The Finance Committee shared jurisdiction over tariffs with the Committee on Commerce and Manufacturers. While the Select Committee on Finance and an (sic) Uniform National Currency had passed the Tariff Act of 1816, it would be years before its successor could claim full jurisdiction over tariff legislation. Three days later, its first Members were appointed: Senators George Campbell of Tennessee (the Committee’s first Chairman), Jeremiah Mason of New Hampshire, Thomas Thompson of New Hampshire, Rufus King of New York, and George Troup of Georgia. The Senate adopted Senator Barbour’s motion and on December 10, 1816, established the Committee on Finance as a standing committee of the Senate. Senator James Barbour of Virginia offered a motion to establish specific standing committees as part of the Senate’s rules. In 1816, in the second session of the 14th Congress, the Senate formalized the committee structure. The Bank Act stabilized the nation’s chaotic financial system. The Tariff Act eliminated some of the debt that the nation had accumulated as a result of the War of 1812. The Select Committee went on successfully to address two major issues of the Congress - the Tariff Act of 1816 and the Bank Act. The Senate formed the Committee to handle some of the proposals set forth in President James Madison’s message to Congress. During the 14th Congress (1815–1817), the Senate created the Select Committee on Finance and an (sic) Uniform National Currency. This rule resulted in the forerunner of the Finance Committee. To address problems that arose from this system, the Senate adopted a rule to create select committees to which the presiding officer referred similar pieces of legislation. It conducted its work through temporary committees that met as needed and disbanded when the Senate enacted the legislation that had prompted the Senate to form the committee. The Modern Finance Committee (1970–Present)ĭuring the Senate’s first 27 years, it had no standing committees.
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