Barney Frank (MA), Chairman
of the Financial Services Committee
The Committee oversees all components of the nation’s housing
and financial services sectors including banking, insurance, real estate,
public and assisted housing, and securities. The Committee continually
reviews the laws and programs relating to the U.S. Department of Housing
and Urban Development, the Federal Reserve Bank, the Federal Deposit
Insurance Corporation, Fannie Mae and Freddie Mac, and international
development and finance agencies such as the World Bank and the International
Monetary Fund. The Committee also ensures enforcement of housing and
consumer protection laws such as the U.S. Housing Act, the Truth In Lending
Act, the Housing and Community Development Act, the Fair Credit Reporting
Act, the Real Estate Settlement Procedures Act, the Community Reinvestment
Act, and financial privacy laws. These jurisdictional responsibilities
are broken down into the following five subcommittees:
Capital Markets, Insurance, and Government Sponsored Enterprises
Led
by Chairman
Paul E. Kanjorski (PA), the subcommittee reviews laws and programs
related to the U.S. capital markets, the securities industry, the insurance
industry generally (except for health care), and government-sponsored
enterprises, such as Fannie Mae and Freddie Mac. It also oversees the
Securities and Exchange Commission and self-regulatory organizations,
such as the New York Stock Exchange and the NASD, that police the securities
markets.
Financial Institutions and Consumer Credit
The
subcommittee is led by Chair Carolyn B. Maloney (NY). The
subcommittee oversees all financial regulators, such as the Federal Deposit
Insurance Corporation and the Federal Reserve, all matters pertaining to
consumer credit including the Consumer Credit Protection Act and access
to financial services, as well as the safety and soundness of the banking
system.
Housing and Community Opportunity
The
Housing and Community Opportunity subcommittee, led by Chairwoman
Maxine Waters (CA), oversees the Department of Housing and Urban
Development, and the Government National Mortgage Association. The subcommittee
also handles matters related to public, affordable, and rural housing,
as well as community development including Empowerment Zones, and government-sponsored
insurance programs, such as the National Flood Insurance Program.
Domestic and International Monetary Policy, Trade and Technology
Chairman
Luis V. Gutierrez (IL)leads the subcommittee. The subcommittee’s
jurisdiction includes domestic monetary policy, and agencies which directly
or indirectly affect domestic monetary policy, multilateral development
lending institutions such as the World Bank, coins and currency including
operations of the Bureau of the Mint and the Bureau of Engraving and Printing,
and international trade and finance including all matters pertaining to
the International Monetary Fund and the Export-Import Bank.
Oversight and Investigations
Chairman Melvin
L. Watt (NC) leads the subcommittee, which conducts oversight
of the agencies, departments, and programs under the Committee’s
jurisdiction. The subcommittee also conducts investigations on any
matter within the jurisdiction of the Committee, and evaluates the
need for any legislative changes to the laws and programs within
this jurisdiction.