DEFINITION of 'U.S. House Financial Services Committee'
The congressional committee responsible for monitoring, writing legislation and enforcing existing laws that affect the financial services and housing-related industries in the U.S. Committee members - who are elected members of the U.S. House of Representatives - oversee all businesses and organizations involved in securities, insurance, banking, housing and real estate.
It also has oversight for several federal departments, agencies, government-sponsored enterprises (GSEs) and internationally-affiliated organizations including: Fannie Mae (Federal National Mortgage Association), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Bank, Freddie Mac (Federal Home Loan Mortgage Corporation), International Monetary Fund and the U.S. Department of Housing and Urban Development.
BREAKING DOWN 'U.S. House Financial Services Committee'
The U.S. House Financial Services Committee was formed in 1865 and was originally known as the Committee on Banking and Currency. Its Senate counterpart is the U.S. Senate Committee on Banking, Housing & Urban Affairs. There are 70 congressional members on the House Committee - the majority of members are from the current party holding the majority in the U.S. House of Representatives.