Committee InfoDescriptionHello delegates and welcome to the Financial Services Committee, also referred to as the House Banking Committee. This committee is responsible for developing and reviewing laws about components of the nation’s housing and financial services, including the banking, securities, insurance, real estate, and public housing industries. The Financial Services Committee also oversees the Securities and Exchange Commission (SEC), the Federal Reserve, the US Department of the Treasury, as well as many other financial service regulators.The committee was first created in 1865 under the name of the Committee on Banking and Currency to take over the responsibilities of the former Ways and Means Committee. In 1968, the committee adopted its current name. Currently, the Financial Services Committee is chaired by Barney Frank (D-MA) with Republican ranking member Spencer Bachus (R-AL). There are six subcommittees: * Capital Markets, Insurance, and Government Sponsored Enterprises – This subcommittee is responsible for legislation dealing with the capital markets, the securities industry, the insurance industry except for healthcare, and government enterprises such as Fannie Mae and Freddie Mac. * Financial Institutions and Consumer Credit – This subcommittee oversees financial regulators, consumer credit, and the banking system in general. * Housing and Community Opportunity – This subcommittee oversees public, affordable, and rural housing, community development, and government insurance programs. * Domestic Monetary Policy and Technology * International Monetary Policy and Trade * Oversight and Investigations In light of the recent economic situation, the House Financial Services Committee has had many issues to deal with. For example, on December 3, 2009, Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises announced that he will soon convene a third hearing investigating the Madoff Ponzi scheme. In this case, the committee showed responsibility for regulating the capital markets and securities industries. In addition, the committee completed a comprehensive set of reforms to modernize the nation’s financial institutions on December 3 in response to the recent economic crisis. This legislation, titled the Wall Street Reform and Consumer Protection Act, will be brought to the entire House soon. This act establishes an independent federal agency to protect Americans from abusive financial services, creates an oversight council to regulate financial firms that are too large and risky, gives shareholders more power in deciding executive compensation, protects investors in the securities markets in response to the Madoff scandal, and further modernizes other financial services with the ultimate goal of protecting the American citizen. The committee is currently very busy in launching many new regulations for the national business sector. For more information about the House Financial Services committee, please visit http://financialservices.house.gov/ and for more recent press releases, please visit http://financialservices.house.gov/press.shtml. My name is Travis Stier. I am a Junior in Wharton, concentrating in Finance and Management. I was a delegate for Jericho High School and attended Penn Model Congress three times. This is my third conference chairing -- my past committees were Small Business and Energy and Commerce. In addition to Penn MC, I am active in the Penn West Philadelphia Basketball League, a basketball league run by Penn students for West Philadelphia children. I am also a member of the AEPi fraternity. If you have any questions about your bill, the committee, or any other concerns, feel free to reach out to me at stiert@wharton.upenn.edu. I look forward to meeting all of you and making this an interesting / fun debate. Hi delegates! My name is Tina Sun. I’m a freshman in Wharton probably majoring in finance and minoring in French. At Penn, I am in Wharton Asia Exchange, Wharton Women, and PEER. In high school, I attended Harvard Model Congress as a delegate and it was an absolutely amazing experience for me! I attended high school in a little suburb of Boston, and before that I lived in Canada. Feel free to contact me at tesun@wharton.upenn.edu if you have any questions or if you need any help with anything! I am so excited for PennMC 2010 and I am looking forward to meeting all of you! Chairs
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Account LoginConference DatesMarch 31 - April 3, 2011 RegistrationRegistration is now closed. InformationClick here for more details about PENNMC 2011! Check us out on Facebook!
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