What Is the United States House Committee on Financial Services (HFSC)?
The United States House Committee on Financial Services (HFSC) is a committee within the United States House of Representatives.
It holds jurisdiction over securities, commodities, banking, and insurance matters.
U.S. House Financial Service Committee | Source: Investopedia
The HFSC was initially established on December 7, 1865, as a select committee and was later expanded to become a standing committee in 1891.
It was originally known as the Committee on Banking and Currency until 1968, when it adopted its current name.
Power and Structure
The Committee on Financial Services significantly influences the United States House of Representatives.
The current chairperson is Democrat Maxine Waters from California, who has held the position since 2019.
The ranking member, a Republican, is Patrick McHenry from North Carolina, serving since 2019.
The committee consists of 54 seats, with 30 Democrats and 24 Republicans. Its responsibilities cover various aspects of the economy, including:
- Banking, insurance, and real estate industries
- Securities and futures markets
- Money laundering, terrorism financing, and other financial crimes
The committee also has jurisdiction over housing finance reform, monetary policy issues, and federal agency rulemaking within its purview.
Investigative and Oversight Role
In addition to its legislative authority, the committee possesses investigative powers over the departments and agencies within its jurisdiction.
It evaluates whether these entities are fulfilling their missions and operating by the law.
These investigations are conducted through oversight or subcommittee hearings, with the findings reported to the full committee for consideration in a markup session.
The HFSC includes six subcommittees:
- Consumer Protection and Financial Institutions
- Diversity and Inclusion
- Housing, Community Development, and Insurance
- Investor Protection, Entrepreneurship, and Capital Markets
- National Security, International Development, and Monetary Policy
- Oversight and Investigations
Each subcommittee has its own chairperson and ranking member.