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The House of Representatives and Senate make up Congress in the US. The House Ways and Means Committee, responsible for taxes and spending, has existed for over 200 years and oversees important monetary matters. It has jurisdiction over taxes, trade, social programs, and finances. The committee is also responsible for oversight and influences federal and state policy. The chairman is highly influential and the position is coveted.
In the United States, there are two houses within the legislative branch of the federal government. These two chambers make up Congress and are called the House of Representatives and the Senate. Within the House of Representatives there is a powerful committee, the oldest still active, called the House Ways and Means Committee. The committee has been in existence for over 200 years and has jurisdiction over the nation’s most important monetary matters.
The House Ways and Means Committee became a standing committee in the early 1800s. It was responsible not only for taxes but also for government spending. This was later changed when the Appropriations Committee was created to regulate expenditure.
The committee is responsible for legislation relating to taxes, trade, including international trade, social or “entitlement” programs, and most other matters affecting the country’s finances. All tax measures must be proposed to the House of Representatives, by Constitution. The committee has the power to raise and lower taxes, set tariffs, and generate revenue for the federal government as it sees fit, within constitutional parameters.
Some of the programs and agencies under the purview of the House Ways and Means Committee are unemployment, Medicaid/Medicare, food stamps and other family assistance programs, raising child support, child protection – including foster care and adoption – and safety social . Because many of these programs are seen as questionable in their effectiveness, as well as having the typical bureaucratic complications, the committee must continually look for ways to restructure and streamline the programs for better efficiency.
In addition to creating laws governing such programs, the Ways and Means Committee is also responsible for oversight. Fraud, embezzlement, waste, and abuse can wreak havoc unless diligent oversight is in place. The committee also has great authority and influences the direction of federal and state policy regarding social concerns and financial matters in areas including poverty, health insurance availability, and many other important issues.
The chairman of the House Ways and Means Committee is considered by many to be one of the most influential people in Congress. Because finances affect so many issues related to how the country operates, the president wields a great deal of power and generally commands a lot of respect. He is a coveted position due to the great influence he wields on important political issues.
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