Role
The role of the Committee on Finance is very similar to that of the House Committee on Ways and Means. The one exception in area of jurisdiction is that the Committee on Finance has jurisdiction over both Medicare and Medicaid, while the House Ways and Means Committee only has jurisdiction over Medicare. (The House Energy and Commerce Committee has jurisdiction over Medicaid.) The other difference in terms of power is that all revenue raising measures must originate in the House giving the Ways and Means committee a slight edge in setting tax policy. In addition to having jurisdiction over legislation the Committee has extensive oversight powers. It has authority to investigate, review and evaluate existing laws, and the agencies that implement them.
Due to the Committee's wide jurisdiction, it is often considered an influential committee. A wide array of Senators with differing policy concerns seek membership on the Committee because of its role in setting tax, trade, and health policy.
Read more about this topic: United States Senate Committee On Finance
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