill (R-AR)
Oversight and Investigations Al Green (D-TX) Andy Barr (R-KY)

115th Congress

Majority Minority
  • Jeb Hensarling, Texas, Chair
  • Peter King, New York
  • Ed Royce, California
  • Frank Lucas, Oklahoma
  • Patrick McHenry, North Carolina
  • Steve Pearce, New Mexico
  • Bill Posey, Florida
  • Blaine Luetkemeyer, Missouri
  • Bill Huizenga, Michigan
  • Sean Duffy, Wisconsin
  • Steve Stivers, Ohio
  • Randy Hultgren, Illinois
  • Dennis Ross, Florida
  • Robert Pittenger, North Carolina
  • Ann Wagner, Missouri
  • Andy Barr, Kentucky
  • Keith Rothfus, Pennsylvania
  • Luke Messer, Indiana
  • Scott Tipton, Colorado
  • Roger Williams, Texas
  • Bruce Poliquin, Maine
  • Mia Love, Utah
  • French Hill, Arkansas
  • Tom Emmer, Minnesota
  • Lee Zeldin, New York
  • Dave Trott, Michigan
  • Barry Loudermilk, Georgia
  • Alex Mooney, West Virginia
  • Tom MacArthur, New Jersey
  • Warren Davidson, Ohio
  • Ted Budd, North Carolina
  • David Kustoff, Tennessee
  • Claudia Tenney, New York
  • Trey Hollingsworth, Indiana

114th Congress

Majority Minority
  • Jeb Hensarling, Texas, Chairman
  • Peter King, New York
  • Ed Royce, California
  • Frank Lucas, Oklahoma
  • Scott Garrett, New Jersey
  • Randy Neugebauer, Texas
  • Patrick McHenry, North Carolina
  • Steve Pearce, New Mexico
  • Bill Posey, Florida
  • Mike Fitzpatrick, Pennsylvania
  • Lynn Westmoreland, Georgia
  • Blaine Luetkemeyer, Missouri
  • Bill Huizenga, Michigan
  • Sean Duffy, Wisconsin
  • Robert Hurt, Virginia
  • Steve Stivers, Ohio
  • Stephen Fincher, Tennessee
  • Marlin Stutzman, Indiana
  • Mick Mulvaney, South Carolina
  • Randy Hultgren, Illinois
  • Dennis Ross, Florida
  • Robert Pittenger, North Carolina
  • Ann Wagner, Missouri
  • Andy Barr, Kentucky
  • Keith Rothfus, Pennsylvania
  • Luke Messer, Indiana
  • David Schweikert, Arizona
  • Bob Dold, Illinois
  • Frank Guinta, New Hampshire
  • Scott Tipton, Colorado
  • Roger Williams, Texas
  • Bruce Poliquin, Maine
  • Mia Love, Utah
  • French Hill, Arkansas

Sources: H.Res. 6 (Chair), H.Res. 7 (Ranking Member), H.Res. 29 (R), H.Res. 45 (D)

113th Congress

Majority Minority

112th Congress

Majority Minority

Source: https://financialservices.house.gov/uploadedfiles/113th_congress_membership.pdf

111th Congress

Majority Minority

Source: https://financialservices.house.gov/uploadedfiles/111thmembers.pdf

110th Congress

Majority Minority

109th Congress

Majority Minority

108th Congress

Majority Minority
  • Mike Oxley, Ohio, Chair
  • Jim Leach, Iowa
  • Richard Baker, Louisiana
  • Spencer Bachus, Alabama
  • Mike Castle, Delaware
  • Peter King, New York
  • Ed Royce, California
  • Frank Lucas, Oklahoma
  • Bob Ney, Ohio
  • Sue Kelly, New York, Vice Chair
  • Ron Paul, Texas
  • Paul Gillmor, Ohio
  • Jim Ryun, Kansas
  • Steve LaTourette, Ohio
  • Don Manzullo, Illinois
  • Walter B. Jones Jr., North Carolina
  • Doug Ose, California
  • Judy Biggert, IIllinois
  • Mark Green, Wisconsin
  • Pat Toomey, Pennsylvania
  • Chris Shays, Connecticut
  • John Shadegg, Arizona
  • Vito Fossella, New York
  • Gary Miller, California
  • Pat Tiberi, Ohio
  • Mark Kennedy, Minnesota
  • Tom Feeney, Florida
  • Jeb Hensarling, Texas
  • Scott Garrett, New Jersey
  • Tim Murphy, Pennsylvania
  • Ginny Brown-Waite, Florida
  • Gresham Barrett, South Carolina
  • Katherine Harris, Florida
  • Rick Renzi, Arizona
  • Jim Gerlach, Pennsylvania

107th Congress

Majority Minority

93rd Congress

Majority Minority
  • Wright Patman, Texas, Chair
  • Leonor Sullivan, Missouri
  • Henry Reuss, Wisconsin
  • Thomas Ashley, Ohio
  • William Moorhead, Pennsylvania
  • Robert Stephens, Georgia
  • Fernand St. Germain, Rhode Island
  • Henry Gonzalez, Texas
  • Joseph Minish, New Jersey
  • Richard Hanna, California
  • Tom Gettys, South Carolina
  • Frank Annunzio, Illinois
  • Thomas Rees, California
  • James Hanley, New York
  • Frank Brasco, New York
  • Edward Koch, New York
  • William Cotter, Connecticut
  • Parren Mitchell, Maryland
  • Walter Fauntroy, District of Columbia
  • Andrew Young, Georgia
  • John Moakley, Massachusetts
  • Pete Stark, California
  • Lindy Boggs, Louisiana
  • William Widnall, New Jersey
  • Albert W. Johnson, Pennsylvania
  • William Stanton, Ohio
  • Benjamin Blackburn, Georgia
  • Garry E. Brown, Michigan
  • Lawrence G. Williams, Pennsylvania
  • Chalmers Wylie, Ohio
  • Margaret Heckler, Massachusetts
  • Phil Crane, Illinois
  • John Rousselot, California
  • Stewart McKinney, Connecticut
  • Bill Frenzel, Minnesota
  • Angelo Roncallo, New York
  • John Bertrand Conlan, Arizona
  • Clair Burgener, California
  • Matthew Rinaldo, New Jersey

See also

Kids robot.svg In Spanish: United States House Committee on Financial Services para niños

  • United States Senate Committee on Banking, Housing, and Urban Affairs
  • List of current United States House of Representatives committees
  • Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167
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