The Senate Banking Committee, also known as the United States Senate Committee on Banking, Housing, and Urban Affairs, was established in order to oversee matters and legislation related to banking and price control.
The Senate Banking Committee is currently comprised of 23 state senators, from a variety of different states, including New Jersey, Tennessee, Ohio, and South Dakota. The Democratic Party is currently the majority party within the Banking Committee. This Committee was initially created in 1913, by the Oklahoma Senator, Robert Owen. The Banking was a result of the Federal Reserve Act, which promoted the creation of Federal Reserve banks. The Senate Banking Committee has played an important role in the United States economy since its establishment, and continues to be a very important Senate Committee.
The Senate Banking Committee has an extensive jurisdiction. In addition to banking and price control, the Committee oversees matters related to federal currency policy, coinage, deposit insurance, and the issuance of financial aid to commercial entities. The Committee is also concerned with urban development, both private and public housing, and mass transit. The Banking Committee regulates Senate debates regarding such concerns and related legislation. Due to the wide jurisdiction maintained by this committee, a variety of subcommittees have been established.
These subcommittees include the Housing, Transportation, and Community Development, the Economic Policy, and the Security and International Trade and finance Committees, just to name a few. The subcommittees help to ensure that all concerns are adequately considered. This Committee also oversees the United States Senate Federal Credit Union.