The senate banking committee has jurisdiction over matters related to banks, price controls, deposit and loan regulations, mortgage policy, and federal monetary policy. It also handles legislation affecting housing, urban development and mass transit.
The committee held 28 policy and oversight hearings in the 116th Congress, which was less than the 39 in the previous Congress under Republican leadership. Public testimony is accepted telephonically or via the web portal.
Legislative Activity
The Senate Banking Committee has been assigned jurisdiction over a wide range of issues including banking and currency, federal monetary policy, price controls, deposit insurance, nursing home construction, urban development, and mass transit. It also has oversight responsibility for the Public Employees’ Retirement Association, Department of Revenue, and State Treasury.
The committee has held a large number of hearings, ranging from 113 in the 112th Congress (2011-12) under Chairman Tim Johnson to 50 in the 114th Congress (2015- 16) under Chair Richard Shelby. During the most recent Congress (2019-20), the committee held just 55 hearings.
The committee has also made extensive use of investigative subcommittees. For example, during the 80th Congress, the committee formed special subcommittees to investigate temporary regulation and control of consumer credit and the Reconstruction Finance Corporation; export controls; a coffee price increase; Illinois banking problems; and other matters. The records include committee papers relating to these investigations. These include correspondence, subject files, questionnaires, legislative and staff memoranda, reports of studies, and testimony.
Oversight Hearings
Committees are an essential part of the legislative process, and they perform a wide range of functions. They monitor on-going governmental operations, identify issues suitable for legislative review, and gather and evaluate information.
A committee’s responsibilities may also include oversight of the executive branch– specifically, the review, monitoring, and supervision of the implementation of legislation. One way a committee engages in this oversight is by holding hearings.
Chief executives of the seven largest US banks drew a barrage of questions Thursday from senators on both sides of the aisle during a second day of oversight hearings on their business. Many members pressed them on issues of racial equity, unionization efforts, and evergreen financial topics such as overdraft fees and fraud.
Some members also pressed the CEOs on reports of customer-authorized payments to scammers on Zelle, the private peer-to-peer payment network jointly owned by the banks. In response, the banks said they were working to implement new policies to protect consumers from such incidents.
Subcommittees
The senate banking committee has a number of subcommittees that conduct specialized research and oversight activities. These include economic policy; financial institutions and consumer protection; housing, transportation and community development; national security and international trade and finance; and securities, insurance and investment. The senate banking committee is also known for passing major legislation in response to financial crises, including the Federal Reserve’s landmark 2007-09 financial reform act.
Click on the name of a subcommittee below to learn more about its jurisdiction, members and other notable activities. As a delegate, it is important to keep up with the latest policy developments and relevant news. This information will help you select a legislative proposal that reflects your interests and the unique needs of your state or region. Once you’ve found a bill that fits your criteria, do the necessary background research and make it stand out in the crowded field of bills that have been submitted to this year’s conference.
Members
The Senate Banking Committee is one of twenty Senate committees tasked with conducting business related to specialized areas of legislative interest. This committee has jurisdiction over banking, insurance, financial markets, securities, housing, urban development and mass transit, international trade and finance, and economic policy.
The 118th Congress has a number of key committee chairs and ranking members who are familiar faces to credit unions. For example, Senator Sherrod Brown (D-OH), who continues as chair of the Senate Banking Committee, is a strong credit union supporter. During the last Congress, he helped pass legislation that ensures the very largest money center banks have enough capital to cover their losses, so taxpayers don’t have to. He also authored a bill that would streamline the privacy notification process for small financial institutions, removing costly burdens and simplifying notifications to consumers.
For more information, visit the Senate Banking Committee website. Subscribers to LegiStorm Pro can access complete address information for the Committee, including a link to the position letter portal.
