What Is the United States House Committee on Financial Services (HFSC)?
The United States House Committee on Financial Services (HFSC) is a committee of the U.S. House of Representatives that oversees legislation related to financial services and housing policy, including banking, insurance, securities markets, public and private housing finance, consumer credit protection laws and other matters. The HFSC has jurisdiction over the entire financial services industry in the United States as well as certain aspects of international finance. It also has oversight authority for all federal agencies involved in these areas such as the Federal Reserve Board, Department of Treasury and Securities Exchange Commission (SEC).
The HFSC was established in 1865 with its primary focus being on banking issues but it now covers a wide range of topics from consumer protection to capital formation initiatives. Its members are responsible for introducing bills related to their area of expertise which can then be voted upon by Congress or sent directly to President Obama’s desk for signature into law if passed by both chambers. Additionally they hold hearings where experts testify about various topics within their purview so that lawmakers have an informed basis when making decisions regarding proposed legislation or regulations affecting this sector.