| Standing committee | |
|---|---|
Active United States Senate 118th Congress | |
| History | |
| Formed | 1913 |
| Formerly known as | Committee on Banking and Currency |
| Leadership | |
| Chair | Sherrod Brown (D) Since February 3, 2021 |
| Ranking member | Tim Scott (R) Since January 3, 2023 |
| Structure | |
| Seats | 23 members |
| Political parties | Majority (12)
|
| Jurisdiction | |
| Policy areas | Banking, insurance price controls, deposit insurance, monetary policy, financial assistance, currency, coinage, housing, urban development, mass transit |
| Subcommittees | |
| Meeting place | |
| 534 Dirksen Senate Office Building Washington, D.C. | |
| Website | |
| www | |
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known 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]
The current chair of the committee is Democrat Sherrod Brown of Ohio, and the Ranking Member is Republican Tim Scott of South Carolina.
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.
Jurisdiction
In accordance with 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 the prices of commodities, rents, and services;
- Deposit insurance;
- Economic stabilization and defense production;
- Export and foreign trade promotion;
- Export controls;
- Federal monetary policy, including the 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.[4]
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."[4]
Members, 118th Congress
| Majority[5] | Minority[6] |
|---|---|
|
|
Chairs
Committee on Banking and Currency, 1913–1970
| Chair | 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[9] | |
| Robert F. Wagner | Democratic | New York | 1937–1947 | |
| 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 | 1967–1970 | |
Committee on Banking, Housing, and Urban Affairs, 1970–present
| Chair | 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 M. D'Amato | Republican | New York | 1995–1999 | |
| Phil Gramm | Republican | Texas | 1999–2001 | |
| Paul Sarbanes | Democratic | Maryland | 2001[10] | |
| Phil Gramm | Republican | Texas | 2001 | |
| Paul Sarbanes | Democratic | Maryland | 2001–2003[11] | |
| 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 | 2017–2021 | |
| Sherrod Brown | Democratic | Ohio | 2021–present | |
Historical membership rosters
117th Congress
| Majority | Minority |
|---|---|
|
|
- Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Elizabeth Warren (D-MA) | John Kennedy (R-LA) |
| Financial Institutions and Consumer Protection | Raphael Warnock (D-GA) | Thom Tillis (R-NC) |
| Housing, Transportation, and Community Development | Tina Smith (D-MN) | Mike Rounds (R-SD) |
| National Security and International Trade and Finance | Mark Warner (D-VA) | Bill Hagerty (R-TN) |
| Securities, Insurance, and Investment | Bob Menendez (D-NJ) | Tim Scott (R-SC) |
116th Congress
| Majority | Minority |
|---|---|
|
|
- Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Tom Cotton (R-AR) | Catherine Cortez Masto (D-NV) |
| Financial Institutions and Consumer Protection | Tim Scott (R-SC) | Elizabeth Warren (D-MA) |
| Housing, Transportation, and Community Development | David Perdue (R-GA) | Bob Menendez (D-NJ) |
| 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) |
115th Congress
| Majority | Minority |
|---|---|
|
|
Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Tom Cotton (R-AR) | Heidi Heitkamp (D-ND) |
| Financial Institutions and Consumer Protection | Pat Toomey (R-PA) | Elizabeth Warren (D-MA) |
| Housing, Transportation, and Community Development | Tim Scott (R-SC) | Bob Menendez (D-NJ) |
| National Security and International Trade and Finance | Ben Sasse (R-NE) | Joe Donnelly (D-IN) |
| Securities, Insurance, and Investment | Dean Heller (D-NV) | Mark Warner (D-VA) |
Source[12]
114th Congress
| Majority | Minority |
|---|---|
|
|
Subcommittees
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Dean Heller (R-NV) | Elizabeth Warren (D-MA) |
| Financial Institutions and Consumer Protection | Pat Toomey (R-PA) | Jeff Merkley (D-OR) |
| Housing, Transportation, and Community Development | Tim Scott (R-SC) | Bob Menendez (D-NJ) |
| National Security and International Trade and Finance | Mark Kirk (R-IL) | Heidi Heitkamp (D-ND) |
| Securities, Insurance, and Investment | Mike Crapo (R-ID) | Mark Warner (D-VA) |
113th Congress
| Majority | Minority |
|---|---|
|
|
| Subcommittee | Chair | Ranking Member |
|---|---|---|
| Economic Policy | Jeff Merkley (D-OR) | Dean Heller (R-NV) |
| Financial Institutions and Consumer Protection | Sherrod Brown (D-OH) | Pat Toomey (R-PA) |
| Housing, Transportation, and Community Development | Bob Menendez (D-NJ) | Jerry Moran (R-KS) |
| National Security and International Trade and Finance | Mark Warner (D-VA) | Mark Kirk (R-IL) |
| Securities, Insurance, and Investment | Jon Tester (D-MT) | Mike Johanns (R-NE) |
See also
- List of current United States Senate committees
- United States House Committee on Financial Services, the congressional counterpart of this committee
- Pecora Commission, the commission established to investigate the causes of the Wall Street Crash of 1929
- Lavelle, Kathryn C. Money and Banks in the American Political System. NY: Cambridge. 97811017609167
References
- ↑ "User Clip: Senate Banking Hearing 2/26/19 | C-SPAN.org". www.c-span.org.
- ↑ "User Clip: FED Powell - before Senate Banking... committee 2/26/2019 | C-SPAN.org". www.c-span.org.
- ↑ "Rules Of The Senate | U.S. Senate Committee on Rules & Administration". www.rules.senate.gov.
- 1 2 "Jurisdiction". United States Committee on Banking, Housing, and Urban Affairs. Retrieved May 31, 2019.
This article incorporates text from this source, which is in the public domain. - ↑ S.Res. 30 (118th Congress)
- ↑ S.Res. 31 (118th Congress)
- ↑ Kyrsten Sinema is an independent but caucuses with the Democrats.
- ↑ "Majority Leader Schumer Announces New Senate Democratic Committee Assignments". Senate Democrats. October 17, 2023. Retrieved October 18, 2023.
- ↑ Died June 17, 1936
- ↑ At the beginning of the 107th Congress in January 2001 the Senate was evenly divided. With a Democratic president and vice president still serving until January 20, the Democratic vice president was available to break a tie, and the Democrats thus controlled the Senate for 17 days, from January 3 to January 20. On January 3 the Senate adopted S. Res. 7 designating Democratic senators as committee chairmen to serve during this period and Republican chairmen to serve effective at noon on January 20, 2001.
- ↑ 5 On June 6, 2001, the Democrats took control of the Senate after Senator James Jeffords (VT) changed from the Republican Party to Independent and announced that he would caucus with the Democrats
- ↑ "U.S. Senate: Committee on Banking, Housing, and Urban Affairs". www.senate.gov. Retrieved January 7, 2017.
External links
- U.S. Senate Committee on Banking, Housing, and Urban Affairs (Archive)
- Senate Banking, Housing, and Urban Affairs Committee. Legislation activity and reports, Congress.gov.
| Banking and Currency (1913–1970) | | |
|---|---|---|
| Banking, Housing, and Urban Affairs (1970–present) | ||
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