Senate Committee on Finance

Chair: Chuck Grassley

B-

Projected Grade for the 116th Congress*

* Adjustments have been applied so that committees' grades are not lowered by the constraints on hearings caused by Covid-19 [oversight-index.thelugarcenter.org/covid-19-statement]

5 Investigative Oversight Hearings

12 Policy/Legislative Hearings

28 Total Hearings

Last updated: July 4, 2020, 11:20 a.m.

With jurisdiction over taxes, trade, Medicare, Medicaid and other major health care legislation, Social Security and welfare reform, the committee’s work directly affects virtually every adult American. At 28 members, it is one of the Senate’s largest committees. Originally formed to raise money for the government through taxes and tariffs, its remit expanded into social welfare in the 1930s with the creation of Social Security, and into health care financing with the passage of Medicare and Medicaid in the 1960s. It produced President Obama’s Affordable Care Act of 2010 and President Trump’s Tax Cuts and Jobs Act of 2017. It votes on nominees for Treasury and Health and Human Services secretaries and the U.S. Trade Representative, but also has jurisdiction over certain parts of the Agriculture, Commerce, Homeland Security and Labor departments. The committee has six subcommittees: international trade, customs and global competitiveness; taxation and IRS oversight; Social Security, pensions and family policy; health care; energy, natural resources and infrastructure; and fiscal responsibility and economic growth.

Despite its vast influence, the committee has held fewer hearings than many other major committees over the 10-year period. Except for the 112th Congress (2011-12), when it held 83 hearings, the committee has held only 65 or fewer hearings over the other four Congresses. In the 115th Congress (2017-18) under Chair Orrin Hatch (R, Utah), when it passed President Trump’s tax cut, it held only 49 hearings, a drop from 57 in the previous Congress and the fewest of the 10-year period. The figure was the lowest among committees with major legislative responsibilities.

The committee does relatively little policy and legislative oversight compared to other major committees. Such hearings typically take up less than half the committee’s hearing schedule. In the 115th Congress under Chair Hatch, it held only 17 policy and legislative hearings, a drop from 24 in the previous Congress and the committee’s lowest figure for the 10-year-period. It was the second-lowest among major committees after the Agriculture committee, which held 11, and less than the Health, Education, Labor and Pensions committee, which held 19.

The committee historically has held few investigative oversight hearings, averaging a bit more than one per Congress. It conducted no investigative oversight hearings in the 115th Congress, one of six committees without any such hearings.


Chairs

111th Congress: Max Baucus (D-MT)

112th Congress: Max Baucus (D-MT)

113th Congress: Max Baucus (D-MT) [Ron Wyden (D-OR)]

114th Congress: Orrin Hatch (R-UT)

115th Congress: Orrin Hatch (R-UT)

116th Congress: Chuck Grassley (R-IA)


Current Congress

We are 82% of the way through the 116th Congress

Senate Committee on Finance

5 Investigative Oversight Hearings; 100% historical maximum
12 Policy/Legislative Hearings; 39% historical maximum
28 Total Hearings; 39% historical maximum

Committee History

Number of Hearings
Committee Hearing Performance
Investigative/Oversight Policy/Legislative Total Hearings Score Grade
111th Congress 1 33 65 90% A-
112th Congress 0 35 83 100% A
113th Congress 2 24 64 82% B
114th Congress 3 24 57 82% B
115th Congress 0 17 49 54% F
116th Congress* 5 12 28 80% B-
Historical average 1.8 24.2 57.7

* Adjustments have been applied so that committees' grades are not lowered by the constraints on hearings caused by Covid-19 [oversight-index.thelugarcenter.org/covid-19-statement]

Number of Hearings

--- Historical Average

Hearings held by the
Senate Committee on Finance

Date Hearing Title Committee Category