Friday, June 21, 2024

United States House Committee on Financial Services

by Hideo Nakamura
United States House Committee on Financial Services

United States House Committee on Financial Services

The United States House Committee on Financial Services, also known as the “House Banking Committee”, is a standing committee of the U.S. House of Representatives that was created in 1865 after the Civil War to oversee banking and currency-related matters. Its jurisdiction includes banks and other financial institutions; insurance companies; public and private housing programs; securities markets, exchanges, brokers and dealers; commodities futures trading; international finance issues related to economic development of foreign countries including domestic source income rules for foreign investments in the United States economy; accounting principles applicable to government agencies’ fiscal operations as well as oversight over regulation by federal agencies such as the Treasury Department’s Office of Foreign Assets Control (OFAC), Securities Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). The committee also has authority to review applications for Federal Reserve membership from state chartered banks.

In recent years, this committee has played an important role in overseeing cryptocurrency regulations at both national and global levels. It has held hearings with key industry stakeholders about blockchain technology and its potential implications for financial services providers across sectors like banking, securities trading & investment management services. Additionally it has monitored developments in digital currencies such as Bitcoin which have been increasingly adopted by consumers around the world due its convenience compared traditional payment methods like credit cards or cash payments. Furthermore it continues to monitor how new technologies are impacting existing regulatory frameworks while actively working towards modernizing them so they can remain effective when implemented into practice within US territory borders against malicious actors aiming at capital flight avoidance or money laundering activities using cryptocurrencies assets instead fiat money transactions through traditional financial institutions channels .

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