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U.S. Senate Committee on Finance

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Defined by Rule XXV of the Standing Rules of the Senate, the U.S. Senate Committee on Finance has standing jurisdiction over numerous government processes and agencies. In 2009, its most visible role is deciding the means by which health care reform will be funded, seeking solutions that are both technically sound by principles of healthcare economics, and politically acceptable. The technical aspects of that health coverage are assigned to the Senate Committee on Health, Education, Labor and Pensions (HELP Committee).

It is not the primary Senate committee for banking and financial institutions, which is the Senate Committee on Banking, Housing, and Urban Affairs.

In the 111th Congress (2009), the Chairman is Sen. Max Baucus (D-Montana) and the Ranking Majority Member is Sen. Chuck Grassley (R-Iowa).

Jurisdiction by function

  1. Bonded debt of the United States, except as provided in the Congressional Budget Act of 1974.
  2. Customs, collection districts, and ports of entry and delivery.
  3. Deposit of public moneys.
  4. General revenue sharing.
  5. Health care programs under the Social Security Act and health programs financed by a specific tax or trust fund.
  6. National social security.
  7. Reciprocal trade agreements.
  8. Revenue measures generally, except as provided in the Congressional Budget Act of 1974.
  9. Revenue measures relating to the insular possessions.
  10. Tariffs and import quotas, and matters related thereto.
  11. Transportation of dutiable goods.

Jurisdiction by department and agency

Numerous boards, commissions, and advisory committees including: