New U.S. House Financial Services Panel Takes Shape

The House Financial Services Committee subcommittee has been revised for the newly minted panel, which will have broad sway across the financial sector.

The committee was formed earlier this month by adding the securities and insurance jurisdictions once held by the House Commerce Committee to the former banking panel. Rep. Richard Baker, a Republican from Louisiana will now head the new subcommittee that will add the new securities and insurance responsibilities to his current portfolio encompassing capital markets and government-sponsored enterprises such as housing finance giants Fannie Mae and Freddie Mac.

Rep. Marge Roukema, R-New Jersey, will now head the committee’s housing subcommittee. Other subcommittee chairs and their jurisdictions are: Rep. Peter King, R-New York, will chair the domestic monetary policy subcommittee; Rep. Doug Bereuter, R-Nebraska, will head up the international monetary policy subcommittee; New York Rep. R-Sue Kelly, will head the committee’s oversight and investigations subcommittee.