Government News

Senator Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced the senators who will head the five subcommittees within the Banking Committee during the 107th Congress.

"The committee faces a broad range of issues in this Congress, and I am pleased that we will have capable leaders on each subcommittee," Gramm said. "I intend to continue the delegation of responsibility for oversight and legislation that served us so well in the 106th Congress. With that division of labor and the quality of our subcommittee chairmen, I look forward to an active and successful new Congress."

The chairmen and the jurisdiction of each subcommittee are:

Subcommittee on Housing and Transportation
Chairman Wayne Allard, Colorado

• Urban mass transit, urban affairs and development
• HUD
• Federal Transit Administration
• Public and private housing (including veterans' housing)
• FHA
• Fannie Mae, Freddie Mac
• Senior housing
• Nursing home construction
• Rural Housing Service
• Indian Housing

Subcommittee on Economic Policy
Chairman Jim Bunning, Kentucky

• Economic growth, employment, and price stability
• Monetary policy, including monetary policy functions of the Federal Reserve System
• Council of Economic Advisers
• Money and credit, including currency, coinage and notes
• Control of prices of commodities, rents and services
• Economic stabilization and defense production
• Defense Production Act
• Financial aid to commerce and industry
• Loan guarantees
• Flood insurance
• Disaster Assistance

Subcommittee on Financial Institutions
Chairman Robert F. Bennett, Utah

• Banks, savings associations, credit unions and other financial institutions
• Deposit insurance
• Federal Home Loan Bank System
• Regulatory activities of the Federal Reserve System
• OCC, OTS, FDIC, NCUA
• E-commerce

Subcommittee on International Trade and Finance
Chairman Chuck Hagel, Nebraska

• Export and foreign trade promotion
• Export controls
• Export financing
• International economic policy
• International financial and development institutions RExport-Import Bank
• International Trade Administration
• Bureau of Export Administration

Subcommittee on Securities and Investment
Chairman Michael B. Enzi, Wyoming

Securities, annuities, and other financial investments SEC, SIPC, CFTC (single stock futures and other financial instruments within CFTC jurisdiction) Government securities Financial exchanges and markets Financial derivatives Accounting standards Insurance

SOURCE:Senate Committee on Banking, Housing and Urban Affairs