The United States Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress.
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👉 United States Senate Committee on Finance in the context of Senate Foreign Relations Committee
The United States Senate Committee on Foreign Relations is a standing committee of the U.S. Senate charged with leading foreign-policy legislation and debate in the Senate. It is generally responsible for authorizing and overseeing foreign aid programs; arms sales and training for national allies; and holding confirmation hearings for high-level positions in the Department of State. Its sister committee in the House of Representatives is the Committee on Foreign Affairs.
Along with the Finance and Judiciary committees, the Foreign Relations Committee is among the oldest in the Senate, dating to the initial creation of committees in 1816. It has played a leading role in several important treaties and foreign policy initiatives throughout U.S. history, including the Alaska Purchase, the establishment of the United Nations, and the passage of the Marshall Plan. The committee has also produced eight U.S. presidents—Andrew Jackson, James Buchanan, Andrew Johnson, Benjamin Harrison, Warren Harding, John F. Kennedy, Barack Obama, and Joe Biden (Buchanan and Biden serving as chair)—and 19 secretaries of state. Notable members have included Arthur Vandenberg, Henry Cabot Lodge, and William Fulbright.
- ⭐ Core Definition: United States Senate Committee on Finance
- 👉 United States Senate Committee on Finance in the context of Senate Foreign Relations Committee
- United States Senate Committee on Finance in the context of United States House Committee on Ways and Means
- United States Senate Committee on Finance in the context of United States Secretary of the Treasury
- United States Senate Committee on Finance in the context of Bob Dole
United States Senate Committee on Finance in the context of United States House Committee on Ways and Means
The Committee on Ways and Means is the chief tax-writing committee of the United States House of Representatives. The committee has jurisdiction over all taxation, tariffs, and other revenue-raising measures, as well as a number of other programs including Social Security, unemployment benefits, Medicare, the enforcement of child support laws, Temporary Assistance for Needy Families, foster care, and adoption programs. Members of the Ways and Means Committee are not allowed to serve on any other House Committee unless they are granted a waiver from their party's congressional leadership. It has long been regarded as the most prestigious committee of the House of Representatives.
The United States Constitution requires that all bills regarding taxation must originate in the U.S. House of Representatives, and House rules dictate that all bills regarding taxation must pass through Ways and Means. This system imparts upon the committee and its members a significant degree of influence over other representatives, committees, and public policy. Its Senate counterpart is the U.S. Senate Committee on Finance.
United States Senate Committee on Finance in the context of United States Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is, by custom, a member of the president's cabinet and, by law, a member of the National Security Council, and fifth in the U.S. presidential line of succession.
Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, will take the office if confirmed by the majority of the full United States Senate.
United States Senate Committee on Finance in the context of Bob Dole
Robert Joseph Dole (July 22, 1923 – December 5, 2021) was an American politician, attorney, and U.S. Army officer who represented Kansas in the United States Senate from 1969 to 1996. He was the Republican Leader of the U.S Senate during the final 11 years of his tenure, including three non-consecutive years as Majority Leader of the U.S. Senate. Prior to his 27 years in the Senate, he served in the United States House of Representatives from 1961 to 1969. Dole was also the Republican presidential nominee in the 1996 presidential election and the vice presidential nominee in the 1976 presidential election.
Dole was born and raised in Russell, Kansas, where he established a legal career after serving with distinction in the United States Army during World War II. Following a period as Russell County, Kansas Attorney, he won election to the House of Representatives in 1960. In 1968, Dole was elected to the Senate, where he served as chairman of the Republican National Committee from 1971 to 1973 and chairman of the United States Senate Committee on Finance from 1981 to 1985. He led the U.S. Senate Republican members from 1985 to his resignation in 1996, and served as Senate Majority Leader from 1985 to 1987 and from 1995 to 1996. In his role as Republican leader, he helped defeat the Clinton health care plan of 1993, proposed by Democratic president Bill Clinton.