Congressional Oversight

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
Chairman Mike Crapo (R-ID)
Ranking Member Sherrod Brown (D-OH)

Subcommittee on Housing, Transportation, and Community Development
Chairmam Tim Scott (R-SC)
Ranking Member Robert Menendez (D-NJ)

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

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

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

Subcommittee on Housing and Insurance
Chairman William Lacy Clay (D-MO)
Ranking Member Not Finalized

U.S House Committee on Appropriations
Chairwoman Nita Lowey (D-NY)
Ranking Member Kay Granger (R-TX)

Subcommittee on Transportation, Housing and Urban Development, and Related Agencies
Ranking Member David Price (D-NC)
Ranking Member Not Finalized

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.