What is United States House Committee on Financial Services (HFSC)?
Let's find out United States House Committee on Financial Services (HFSC) meaning, definition in crypto, what is United States House Committee on Financial Services (HFSC), and all other detailed facts.
The United States House Committee on Financial Services (HFSC) is the U.S. House of Representatives committee (yes, the name of this organization is pretty self-explanatory). It oversees financial matters and various aspects of economy including banking, insurance, real estate industries, securities, futures markets, money laundering, terrorism financing, and other criminal activities.
The HFSC began as a select committee on December 7, 1865, and was expanded in 1891 to become a standing committee. It was known as the Committee on Banking and Currency until it was renamed to its current name in 1968.
Overall, the committee has 54 seats, with 24 Republicans and 30 Democrats. Patrick McHenry is the Republican Leader and Maxine Waters is the Democrat Leader of HFSC since 2019.
The HFSC has jurisdiction over:
- Housing finance reform and monetary policy issues.
- Federal agency rulemaking that implements laws within its jurisdiction.
- Issues relating to consumer protection, including laws, regulations, and executive orders pertaining to financial services and products.
- National security issues involving the Department of Treasury's Office of Terrorism and Financial Intelligence (TFI).
- Financial literacy, predatory lending, and privacy.
The HFSC also has investigative authority in the departments and agencies within its jurisdiction, in addition to its legislative authority. It examines whether these organizations are carrying out their missions and tasks in accordance with the law. These investigations are conducted either through an oversight hearing or a subcommittee hearing, and the results are then forwarded to the whole committee for consideration at a markup session.
Besides, the HFSC has six subcommittees that include:
- Investor Protection, Entrepreneurship, and Capital Markets
- National Security, International Development, and Monetary Policy
- Oversight and Investigations
- Consumer Protection and Financial Institutions
- Diversity and Inclusion
- Housing, Community Development, and Insurance