United States Senate Committee on Banking, Housing, and Urban Affairs explained

Senate Banking, Housing and Urban Affairs Committee
Type:	standing
Chamber:	senate
Congress:	118th
Status:	active
Formed:	1913
Former Names:	Committee on Banking and Currency
Chair:	Sherrod Brown
Chair Party:	D
Chair Since:	February 3, 2021
Ranking Member:	Tim Scott
Rm Party:	R
Rm Since:	January 3, 2023
Seats:	23 members
Majority1:	D
Majority1 Seats:	12
Minority1:	R
Minority1 Seats:	11
Policy Areas:	Banking, insurance price controls, deposit insurance, monetary policy, financial assistance, currency, coinage, housing, urban development, mass transit
Meeting Place:	534 Dirksen Senate Office Building Washington, D.C.

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:

1. Banks, banking, and financial institutions;
2. Control of the prices of commodities, rents, and services;
3. Deposit insurance;
4. Economic stabilization and defense production;
5. Export and foreign trade promotion;
6. Export controls;
7. Federal monetary policy, including the Federal Reserve System;
8. Financial aid to commerce and industry;
9. Issuance and redemption of notes;
10. Money and credit, including currency and coinage;
11. Nursing home construction;
12. Public and private housing (including veterans' housing);
13. Renegotiation of Government contracts; and,
14. 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."^[5]

Members, 118th Congress

See main article: 118th United States Congress.

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)	Cynthia Lummis (R-WY)
National Security and International Trade and Finance	Mark Warner (D-VA)	Bill Hagerty (R-TN)
Securities, Insurance, and Investment	Bob Menendez (D-NJ)	Mike Rounds (R-SD)

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^[10]
	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^[11]
	Phil Gramm	Republican	Texas	2001
	Paul Sarbanes	Democratic	Maryland	2001–2003^[12]
	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

See main article: 117th United States Congress.

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

See main article: 116th United States Congress.

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

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^[13]

114th Congress

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

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

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.

Notes and References

1. Web site: User Clip: Senate Banking Hearing 2/26/19 | C-SPAN.org . www.c-span.org.
2. Web site: User Clip: FED Powell - before Senate Banking... committee 2/26/2019 | C-SPAN.org . www.c-span.org.
3. Web site: Rules Of The Senate | U.S. Senate Committee on Rules & Administration . www.rules.senate.gov.
4. Web site: Jurisdiction . 31 May 2019 . United States Committee on Banking, Housing, and Urban Affairs . en.
5. Web site: Jurisdiction . 31 May 2019 . United States Committee on Banking, Housing, and Urban Affairs . en.
6. (118th Congress)
7. (118th Congress)
8. Kyrsten Sinema is an independent but caucuses with the Democrats.
9. Web site: Majority Leader Schumer Announces New Senate Democratic Committee Assignments . Senate Democrats . October 17, 2023 . 18 October 2023.
10. Died June 17, 1936
11. At the beginning of the 107th Congress in January 2001 the Senate was evenly divided. With a Democraticpresident 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 Senateadopted S. Res. 7 designating Democratic senators as committee chairmen to serve during this period andRepublican chairmen to serve effective at noon on January 20, 2001.
12. 5 On June 6, 2001, the Democrats took control of the Senate after Senator James Jeffords (VT) changed from theRepublican Party to Independent and announced that he would caucus with the Democrats
13. Web site: U.S. Senate: Committee on Banking, Housing, and Urban Affairs. www.senate.gov. 2017-01-07.