Washington, DC (January 31, 2007) – Congressman Rubén Hinojosa (TX-15) today announced his appointment to two select Subcommittees—the Capital Markets Subcommittee and the Financial Institutions Subcommittee—on the exclusive Committee on Financial Services.
"The health of America’s financial institutions is of the utmost importance, and I look forward to working on these critical subcommittees to improve our country’s economic security, especially for the downtrodden,” said Hinojosa.
The Financial Services Committee is one of the most sought-after appointments in Congress as it oversees all components of the nation's housing and financial services sectors, which include banking, insurance, real estate, securities, and housing. The committee also monitors the work of the Federal Reserve, the Treasury, the Securities and Exchange Commission, as well as other financial services regulators.
Since the Congressman was first appointed to this prestigious committee, he has been an unwavering advocate of rural housing, financial literacy, and the global competitiveness of America’s capital markets. This session, Hinojosa will continue to make sure these issues remain a priority and will also push for the improvement of living conditions in Colonias, ensuring the availability of proper credit counseling, as well as investigating the use of alternative forms of credit for less fortunate Americans to obtain credit scores.
“My senior position on the Financial Services Committee will give me new opportunities to advocate for the residents of Texas,” said Hinojosa. “As we tackle issues ranging from Social Security reform to improved financial literacy, I will work to ensure that the economic well-being of the people of Texas is maintained and can thrive.”
Last Congress, House Democrats designated the Financial Services Committee as “exclusive,” meaning that Members sitting on these types of committees may not serve on any other due to the power and scope of the industries they oversee. However, Members, such as Congressman Hinojosa, who were already serving on the Financial Services Committee prior to this new designation were grandfathered onto other committees, thus having special status of sitting on both an exclusive committee such as Financial Services and others.
Description of Subcommittees
The Capital Markets Subcommittee watches over the U.S. capital markets, securities and insurance industries and government-sponsored enterprises, such as Fannie Mae and Freddie Mac. It oversees the Securities and Exchange Commission as well as the self-regulatory organizations that police the securities markets.
The Financial Institutions Subcommittee focuses on banks, depository institutions, deposit insurance, and the overall safety and soundness of the banking system.