United States House Committee on Financial Services facts for kids

Quick facts for kids
House Financial Services Committee

Standing committee
Active 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)      Republican (29) Minority (23)      Democratic (23)

The United States House Committee on Financial Services is a special group of lawmakers in the United States House of Representatives. You might also hear it called the House Banking Committee. This committee watches over the entire world of money and finance in the U.S. This includes banks, insurance companies, and even how people buy homes.

This committee also checks on important groups like the Federal Reserve (which manages the country's money), the United States Department of the Treasury (which handles government money), and the U.S. Securities and Exchange Commission (which protects investors). Because it deals with so much money and so many important organizations, it's known as one of the most powerful committees in the House.

Currently, Patrick McHenry, a Republican from North Carolina, leads the committee as its Chair. He started this role in 2023. The main leader from the other party, called the Ranking Member, is Maxine Waters, a Democrat from California. She used to be the Chair when her party had the most members in the House.

What the Committee Does

The Financial Services Committee has many important jobs. It makes sure that the rules for money and finance in the U.S. are fair and work well. Here are some of the main areas it covers:

• Banks and Banking: This includes rules for banks and how your money in the bank is protected. It also covers how the government manages the country's money supply.
• Economic Stability: The committee works to keep the economy steady and strong. This includes looking at prices for goods and services.
• Help for Businesses: It helps decide how the government can give financial support to businesses and industries (but not transportation).
• Insurance: This covers all types of insurance, like car insurance, health insurance, and home insurance.
• International Money: The committee deals with how the U.S. handles money matters with other countries and international financial groups.
• Money and Credit: This includes rules about currency (like dollar bills), coins, and how the value of the dollar is set.
• Housing: It oversees rules for both public and private housing, helping people find places to live.
• Stocks and Trading: This involves rules for buying and selling stocks and other investments.
• City Development: The committee also looks at how cities grow and develop, often with financial support.

Committee History

The committee was first created on December 11, 1865. Back then, it was called the "Banking and Currency Committee." It took over many jobs that another committee, the Ways and Means Committee, used to do. It kept the name "Banking and Currency Committee" until 1968, when it changed to its current name, the House Financial Services Committee.

Members of the 118th Congress

Here are the members of the committee for the 118th Congress (the current group of lawmakers):

Subcommittees

Meeting of the House Financial Services Committee

The Financial Services Committee has six smaller groups called subcommittees. These subcommittees focus on specific parts of the committee's work. For example, the job of overseeing insurance was moved to this committee in 2001. Later, a new subcommittee was created just for insurance, housing, and community opportunities. In recent years, a new subcommittee was also formed to focus on stopping money that goes to terrorist groups.

Current Subcommittees

List of Chairs

Here's a list of the people who have led the committee as Chair over the years:

List of Ranking Members

The Ranking Member is the top leader from the minority party on the committee. Here are the people who have held this role:

See Also

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