Senate Banking Committee
Senate Banking Committee
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency and frequently referred to in the press as the Senate Banking Committee) has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts.[1][2][3]
History
The Committee is one of twenty standing committees in the United States Senate. The Committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act. Senator Owen served as the Committee's inaugural Chairman. As with the House Committee on Financial Services, the Federal Reserve Chair appears twice a year before the Senate Banking Committee to comply with the provisions of the Full Employment and Balanced Growth Act of 1978, or Humphrey-Hawkins bill, to address questions with respect to its report on monetary policy.[4]
Jurisdiction
In accordance of Rule XXV of the United States Senate, all proposed legislation, messages, petitions, memorials, and other matters relating to the following subjects are referred to the Senate Banking Committee:
Banks, banking, and financial institutions;
Control of prices of commodities, rents, and services;
Deposit insurance;
Economic stabilization and defense production;
Export and foreign trade promotion;
Export controls;
Federal monetary policy, including Federal Reserve System;
Financial aid to commerce and industry;
Issuance and redemption of notes;
Money and credit, including currency and coinage;
Nursing home construction;
Public and private housing (including veterans' housing);
Renegotiation of Government contracts; and,
Urban development and urban mass transit.[5]
The Senate Banking Committee is also charged to "study and review, on a comprehensive basis, matters relating to international economic policy as it affects United States monetary affairs, credit, and financial institutions; economic growth, urban affairs, and credit, and report thereon from time to time."[5]
Members, 116th Congress
| Majority | Minority |
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Members, 115th Congress
| Majority | Minority |
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Source[6]
Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Tom Cotton (R-AR) | Catherine Cortez Masto (D-NV) |
| Housing, Transportation, and Community Development | David Perdue (R-GA) | Bob Menendez (D-NJ) |
| Financial Institutions and Consumer Protection | Tim Scott (R-SC) | Elizabeth Warren (D-MA) |
| National Security and International Trade and Finance | Ben Sasse (R-NE) | Mark Warner (D-VA) |
| Securities, Insurance, and Investment | Pat Toomey (R-PA) | Chris Van Hollen (D-MD) |
Chairmen
Committee on Banking and Currency, 1913–1970
| Chairman | Party | State | Years | |
|---|---|---|---|---|
| Robert L. Owen | Democratic | Oklahoma | 1913–1919 | |
| George P. McLean | Republican | Connecticut | 1919–1927 | |
| Peter Norbeck | Republican | South Dakota | 1927–1933 | |
| Duncan U. Fletcher | Democratic | Florida | 1933–1936 | |
| Robert F. Wagner | Democratic | New York | 1936–1947 | |
| Charles W. Tobey | Republican | New Hampshire | 1947–1949 | |
| Burnet R. Maybank | Democratic | South Carolina | 1949–1953 | |
| Homer Capehart | Republican | Indiana | 1953–1955 | |
| J. William Fulbright | Democratic | Arkansas | 1955–1959 | |
| A. Willis Robertson | Democratic | Virginia | 1959–1966 | |
| John J. Sparkman | Democratic | Alabama | 1966–1970 | |
Committee on Banking, Housing, and Urban Affairs, 1970–present
| Chairman | Party | State | Years | |
|---|---|---|---|---|
| John J. Sparkman | Democratic | Alabama | 1970–1975 | |
| William Proxmire | Democratic | Wisconsin | 1975–1981 | |
| Jake Garn | Republican | Utah | 1981–1987 | |
| William Proxmire | Democratic | Wisconsin | 1987–1989 | |
| Donald Riegle | Democratic | Michigan | 1989–1995 | |
| Alfonse D'Amato | Republican | New York | 1995–1999 | |
| Phil Gramm | Republican | Texas | 1999–2001 | |
| Paul Sarbanes | Democratic | Maryland | 2001 | |
| Phil Gramm | Republican | Texas | 2001 | |
| Paul Sarbanes | Democratic | Maryland | 2001–2003 | |
| Richard Shelby | Republican | Alabama | 2003–2007 | |
| Chris Dodd | Democratic | Connecticut | 2007–2011 | |
| Tim Johnson | Democratic | South Dakota | 2011–2015 | |
| Richard Shelby | Republican | Alabama | 2015-2017 | |
| Mike Crapo | Republican | Idaho | 2017–present | |
See also
List of current United States Senate committees
United States House Committee on Financial Services
Pecora Commission, the commission established to investigate the causes of the Wall Street Crash of 1929