Economy & Jobs
Tax policy, employment, trade, small business, and financial regulation in Congress
Overview
Economic policy encompasses some of the most impactful legislation Congress considers. From tax policy affecting every American to trade agreements shaping global commerce, economic legislation has far-reaching consequences.
The Constitution requires that tax and revenue bills originate in the House of Representatives, giving the Ways and Means Committee particular importance in economic policy. Understanding committee jurisdiction helps you follow legislation and engage with your representatives effectively.
Key Committees
These committees have primary jurisdiction over economic legislation:
House Ways and Means Committee
Tax policy, trade, Social Security
Key subcommittees: Trade, Tax...
House Financial Services Committee
Banking, housing, securities, insurance
Key subcommittees: Capital Markets, Housing...
House Small Business Committee
Small business assistance, SBA oversight
Key subcommittees: Economic Growth, Contracting...
Senate Finance Committee
Taxation, trade, Social Security, Medicare
Key subcommittees: International Trade, Taxation and IRS Oversight
Senate Banking Committee
Banking, financial institutions, housing
Key subcommittees: Economic Policy, Securities...
Policy Areas
Tax Policy
Individual and corporate taxes, tax credits, IRS oversight
Employment & Labor
Minimum wage, workplace safety, unemployment insurance
Trade
International trade agreements, tariffs, export policy
Small Business
SBA loans, small business tax relief, contracting
Financial Regulation
Banking rules, consumer protection, market oversight
Housing
Affordable housing, mortgage policy, homelessness
Recent Legislation
Major economic legislation in recent Congresses includes:
- Inflation Reduction Act (2022) - Clean energy tax credits, corporate minimum tax
- CHIPS and Science Act (2022) - Semiconductor manufacturing incentives, R&D funding
- Infrastructure Investment and Jobs Act (2021) - Roads, bridges, broadband investment
- American Rescue Plan (2021) - COVID-19 economic relief, stimulus payments
- Tax Cuts and Jobs Act (2017) - Individual and corporate tax reform
Frequently Asked Questions
- Which congressional committee handles tax legislation?
- Tax legislation originates in the House Ways and Means Committee, as required by the Constitution. The Senate Finance Committee then considers tax bills after House passage. Both committees have broad jurisdiction over tax policy, including individual and corporate taxes.
- How does Congress affect the economy?
- Congress affects the economy through fiscal policy (taxes and spending), trade agreements, financial regulation, and labor laws. Major economic legislation like tax reform, stimulus packages, and trade deals can significantly impact employment, inflation, and economic growth.
- What is the role of the Financial Services Committee?
- The House Financial Services Committee oversees banking, securities, housing, and insurance. It has jurisdiction over the Federal Reserve, SEC, and consumer financial protection. The Senate equivalent is the Banking, Housing, and Urban Affairs Committee.
- How can I track economic legislation in Congress?
- Track economic legislation on CIV.IQ by following the Ways and Means, Financial Services, and Finance committees. You can also search for specific topics like tax policy or trade on our bills page.