The United States Senate Finance Committee is a committee within the Senate. It is generally concerned with taxation and revenue. The Senate Finance Committee is responsible for overseeing a large portion of financial legislation, including bills related to health programs, such as Medicaid, bonded debt, and the use of public funds. In addition, it helps to manage funds for federal social security, and establishes tariffs.
The Senate Finance Committee has extensive power and is thought to be a very powerful committee. Not only does the Senate Finance Committee possess authority in regard to establishing tax policy, it also has the power to review any existing legislation, investigate any discrepancies, and analyze the associated agencies. The Senate Finance Committee plays an important role in ensuring that agencies and organizations adhere to taxation regulations.
The Senate Finance Committee has a long history, as it was one of the initial features created within the United States Senate. It was originally established in 1815, in order to address economic concerns that resulted due to the War of 1812. The Committee did not officially become integrated into the Senate until 1816. Upon its creation, the Committee was provided with an extensive amount of power and regulated appropriations, banking, currency, tariffs, and taxation.
The Senate Finance Committee has played a vital role in many major national events, including the Civil War. The committee was responsible for acquiring the funds necessary to carry out the war. It was this Committee that promoted paper currency. Since its establishment, the Senate Finance Committee and its authority has changed notably.