House Financial Services Committee
| House Financial Services Committee | |
| |
| Founded | 1865 |
|---|---|
| Headquarters | Washington, D.C. |
| Products | Oversees U.S. Housing And Financial Services Sectors |
| Web site | financialservices.house.gov |
The House Financial Services Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities.
The Committee reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act]], the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.[1]
The Committee held a hearing on January 5, 2009 to examine the $50 billion Ponzi scheme allegedly run by money manager Bernard Madoff.[2]
More recently, in May 2021, the Committee looked into stock market volatility related to the run-up of GameStop Corp. shares and the collapse of Archegos Capital Management. SEC Chairman Gary Gensler testified before the Committee on May 6, 2021. Among his prepared comments, Gensler stated that applications that "gamify" trading by small investors can result in poor outcomes. He suggested regulators may need to "freshen up" their rule set given changes in how retail investors access trading. [3]
History[edit]
The committee was once known as the Committee on Banking and Currency. The Banking and Currency Committee was created in 1865 to relieve the Ways and Means Committee of part of its workload. Its jurisdiction included the chartering and oversight of national banks; the issue of national bank loans; the issue, taxation, and redemption of national bank notes; and the authorization of bond issues. It was responsible for legislation involving the deposit of public moneys, strengthening the public credit, monetary parity, and the issuance of silver certificates as currency. The investigation of the failure of state banks and the affairs of the Freedman's Savings and Trust Company were also part of its jurisdiction.
Key People[edit]
- Maxine Waters, California, Chairwoman
Resources[edit]
References[edit]
- ↑ Who We Are. House Committee On Financial Services.
- ↑ Madoff Hearing Set as House Weighs Regulatory Changes. Bloomberg.
- ↑ GameStop Frenzy, Archegos Meltdown May Prompt New SEC Rules, Chairman Says. WSJ.com.