United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology
Encyclopedia
The U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology is a subcommittee
of the House Committee on Financial Services. The committee was formerly part of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology until the 111th Congress
, when a separate Subcommittee on International Monetary Policy and Trade
was created.
(i) financial aid
to all sectors and elements within the
economy;
(ii) economic growth
and stabilization;
(iii) defense production matters as contained in the Defense Production Act of 1950, as amended;
(iv) domestic monetary policy
, and agencies which directly or indirectly affect domestic monetary policy, including the effect of such policy and other financial actions on interest rate
s, the allocation of credit
, and the structure and functioning of domestic financial institution
s [such as the Federal Reserve System
];
(v) coin
s, coinage, currency
, and medal
s, including commemorative coin
s and medals, proof
and mint sets and other special coins, the Coinage Act of 1965
, gold and silver, including the coinage thereof (but not the par value of gold), gold medals, counterfeiting, currency denominations and design, the distribution of coins, and the operations of the Bureau of the Mint and the Bureau of Engraving and Printing
; and
(vi) development of new or alternative forms of currency.
John Boehner
was considering ways to prevent Ron Paul
, who has long been a critic of Ben Bernanke
and the Federal Reserve System
, from becoming chair of the subcommittee or restrict his authority. Paul has stated that he will use the position to draw attention to the Fed's policies and what he perceives to be its negative consequences.
United States Congressional subcommittee
A congressional subcommittee in the United States Congress is a subdivision of a United States congressional committee that considers specified matters and reports back to the full committee....
of the House Committee on Financial Services. The committee was formerly part of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology until the 111th Congress
111th United States Congress
The One Hundred Eleventh United States Congress was the meeting of the legislative branch of the United States federal government from January 3, 2009 until January 3, 2011. It began during the last two weeks of the George W. Bush administration, with the remainder spanning the first two years of...
, when a separate Subcommittee on International Monetary Policy and Trade
United States House Financial Services Subcommittee on International Monetary Policy and Trade
The United States House Financial Services Subcommittee on International Monetary Policy and Trade is a subcommittee of the House Committee on Financial Services...
was created.
Jurisdiction
The jurisdiction of the Subcommittee on Domestic Monetary Policy and Technology includes—(i) financial aid
Welfare
Welfare refers to a broad discourse which may hold certain implications regarding the provision of a minimal level of wellbeing and social support for all citizens without the stigma of charity. This is termed "social solidarity"...
to all sectors and elements within the
economy;
(ii) economic growth
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
and stabilization;
(iii) defense production matters as contained in the Defense Production Act of 1950, as amended;
(iv) domestic monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
, and agencies which directly or indirectly affect domestic monetary policy, including the effect of such policy and other financial actions on interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s, the allocation of credit
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...
, and the structure and functioning of domestic financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s [such as the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
];
(v) coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s, coinage, currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
, and medal
Medal
A medal, or medallion, is generally a circular object that has been sculpted, molded, cast, struck, stamped, or some way rendered with an insignia, portrait, or other artistic rendering. A medal may be awarded to a person or organization as a form of recognition for athletic, military, scientific,...
s, including commemorative coin
Commemorative coin
Commemorative coins are coins that were issued to commemorate some particular event or issue. Most world commemorative coins were issued from the 1960s onward, although there are numerous examples of commemorative coins of earlier date. Such coins have a distinct design with reference to the...
s and medals, proof
Proof coinage
Proof coinage means special early samples of a coin issue, historically made for checking the dies and for archival purposes, but nowadays often struck in greater numbers specially for coin collectors . Many countries now issue them....
and mint sets and other special coins, the Coinage Act of 1965
Coinage Act of 1965
The Coinage Act of 1965, , eliminated silver from the circulating dimes and quarter dollars of the United States, and diminished the silver content of the half dollar from 90% to 40%...
, gold and silver, including the coinage thereof (but not the par value of gold), gold medals, counterfeiting, currency denominations and design, the distribution of coins, and the operations of the Bureau of the Mint and the Bureau of Engraving and Printing
Bureau of Engraving and Printing
The Bureau of Engraving and Printing is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is paper currency for the Federal Reserve. The Federal Reserve itself is...
; and
(vi) development of new or alternative forms of currency.
Members, 112th Congress
In December 2010, Bloomberg Businessweek reported that incoming Speaker of the HouseSpeaker of the United States House of Representatives
The Speaker of the United States House of Representatives, or Speaker of the House, is the presiding officer of the United States House of Representatives...
John Boehner
John Boehner
John Andrew Boehner is the 61st and current Speaker of the United States House of Representatives. A member of the Republican Party, he is the U.S. Representative from , serving since 1991...
was considering ways to prevent Ron Paul
Ron Paul
Ronald Ernest "Ron" Paul is an American physician, author and United States Congressman who is seeking to be the Republican Party candidate in the 2012 presidential election. Paul represents Texas's 14th congressional district, which covers an area south and southwest of Houston that includes...
, who has long been a critic of Ben Bernanke
Ben Bernanke
Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....
and the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
, from becoming chair of the subcommittee or restrict his authority. Paul has stated that he will use the position to draw attention to the Fed's policies and what he perceives to be its negative consequences.
| Majority | Minority |
|---|---|
|
William Lacy Clay, Jr. William Lacy Clay, Jr., usually known as Lacy Clay is the U.S. Representative for , serving since 2001. He is a member of the Democratic Party.... , Missouri, Ranking Member Gregory Meeks Gregory Weldon Meeks is the U.S. Representative for , serving since 1998. He is a member of the Democratic Party. The district includes most of Southeastern Queens including Jamaica, Laurelton, Rosedale, Saint Albans, Springfield Gardens, and Far Rockaway, as well as John F. Kennedy International... , New York Al Green (politician) Alexander N. "Al" Green is the U.S. Representative from Texas' 9th congressional district . The district includes most of southwestern Houston, including most of that city's share of Fort Bend County. It also includes most of Missouri City.-Early life and career:Green was born in New Orleans,... , Texas Emanuel Cleaver Emanuel Cleaver II is a United Methodist pastor and the U.S. Representative for , serving since 2005. He is a member of the Democratic Party, and in January 2010 became chair of the Congressional Black Caucus.... , Missouri Gary Peters (Michigan politician) Gary Peters is the U.S. Representative for , serving since 2009. He is a member of the Democratic Party. The district includes most of Oakland County, a suburban county northwest of Detroit. He previously represented the 14th District in the Michigan Senate, and was a political science professor at... , Michigan |