Senate Committee on Finance

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The 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.

Contents

Members

MemberPartyState
Max S. BaucusDMT
John D. Rockefeller IVDWV
Kent ConradDND
Jeff BingamanDNM
John KerryDMA
Blanche LincolnICT
Ron WydenDOR
Charles SchumerDNY
Debbie StabenowDMI
Maria CantwellDWA
Bill NelsonDFL
Robert MenendezDNJ
Thomas CarperDDE
Chuck GrassleyRIA
Orrin HatchRUT
Olympia SnoweRME
Jon KylRAZ
Jim BunningDIA
Mike CrapoRID
Pat RobertsRKS
John EnsignDNY
Michael EnziRWY
John CornynRTX


Subcommittees

Previous committee membership

110th Congress (2007-2008)

Members of the
Senate Committee on Finance,
110th Congress
Democrats: Republicans:


109th Congress (2005-2006)

Members of the
Senate Committee on Finance,
109th Congress
Democrats: Republicans:


Committee activity

China trade and currency legislation

Lawmakers and other critics long alleged that China artificially cheapened its currency, the yuan, which, in turn, increased the U.S.-China trade deficit. Following a June, 2007 Treasury Department report in which it continued a trend of refusing to label China a currency "manipulator," the Senate Finance Committee proposed legislation that would force the Treasury Department to acknowledge China's currency manipulation. The bill was sponsored by Finance Committee Chairman Sen. Max Baucus (D-Mont.), ranking member Sen. Chuck Grassley (R-Iowa), and Sens. Charles Schumer (D-N.Y.) and Lindsay Graham (R-S.C.).[1]

Legislation to close partnership tax loophole

On June 14, 2007, Sens. Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa) introduced a bill that would change the tax rules governing publicly traded partnerships that derive their income mostly from investments. [2] This would greatly effect several hedge funds and private-equity firms, as these businesses were able to avoid one level of taxation that other corporations must pay. The two senators commented on the bill, Baucus stating "The nature of investment vehicles is changing right before our eyes, and the tax code must keep up with the times," and Grassley saying "It’s unfair to allow a publicly traded company to act like a corporation but not pay corporate tax, contrary to the intent of the tax code."[3]

Articles and Resources

Wikipedia also has an article on Senate Committee on Finance. This article may use content from the Wikipedia article under the terms of the GFDL.

References

  1. ↑ Ian Swanson, "Senators unveil long-awaited bill on China," The Hill, June 14, 2007.
  2. ↑ THOMAS page on S.1624. THOMAS.
  3. ↑ Holzer, Jessica Legislation tackles partnership tax loophole. The Hill. June 15, 2007.

External articles

External resources

Contact Details

URL: http://finance.senate.gov

  • Majority staff office - (202) 224-4525
  • Minority staff office - (202) 224-5315
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