Economic Policy

The Subcommittee on Economic Policy is one of six subcommittees within the Senate Committee on Banking, Housing, and Urban Affairs. It focuses on a specialized slice of the parent committee's broad jurisdiction: the macroeconomic foundations of the financial system. While the full Banking Committee oversees banking, housing, securities, and international finance, the Economic Policy Subcommittee concentrates specifically on economic growth, employment and price stability, federal monetary policy including the Federal Reserve System's functions, the Council of Economic Advisers, money and credit matters including currency and coinage, price controls, economic stabilization, and disaster assistance programs like flood insurance and FEMA assistance.

The subcommittee is chaired by Senator John Kennedy (R-LA) with Senator Raphael G. Warnock (D-GA) serving as Ranking Member. The 11-member panel includes both Republicans and Democrats, reflecting the committee's bipartisan composition. As a subcommittee, it holds initial hearings and reviews legislation within its jurisdiction before matters proceed to the full Banking Committee, which alone has the power to report bills to the Senate floor. Recent subcommittee activity has included hearings on tax policy and its macroeconomic implications, examining how potential tax reforms might affect the broader economy.