House Financial Services Committee
standing
Chamberhouse
Congress119th
Statusactive
FormedDecember 11, 1865
ChairFrench Hill
Chair partyR
Chair sinceJanuary 3, 2025
Ranking memberMaxine Waters
Rm partyD
Rm sinceJanuary 3, 2023
Seats54
Majority 1R
Majority1 seats30
Minority 1D
Minority1 seats24
Websitefinancialservices.house.gov (Republican)
democrats-financialservices.house.gov (Democratic)

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.[1]

It is currently chaired by Republican French Hill from Arkansas, having assumed office in 2025. The ranking member is Democrat Maxine Waters from California, who previously chaired the committee under a Democratic 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[2]

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.[3]

Members, 119th Congress

MajorityMinority

Resolutions electing members: (Chair), (Ranking Member), (R), (D)

Subcommittees

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]."[6] In the 115th Congress, a new subcommittee on Terrorism and Illicit Finance was created, dedicated to disrupting the financing of terrorist organizations.[7]

Current subcommittees

SubcommitteeChair[8]Ranking Member[9]
Capital MarketsAnn Wagner (R-MO)Brad Sherman (D-CA)
Digital Assets, Financial Technology, and Artificial IntelligenceBryan Steil (R-WI)Stephen Lynch (D-MA)
Financial InstitutionsAndy Barr (R-KY)Bill Foster (D-IL)
Housing and InsuranceMike Flood (R-NE)Emanuel Cleaver (D-MO)
National Security, Illicit Finance, and International Financial InstitutionsWarren Davidson (R-OH)Joyce Beatty (D-OH)
Oversight and InvestigationsDan Meuser (R-PA)Al Green (D-TX)

Leadership

Chairs
NamePartyStateStartEnd
Theodore PomeroyRepublicanNew York18651869
James GarfieldRepublicanOhio18691871
Samuel HooperRepublicanMassachusetts18711873
Horace MaynardRepublicanTennessee18731875
Samuel CoxDemocraticNew York18751877
Aylett BucknerDemocraticMissouri18771881
William CrapoRepublicanMassachusetts18811883
Aylett BucknerDemocraticMissouri18831885
Andrew CurtinDemocraticPennsylvania18851887
Beriah WilkinsDemocraticOhio18871889
George DorseyRepublicanNebraska18891891
Henry BaconDemocraticNew York18911893
William SpringerDemocraticIllinois18931895
Joseph WalkerRepublicanMassachusetts18951899
Marriott BrosiusRepublicanPennsylvania18991901
Charles FowlerRepublicanNew Jersey19011909
Edward VreelandRepublicanNew York19091911
Arsène PujoDemocraticLouisiana19111913
Carter GlassDemocraticVirginia19131918
Michael PhelanDemocraticMassachusetts19181919
Edmund PlattRepublicanNew York19191920
Louis McFaddenRepublicanPennsylvania19201931
Henry SteagallDemocraticAlabama19311943
Brent SpenceDemocraticKentucky19431947
Jesse WolcottRepublicanMichigan19471949
Brent SpenceDemocraticKentucky19491953
Jesse WolcottRepublicanMichigan19531955
Brent SpenceDemocraticKentucky19551963
Wright PatmanDemocraticTexas19631975
Henry ReussDemocraticWisconsin19751981
Fernand St. GermainDemocraticRhode Island19811989
Henry GonzalezDemocraticTexas19891995
Jim LeachRepublicanIowa19952001
Mike OxleyRepublicanOhio20012007
Barney FrankDemocraticMassachusetts20072011
Spencer BachusRepublicanAlabama20112013
Jeb HensarlingRepublicanTexas20132019
Maxine WatersDemocraticCalifornia20192023
Patrick McHenryRepublicanNorth Carolina20232025
French HillRepublicanArkansas2025present
Ranking members
NamePartyStateStartEnd
Brent SpenceDemocraticKentucky19471949
Jesse WolcottRepublicanKentucky19491953
Brent SpenceDemocraticKentucky19531955
Jesse WolcottRepublicanKentucky19551957
Henry TalleRepublicanIowa19571959
Clarence KilburnRepublicanNew York19591965
William WidnallRepublicanNew Jersey19651975
Albert JohnsonRepublicanPennsylvania19751977
William StantonRepublicanOhio19771983
Chalmers WylieRepublicanOhio19831993
Jim LeachRepublicanIowa19931995
Henry GonzálezDemocraticTexas19951999
John LaFalceDemocraticNew York19992003
Barney FrankDemocraticMassachusetts20032007
Spencer BachusRepublicanAlabama20072011
Barney FrankDemocraticMassachusetts20112013
Maxine WatersDemocraticCalifornia20132019
Patrick McHenryRepublicanNorth Carolina20192023
Maxine WatersDemocraticCalifornia2023present

Historical membership rosters

118th Congress

MajorityMinority

Resolutions electing members: (Chair), (Ranking Member), (R), (D), (amending rank)

Subcommittees

SubcommitteeChair[10]Ranking Member[11]
Capital MarketsAnn Wagner (R-MO)Brad Sherman (D-CA)
Digital Assets, Financial Technology and InclusionFrench Hill (R-AR)Stephen Lynch (D-MA)
Financial Institutions and Monetary PolicyAndy Barr (R-KY)Bill Foster (D-IL)
Housing and InsuranceWarren Davidson (R-OH)Emanuel Cleaver (D-MO)
National Security, Illicit Finance, and International Financial InstitutionsBlaine Luetkemeyer (R-MO)Joyce Beatty (D-OH)
Oversight and InvestigationsBill Huizenga (R-MI)Al Green (D-TX)

117th Congress

MajorityMinority

Resolutions electing members: (Chair), (Ranking Member), (D), (R), (R), (R)

Subcommittees

SubcommitteeChair[12]Ranking Member[13]
Consumer Protection and Financial InstitutionsEd Perlmutter (D-CO)Blaine Luetkemeyer (R-MO)
Diversity and InclusionJoyce Beatty (D-OH)Ann Wagner (R-MO)
Housing, Community Development and InsuranceEmanuel Cleaver (D-MO)Steve Stivers (R-OH)
Investor Protection, Entrepreneurship and Capital MarketsBrad Sherman (D-CA)Bill Huizenga (R-MI)
National Security, International Development and Monetary PolicyJim Himes (D-CT)French Hill (R-AR)
Oversight and InvestigationsAl Green (D-TX)Andy Barr (R-KY)

116th Congress

MajorityMinority

Sources: (Chair), (Ranking Member), (D), (R), (R), (R)

Subcommittees

SubcommitteeChairRanking Member
Consumer Protection and Financial InstitutionsGregory Meeks (D-NY)Blaine Luetkemeyer (R-MO)
Diversity and InclusionJoyce Beatty (D-OH)Ann Wagner (R-MO)
Housing, Community Development and InsuranceLacy Clay (D-MO)Steve Stivers (R-OH)
Investor Protection, Entrepreneurship and Capital MarketsBrad Sherman (D-CA)Bill Huizenga (R-MI)
National Security, International Development and Monetary PolicyEmanuel Cleaver (D-MO)French Hill (R-AR)
Oversight and InvestigationsAl Green (D-TX)Andy Barr (R-KY)

115th Congress

MajorityMinority

114th Congress

MajorityMinority

Sources: (Chair), (Ranking Member), (R), (D)

113th Congress

MajorityMinority

112th Congress

MajorityMinority

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

111th Congress

MajorityMinority

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

110th Congress

MajorityMinority

109th Congress

MajorityMinority

108th Congress

MajorityMinority

107th Congress

MajorityMinority

93rd Congress

MajorityMinority

See also

Further reading

  • Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167

References

  1. ^ Merle, Renae (January 16, 2019). "Alexandria Ocasio-Cortez vs. Wall Street: Lawmaker wins spot on powerful House committee". The Washington Post. Retrieved June 28, 2022.
  2. ^ "Jurisdiction". financialservices.house.gov. Financial Services Committee. Retrieved February 25, 2021.
  3. ^ "Chapter 5. Records of the Banking and Currency Committees". Guide to the Records of the U.S. House of Representatives at the National Archives, 1789–1989 (Record Group 233). National Archives and Records Administration. Retrieved November 26, 2010.
  4. ^ "Chairman Hill Announces Vice Chair, Subcommittee Chairs, and Other Key Positions of the House Financial Services Committee". January 9, 2025.
  5. ^ "Ranking Member Maxine Waters Announces Congressman Sean Casten as Vice Ranking Member on House Financial Services Committee | U.S. House Committee on Financial Services Democrats". democrats-financialservices.house.gov. March 18, 2025. Retrieved 2025-08-07.
  6. ^ Lehmann, R. J. (2011-01-20). "Insurance gets top billing on new House subcommittee". SNL Financial. Archived 2021-02-25 at the Wayback Machine. Retrieved 2011-01-27.
  7. ^ "Pearce to head committee on terrorism finances". The Arizona Republic. January 9, 2017. Retrieved February 27, 2017.
  8. ^ "Chairman Hill Announces Subcommittee Vice Chairs and Member Assignments of the House Financial Services Committee". financialservices.house.gov. January 14, 2025.
  9. ^ "Ranking Member Maxine Waters Announces Democratic Subcommittee Ranking Members, Subcommittee Membership for House Financial Services Committee". U.S. House Committee on Financial Services Democrats. January 21, 2025. Retrieved February 4, 2025.
  10. ^ "McHenry Announces Financial Services Subcommittee Chairs and Jurisdiction for 118th Congress | Financial Services Committee". financialservices.house.gov. January 12, 2023. Retrieved 2023-01-18.
  11. ^ "Ranking Member Waters Announces Subcommittee Membership for Democratic Caucus on House Financial Services Committee". U.S. House Committee on Financial Services Democrats. 2023-02-01. Retrieved 2023-02-02.
  12. ^ Waters Opening Statement at Committee Organizational Meeting and Markup to Adopt Committee Rules
  13. ^ McHenry Announces Republican Financial Services Subcommittee Assignments