Senate Committee on Finance
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The U.S. Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. It concerns itself with matters relating to the bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; revenue measures generally and those relating to the insular possessions; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods.
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History
The Senate Committee on Finance is one of the oldest committees in the Senate. It was first established in 1815 as a select committee. On December 10, 1816 the Committee on Finance became a standing committee. Originally, the Committee had power over both tax and spending until the forming of the Appropriations Committee in 1867.
In 1981, a Senate Resolution required the printing of the History of the Committee on Finance (pdf), via Finance.Senate.gov .
Role
The role of the Senate Finace Committee is very similar to that of the House Committee on Ways and Means. The one exception in area of jurisdiction is that Senate Finance has jurisdiction over both Medicare and Medicaid, while Ways and Means only has jurisdiction over Medicare. (The House Energy and Commerce Committee has jurisdiction over Medicaid.) The other diffence in terms of power is that all revenue raising measures must originate in the House giving Ways and Means a slight edge in setting tax policy. In addition to having jurisdiction over legislation, the Committee has extensive oversight powers. It has authority to investigate, review and evaluate existing laws and the agencies that implement them.
Due to the Committee's wide jurisdiction, it is often considered an influential committee. A wide array of Senators with differing policy concerns seek membership on the Committee because of its role in setting tax, trade and health policy.
Chapter 25 of the Senate Rules defines the Standing Committees of the Senate and their jurisdictions. Section ( i ) pertains to the Committe on Finance.
Subcommittees
- Subcommittee on Health Care
- Chairman: Orrin Hatch, R-Utah
- Ranking Democrat: Jay Rockefeller, D-West Virginia
- Subcommittee on International Trade
- Chairman: Craig Thomas, R-Wyoming
- Ranking Democrat: Jeff Bingaman, D-New Mexico
- Subcommittee on Long-Term Growth and Debt Reduction
- Chairman: Gordon Smith, R-Oregon
- Ranking Democrat: John Kerry D-Massachusetts
- Subcommittee on Social Security and Family Policy
- Chairman: Rick Santorum, R-Pennsylvania
- Ranking Democrat: Kent Conrad, D-North Dakota
- Subcommittee on Taxation and IRS Oversight
- Chairman: Jon Kyl, R-Arizona
- Ranking Democrat: James Jeffords, I-Vermont
Chairmen
See Chairmen of the United States Senate Committee on Finance
Legislation
- S. 302-110 — A bill to establish a procedure to safeguard the Social Security Trust Funds.
- January 16, 2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
References
History of the Committee on Finance; United States Senate (pdf). 4th ed. Washington, DC: wikipedia:Government Printing Office, 1981.
External links
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| Committee Page | |
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- Finance.senate.gov Official website
- U.S. Government Printing Office (GPO) Page for the Committee on Finance
- History of the Committee on Finance; United States Senate (pdf). 4th ed. Washington, DC: wikipedia:Government Printing Office, 1981.
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Health Care • International Trade • Long Term Growth & Debt Reduction • Social Security & Family Policy • Taxation & IRS Oversight |
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