Senate Committee on Finance

The Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods.

Subcommittees

 * Subcommittee on Energy, Natural Resources, and Infrastructure


 * Subcommittee on Health Care


 * Subcommittee on International Trade and Global Competitiveness


 * Subcommittee on Social Security, Pensions and Family Policy


 * Subcommittee on Taxation, IRS Oversight, and Long-term Growth

China trade and currency legislation
Lawmakers and other critics long alleged that China artificially cheapened its currency, the yuan, which, in turn, increased the U.S.-China trade deficit. Following a June, 2007 Treasury Department report in which it continued a trend of refusing to label China a currency "manipulator," the Senate Finance Committee proposed legislation that would force the Treasury Department to acknowledge China's currency manipulation. The bill was sponsored by Finance Committee Chairman Sen. Max Baucus (D-Mont.), ranking member Sen. Chuck Grassley (R-Iowa), and Sens. Charles Schumer (D-N.Y.) and Lindsay Graham (R-S.C.).

Legislation to close partnership tax loophole
On June 14, 2007, Sens. Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa) introduced a bill that would change the tax rules governing publicly traded partnerships that derive their income mostly from investments. This would greatly effect several hedge funds and private-equity firms, as these businesses were able to avoid one level of taxation that other corporations must pay. The two senators commented on the bill, Baucus stating "The nature of investment vehicles is changing right before our eyes, and the tax code must keep up with the times," and Grassley saying "It’s unfair to allow a publicly traded company to act like a corporation but not pay corporate tax, contrary to the intent of the tax code."

Contact Details
URL: http://finance.senate.gov


 * Majority staff office - (202) 224-4525
 * Minority staff office - (202) 224-5315