United States Senate Committee on Finance

United States Senate Committee On Finance

United States Senate Committee on Finance

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Description:
The U.S. Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; 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; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress.

History



The Committee on Finance is one of the original committees established in the Senate. First created on December 11, 1815, as a select committee and known as the Committee on Finance and an Uniform National Currency, it was formed to alleviate economic issues arising from the War of 1812. On December 10, 1816 the Senate officially created the Committee on Finance as a standing committee. Originally, the Committee had power over tariffs, taxation, banking and currency issues and appropriations. Under this authority the committee played an influential role in the most heated topics of the era; including numerous tariffs issues and the Bank War.<ref...
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