Senate Committee on Finance

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Senate Committee on Finance
Members, 110th Congress
Democrats: Republicans:

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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.

Contents

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

Chairmen

See Chairmen of the United States Senate Committee on Finance

Legislation

S. 302-110A 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

GovTrack Links
Committee Page
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Senate Committee on Finance Subcommittees:

Health CareInternational TradeLong Term Growth & Debt ReductionSocial Security & Family PolicyTaxation & IRS Oversight

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