United States House Committee on Financial Services (HFSC): Its History, Duties and Functions

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Bittime - The United States House Committee on Financial Services or the Financial Services Committee of the US House of Representatives (HFSC) is one of the important committees in the United States parliament. This committee is responsible for the regulation and supervision of the financial sector and the country's economy.

The committee also has a role in addressing issues such as money laundering, terrorism, housing, and consumer protection. In this article, we will discuss the history, duties, and functions of this committee.

History of the United States House Committee on Financial Services

The HFSC was established in 1865, as a special committee to deal with banking and currency issues after the American Civil War. It became a standing committee in 1891, and changed its name to the Financial Services Committee in 1968. This committee has been involved in various important events in the history of the United States, such as:

• Drafted the Federal Reserve Act in 1913, which established the central banking system of the United States.
• Created the Glass-Steagall Act in 1933, which separated commercial and investment banking activities to prevent a financial crisis.
• Legislated the Dodd-Frank Act in 2010, which enacted extensive financial reforms to avert a financial crisis like the one in 2008.
• Created the CARES Act in 2020, which provided economic assistance to address the impact of the COVID-19 pandemic.

Duties and Functions of the United States House Committee on Financial Services

HFSC has the following main tasks and functions:

• Create and amend laws pertaining to the financial and economic sectors, such as banking, insurance, securities, commodities, housing, and monetary policy.
• Oversee and investigate the performance and compliance of government departments and agencies under its jurisdiction, such as the Treasury Department, Federal Reserve, Securities and Exchange Commission, and Consumer Financial Protection Bureau.
• Hold hearings and meetings to obtain information, advice, and testimonials from experts, officials, and stakeholders related to financial and economic issues.
• Represent the interests and aspirations of the people of the United States in financial services and products, and ensure that they receive adequate protection and literacy.

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Subcommittee of the United States House Committee on Financial Services

HFSC has six subcommittees, namely:

Consumer and Financial Institutions Protection Subcommittee 

This subcommittee deals with issues related to banking, insurance, credit, and consumer protection. The subcommittee is headed by Ed Perlmutter, a Democrat from Colorado, and the highest-ranking member is Blaine Luetkemeyer, a Republican from Missouri.

Diversity and Inclusion Subcommittee 

This subcommittee deals with issues related to diversity, inclusion, and equity in the financial and economic sectors. The subcommittee is headed by Joyce Beatty, a Democrat from Ohio, and the highest-ranking member is Ann Wagner, a Republican from Missouri.

Subcommittee on Housing, Community Development, and Insurance

This subcommittee deals with issues related to housing, community development, and insurance. The subcommittee is headed by Emanuel Cleaver, a Democrat from Missouri, and the highest-ranking member is Steve Stivers, a Republican from Ohio.

Investor Protection, Entrepreneurship, and Capital Markets Subcommittee

This subcommittee deals with issues related to securities, capital markets, entrepreneurship, and investor protection. The subcommittee is headed by Brad Sherman, a Democrat from California, and the highest-ranking member is Bill Huizenga, a Republican from Michigan.

Subcommittee on National Security, International Development, and Monetary Policy

This subcommittee deals with issues related to national security, international development, and monetary policy. The subcommittee is headed by Jim Himes, a Democrat from Connecticut, and the highest-ranking member is French Hill, a Republican from Arkansas.

Supervision and Investigations Subcommittee 

This subcommittee deals with matters relating to the supervision and investigation of departments and agencies under the jurisdiction of the committee. The subcommittee is headed by Al Green, a Democrat from Texas, and the highest-ranking member is Andy Barr, a Republican from Kentucky.

Conclusion

The Financial Services Committee of the U.S. House of Representatives (HFSC) is a committee that has important duties and functions in regulating and overseeing the financial sector and the country's economy. This committee has a long history and has been involved in many important events in the history of the United States. This committee represents the interests and aspirations of the people of the United States in terms of financial services and products.

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