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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 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.

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 Resouloution required the printing of the History of the Committee on Finance.History of the Committee on Finance (pdf), via Finance.Senate.Gov

Role

The role of the Committee on Finace is very similar to that of the House Committee on Ways and Means. The one exception in area of jurisdiction is that the Committee on Finance has jurisdiction over both Medicare and Medicaid, while the House Ways and Means Committee only has jurisdictoin over Medicare. The other diffence in terms of power is that all revenue raising measures must originate in the House giving the Ways and Means committee 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 Committees 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. Its importance has been severely diminished since the formulation of the Senate Appropriations Committee. None the less, many Senators consider it a great honor to sit on the committee.

Members, 109th Congress

Republicans Democrats
Member State Member State Charles E. Grassley, Chairman Iowa Max S. Baucus, Ranking Minority Member Montana Orrin Hatch Utah Jay Rockefeller West Virginia Trent Lott Mississippi Kent Conrad North Dakota Olympia Snowe Maine Jim Jeffords, independent Vermont Jon Kyl Arizona Jeff Bingaman New Mexico Craig Thomas Wyoming John Kerry Massachusetts Rick Santorum Pennsylvania Blanche Lincoln Arkansas Bill Frist Tennessee Ron Wyden Oregon Gordon Smith Oregon Charles Schumer New York Jim Bunning Kentucky Mike Crapo Idaho

Subcommittees

Chairmen, 1845-present

Senator Party State Years Levi Woodbury Democratic New Hampshire 1845 John C. Calhoun Democratic South Carolina 1845–1846 Dixon H. Lewis Democratic Alabama 1846–1847 Charles G. Atherton Democratic New Hampshire 1847–1849 Daniel S. Dickinson Democratic New York 1849–1850 Robert M. T. Hunter Democratic Virginia 1850–1861 James A. Pearce Democratic Maryland 1861 William P. Fessenden Republican Maine 1861–1864 John Sherman Republican Ohio 1864–1865 William P. Fessenden Republican Maine 1865–1867 John Sherman Republican Ohio 1867–1877 Justin Smith Morrill Republican Vermont 1877–1879 Thomas F. Bayard, Sr. Democratic Delaware 1879–1881 Justin Smith Morrill Republican Vermont 1881–1893 Daniel W. Voorhees Democratic Indiana 1893–1895 Justin Smith Morrill Republican Vermont 1895–1898 Nelson W. Aldrich Republican Rhode Island 1898–1911 Boies Penrose Republican Pennsylvania 1911–1913 Furnifold M. Simmons Democratic North Carolina 1913–1919 Boies Penrose Republican Pennsylvania 1919–1921 Porter J. McCumber Republican North Dakota 1921–1923 Reed Smoot Republican Utah 1923–1933 Pat Harrison Democratic Mississippi 1933–1941 Walter F. George Democratic Georgia 1941–1947 Eugene D. Millikin Republican Colorado 1947–1949 Walter F. George Democratic Georgia 1949–1953 Eugene D. Millikin Republican Colorado 1953–1955 Harry F. Byrd Democratic Virginia 1955–1965 Russell B. Long Democratic Louisiana 1965–1981 Robert Dole Republican Kansas 1981–1985 Robert Packwood Republican Oregon 1985–1987 Lloyd Bentsen Democratic Texas 1987–1993 Daniel Patrick Moynihan Democratic New York 1993–1995 Robert Packwood Republican Oregon 1995 William Roth Republican Delaware 1995–2001 Max S. Baucus Democratic Montana 2001 Charles Grassley Republican Iowa 2001 Max Baucus Democratic Montana 2001–2003 Charles Grassley Republican Iowa 2003–present

References

External links

Committees of the United States Congress

 

This article is licensed under the GNU Free Documentation License. It uses material from the "United States Senate Committee on Finance".

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