The following committees have jurisdiction over reverse mortgages and the Home Equity Conversion Mortgage (HECM) program.
U.S Senate Committee on Banking, Housing, and Urban Affairs
Sen. Sherrod Brown (D-OH)-Chairman
Sen. Tim Scott (R-SC)-Ranking Member
Subcommittee on Housing, Transportation, and Community Development
Sen. Tina Smith (D-MN)-Chairwoman
Sen. Mike Rounds (R-SD)-Ranking Member
U.S. Senate Committee on Appropriations
Chairman-Sen. Patty Murray (D-WA)-Chairwoman
Ranking Member: Susan Collins (R-ME)-Ranking Member
Subcommittee on Transportation, Housing, and Urban Development, and Related Agencies
Chairman-Sen. Brian Schatz (D-HI)
Ranking Member-Cindy Hyde-Smith (R-MS)
U.S. House Financial Services Committee
Rep. Patrick McHenry (R-NC)-Chairman
Rep. Maxine Waters (D-CA)-Ranking Member
Subcommittee on Housing and Insurance
Rep. Warren Davidson (R-OH)-Chairman
Emanuel Cleaver II (D-MO)-Ranking Member
U.S House Committee on Appropriations
Rep. Kay Granger (R-TX)-Chairwoman
Rep. Rosa DeLauro (D-CT)-Ranking Member
Subcommittee on Transportation, Housing and Urban Development, and Related Agencies
Rep. Tom Cole (R-OK)-Chairman
Rep. Mike Quigley (D-IL)-Ranking Member
The Senate Banking Committee and the House Financial Services Committee are “authorizing” committees whose responsibilities include debating and passing bills that, if signed into law by the president, create new policies or amend existing ones. Both committees conduct public hearings to gather information on housing and financial services-related issues.
The Senate Banking Committee also holds hearings to assess the qualifications of presidential nominees, such as the Secretary of Housing and Urban Development, Federal Housing Administration Commissioner, and Director of the Bureau of Consumer Financial Protection. If the nominee is voted out of committee, then the full Senate must still approve the nomination.
The Appropriations Committees in the House and Senate do not make policies, but rather pass legislation that funds federal agencies, like the Department of Housing and Urban Development, that regulate our programs.
