U.S. Senate Committee on Finance

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

• Executive Office of the President
  • Office of the United States Trade Representative; Leads international trade negotiations; advises and coordinates trade policy]
• U.S. Department of Agriculture
  • Foreign Agricultural Service (w/Agriculture Committee); Foreign barriers to U.S. agricultural goods]
  • TAA for Farmers [headed up by FAS but involves numerous USDA departments]
• U.S. Department of Commerce
  • International Trade Administration: Administration of antidumping and countervailing duty laws; compliance with international trade agreements]
  • Under Secretary of Commerce for International Trade Administration (w/Senate Committee on Banking)
    • Assistant Secretary for Import Administration
    • Assistant Secretary for Mark Access and Compliance
    • Economic Development Administration (w/ Senate Committee on Environment and Public Works Committee) [Trade Adjustment Assistance to Firms]
  • Assistant Secretary for Manufacturing and Services
• U.S. Department of Health and Human Services
  • Centers for Medicare and Medicaid Services [Medicare Parts A & B; Medicare Drug Benefit (Part D); Medicare Advantage (Part C); Medicaid; State Children Health Insurance Program]
  • Administration for Children and Families (w/ Senate Committee on Health, Education, Labor and Pensions) TANF; Child Welfare Services; Child Support & Paternity; JOBS program; Foster Care & Adoption Assistance; Maternal & Child Health Title XX Social Services Block Grant Program; Child Care and Development Block Grant; Independent Living Program; Promoting Safe and Stable Families
  • Title XI of the Social Security Act, demonstration authority, peer review of the utilization and quality of health care services, and administrative simplification]
• U.S. Department of Homeland Security
  • The following functions performed by any employee of the Department of Homeland Security:
  • Any customs revenue function including any function provided for in section 415 of the Homeland Security Act of 2002 (P.L. 107-296);
  • Any commercial function or commercial operation of the Bureau of Customs and Border Protection or Bureau of Immigration and Customs Enforcement, including matters relating to trade facilitation and trade regulation; or
  • Any other function related to the above items that was exercised by the United States Customs Service on the day before the effective date of the Homeland Security Act of 2002 (Public Law 107-296).
  • Commissioner, U.S. Customs and Border Protection
• U.S. Department of Labor
  • Employment and Training Administration]] (w/Senate Committee on Health, Education, Labor and Pensions), [Unemployment Compensation; Trade Adjustment Assistance for workers]
  • Pension and Welfare Benefits Administration [ERISA] (w/ HELP Committee and Senate Committee on Foreign Affairs Formulating and implementing international trade policy]
  • International Labor Affairs Bureau
  • Unemployment insurance
  • TAA health care tax credit [HCTC]
  • ERISA group health plans [HIPAA, COBRA, Consumer Protections] (w/ Senate Committee on Health, Education, Labor and Pensions)
• U.S. Department of the Treasury
  • Any customs, tariff, or revenue function not delegated to the Department of Homeland Security through the delegation authority provided by the Homeland Security Act of 2002 (Public Law 107-296)
  • Internal Revenue Service
  • Bureau of the Public Debt
  • Assistant Secretary of the Treasury for International Affairs (w/ Senate Committee on Foreign Affairs, formulating and implementing international trade policy]
  • Under Secretary of the Treasury for International Affairs
  • Financial Management Service (w/ Governmental Affairs Committee)
  • Bureau of Alcohol, Tobacco, and Firearms (w/ Senate Committee on the Judiciary) on relation to revenues]
  • Under Secretary of the Treasury for Enforcement [matters involving financial crimes, including terrorist financing]
    • [[Assistant Secretary for Enforcement [matters involving financial crimes, including terrorist financing]
    • [[Assistant Secretary for Terrorist Financing and Financial Crimes [matters involving financial crimes, including terrorist financing]
• U.S. Pension Benefit Guaranty Corporation (PBGC) (w/ Senate Committee on Health, Education, Labor and Pensions) Guarantees payment of non-forfeitable pension benefits in covered private sector defined benefit pension plans; title IV of ERISA]
  • TAA program for workers
• Social Security Administration (SSA)
  • Old-Age, Survivors and Disability Insurance (OASDI)
  • Supplemental Security Income; (SSI); Provides monthly cash benefits to eligible beneficiaries]
  • Social Security Inspector General
• Railroad Retirement Board
• United States International Trade Commission Furnishes studies/recommendations on numerous trade issues to the President and Congress; may order certain remedial actions in response to trade violations

Numerous boards, commissions, and advisory committees including:

• Prospective Payment Assessment Commission
• Physician Payment Review Commission
• Advisory Committee for Trade Policy, Negotiations and Industry
• Trade and Environment Policy Advisory Committee
• Intergovernmental Policy Advisory Committee
• Labor Advisory Committee
• Agricultural Policy Advisory Committee
• Agricultural Technical Advisory Committee for Trade
• Congressional-Executive Commission on China
• Social Security Advisory Board
• National Railroad Retirement Investment Trust
• Industry Trade Advisory Committees