Congressional Oversight

The following committees have jurisdiction over reverse mortgages and the Home Equity Conversion Mortgage (HECM) program.

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. Patrick Toomey (R-PA)-Ranking Member

Subcommittee on Housing, Transportation, and Community Development
Chairman TBD
Ranking Member TBD

U.S. Senate Committee on Appropriations
Sen. Patrick Leahy (D-VT)-Chairman
Sen. Richard Shelby (R-AL)-Ranking Member

Subcommittee on Transportation, Housing, and Urban Development, and Related Agencies
Sen. Jack Reed (D-RI)-Chairman
Sen. Susan Collins (R-ME)-Ranking Member

U.S. House Financial Services Committee
Rep. Maxine Waters (D-CA)-Chairwoman
Rep. Patrick McHenry (R-NC)-Ranking Member

Subcommittee on Housing and Insurance
Rep. Emanuel Cleaver (D-MO)-Chairman
Rep. Steve Stivers (R-OH)-Ranking Member

U.S House Committee on Appropriations
Rep. Rosa DeLauro (D-CT)-Chairwoman
Rep. Kay Granger (R-TX)-Ranking Member

Subcommittee on Transportation, Housing and Urban Development, and Related Agencies
Rep. David Price (D-NC)-Chairman
Ranking Member TBD

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.