WASHINGTON, DC – U.S. Senator Richard Shelby (R-Ala.) released the following statement upon being named chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs for the 114th Congress. Shelby was elected by the Republican members of the committee on Wednesday and his appointment was confirmed by the Senate Republican Conference today.
“It is an honor to lead the Senate Banking Committee in the 114th Congress,” said Senator Shelby. “I look forward to working with my colleagues in the House and Senate to implement policies that will foster economic growth.”
Senator Shelby previously served as the Chairman of the Banking Committee from 2003 – 2006. According to the standing rules of the Senate, the committee has jurisdiction over legislation concerning the following subjects:
- Banks, banking, and financial institutions.
- Deposit insurance.
- Economic stabilization and defense production.
- Export and foreign trade promotion.
- Export controls.
- Federal monetary policy, including the Federal Reserve System.
- Financial aid to commerce and industry.
- Issuance and redemption of notes.
- Money and credit, including currency and coinage.
- Nursing home construction.
- Public and private housing (including veterans housing).
- Renegotiation of Government contracts.
- Urban development and urban mass transit.