Ralph Norman

The House Financial Services Committee has jurisdiction over issues pertaining to the economy, the banking system, housing, insurance, and securities and exchanges. Additionally, the Committee also has jurisdiction over monetary policy, international finance, international monetary organizations, and efforts to combat terrorist financing. The Committee oversees the Nation’s economy through its oversight of the Federal Reserve Board and individual reserve banks, the Treasury, the production and distribution of currency, and the Nation’s capital markets.

The House Committee on Rules is commonly known as “The Speaker’s Committee” because it is the mechanism that the Speaker uses to maintain control of the House Floor. Because of the vast power wielded by the Rules Committee, its ratio has traditionally been weighted in favor of the majority party. The Committee provides the terms and conditions of debate on any measure or matter through Special Rules. The Committee also considers original jurisdiction measures, which commonly represent changes to the standing rules of the House, or measures that contain special rules, such as the expedited procedures in trade legislation.

The House Committee on the Budget is responsible for drafting a concurrent resolution on the budget for congressional action on spending, revenue, and debt-limit legislation. The Budget Resolution must be jointly agreed to by both the House and the Senate, but does not need to be signed by the President. The Committee is also responsible for enforcing the Budget Resolution by informing representatives of violations to the budget, and by working with other committees, such as the Committee on Appropriations, to prevent potential violations.