U.S. House Financial Services Committee

What Is the U.S. House Financial Services Committee?

The U.S. House Financial Services Committee is the congressional committee responsible for monitoring and composing legislation for the financial services and housing-related industries in the United States. All committee members are chosen members of the U.S. Place of Representatives.

Members of the committee regulate the government's financial aid to industry and commerce, international finance, the insurance industry, securities and exchanges, urban development, and that's only the tip of the iceberg.

There are 60 congressional members on the committee, the majority of whom are conservatives. The current director of the committee is Maxine Waters, a Democrat senator from California. Patrick McHenry, a Republican from North Carolina, is the positioning member of the committee.

Grasping the U.S. House Financial Services Committee

The House Financial Services Committee likewise has oversight north of several important federal departments, like the Department of the Treasury and the U.S. Department of Housing and Urban Development, the Federal Reserve and the U.S. Securities and Exchange Commission. It likewise has oversight over government-sponsored entities (GSEs) like Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

The U.S. government made the committee in 1865 to assume control over liabilities recently held by the Ways and Means Committee. Around then, it was known as the Committee on Banking and Currency. It was renamed the House Financial Services Committee in 1968.

The Committee's Work Today

In 2018, the committee has several issues at the center of its concentration. One is supplanting the [Dodd-Frank Act](/dodd-frank-financial-administrative change bill). This act, endorsed into law by Barack Obama, brought clearing new regulation and oversight to the banking industry in the wake of the financial crisis of 2008. Statements issued by the committee call for the replacement of the bill to lift regulations and make it simpler for Americans to secure home mortgages, begin small organizations and access bank services like free checking.

One more issue that the committee is centered around is carrying more oversight and transparency to the Federal Reserve, the central bank of the United States. The committee has settled and acquainted a bill with this effect, however it has not yet been passed into law.

The committee additionally intends to crack down on misuse of tax dollars, abuse of power and fraud inside all federal programs under its jurisdiction. Toward this end, it has made an accessible way for residents to privately report on any of these things straightforwardly to the committee.

As of late as May 2018, the committee has likewise held hearings zeroed in on fighting money laundering, looking at the current state of vagrancy in America and concentrating on the impact that driverless cars might have on the collision protection industry in the U.S.