The House Committee on Financial Services was originally formed on December 11th, 1865, as the Banking and Currency Committee, to relieve the House Ways and Means Committee of part of its workload. The Committee’s jurisdiction in the early days included oversight of national banks and bank loans, authorization of bond issues, and investigations of failed state banks. In 1913, the committee crafted the legislation that created the Federal Reserve System. In 1968, the name was officially changed to the House Committee on Financial Services.
The committee currently oversees the regulatory apparatus governing the financial services industry, including the Securities & Exchange Commission, the Federal Reserve, and the Treasury. In addition, the Committee plays a vital role in preserving the state-based regulatory regime governing insurance and is active on cybersecurity issues pertaining to financial institutions.
Today, the Committee is led by Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC). Many of AALU’s Ambassadors have relationships with members of this Committee, including McHenry, and Reps. Bill Foster (D-IL), Tom Emmer (R-MN), and many more.
To keep up with the Committee’s current and future business, follow their hearing schedule here.
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