The when the Senate enacted the legislation that had

The StandingCommittee is an indefinite administrative committee within congress thatconsiders enactment inside its assigned subject zone; they are the fundamentalunit of consideration in the House and the Senate. The Standing Committees in the United States was created tohandle and mandate certain aspects and funding of different departments of thelegislative branch. The House’s Committees analyzes bills, organizationsand issues inside their domain. There are three types of committees withincongress; Standing Committees, Selective Committees and Conference Committees.The Standing Committee jurisdictions have likeness to those in the ExecutiveBranch of the Government.            Within theStanding Committees, the law allows each member to retain their positionspermanently.

A committee member is assigned to a jurisdiction by theirexpertise. In order for a bill to be analyzed, it is ultimately given to thestanding committee to which it most correlates to. To begin with, a bill ispresented by a legislator, which then alluded to a standing committee.

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Theindividuals within the committee are at that point capable to focus on thedetails of the proposed bill, a public hearing is then held where the committeemembers decide on the bill’s credibility and merit. There are currently 16standing committees within the senate and 20 within the house, with each beingdistinctive in their own rights. Unlike the House and Senate, the level ofsuperiority is determined by how many consecutive years were served on thecommittee and not elsewhere in congress.

What started off as a SelectiveCommittee, the Standing Committee of Finance duties are to discuss budgets, tax,appropriation, and general expenses.  “During theSenate’s first 27 years, it had no standing committees.  The early Senatewas a small body.

  It conducted its work through temporary committees thatmet as needed and disbanded when the Senate enacted the legislation that hadprompted the Senate to form the committee” (Finance.senate.gov,2017).Formerly aselective committee, the major two issues at the time was the Tariff Act of1816 and the Bank Act. The Bank Act helped to stabilize the nation’s chaoticfinancial systems. The Tariff Act of 1816 helped to eradicate the debt from theresult of the 1812 War.

The Finance Committee shared jurisdiction over tariffswith the Committee on Commerce and Manufacturers. Senators on the financecommittee argued that the tariffs were means to raise revenue and was withinthe rights of the Finance; however, every act to transfer it was a failedmission because more concerns of protecting the industries was of certain homestates of the Senators, resulted in the senate redirected the legislation tothe Commerce and Manufacturers Committee (Finance.senate.gov, 2017). As years passed,tariff issues grew larger, which exposed a geographic division within thecountry.

  Southern and western interests supported the reductions intariffs; however, northern interests, felt that tariffs were still too low anddid not afford enough protection (Finance.senate.gov, 2017). “By 1833,disputes over tariffs reached a crisis.

  South Carolina threatened tonullify all tariff acts.  The Senate was forced to act.  And HenryClay offered a solution that would draw down tariffs over a 10-yearperiod.  Congress passed the bill, and President Jackson signed it intolaw” (Finance.senate.

gov, 2017). Tariffs in theUnited States was not the only problem, the Charter of the Second Bank was upfor renewal which was created by the committee in 1816. At the time, PresidentJackson vocalized his belief that the Second Bank violated the constitution andoutsized the importance of the country’s currency and financial systems. Led bySamuel Smith, the committee came to an unanimous decision that the bank createda secured and continuous currency in the United States.  After PresidentJackson won re-election, he mandated that the secretary of treasury to removeall federal money from the bank and redistribute it to state banks. SenatorsWebster and Clay felt as if Jackson’s actions regarding the Second Bank wasunconstitutional and that money issues within the country should be deliberatedin the senate. Ultimately, for 3 years Jackson was stripped from makingdecisions pertaining the Second Bank until the Democrats won over the Senate.

 On December 10, 1816, the senate approvesSenator James Barbour’s request to have an established Committee on Finance asa standing committee of the Senate.  Justafter a few days, its very first Members were appointed: Senators George Campbellof Tennessee (the Committee’s first Chairman), Jeremiah Mason of New Hampshire,Thomas Thompson of New Hampshire, Rufus King of New York, and George Troup ofGeorgia (Finance.senate.gov, 2017). During the Civil War Era in 1862, there was proposal made by the House Waysand Means Committee to create non-interest currency that would be legal to pay offdebts within the country (Finance.senate.

gov,2017). Senator Chase was against the notion because he feared forpossible inflation and counterfeiting which divided the Finance Committee (Finance.senate.gov, 2017).  Chairman William Fessenden supported the vastmajority of the bill but he did not approve of the legal tender title; however,Senator John Sherman, favored the House-passed bill presented it to the Senate (Finance.

senate.gov 2017).  An agreement was made byChairman Fessenden and Senator Sherman to allow the loan payments within thebill to be backed by hard currency (Finance.

senate.gov,2017).  Congress passed the measure, and President Lincoln signedit into law (Finance.senate.gov, 2017). It was made apparentto Congress could see that the Civil War would last for multiple years. In response, Congress stopped increasing tariff rates and instead, focused on taxingincome to fund the war (Finance.senate.

gov,2017).  House legislation incorporated direct taxes inaddition to the flat income tax rates (Finance.senate.gov, 2017).  “WhenChairman Fessenden reported the bill to the Senate, he noted that he was theonly one among the Committee’s Senators who cared for the House’s direct taxprovisions.  The Senate struck the direct taxes and substitutedprogressive income tax rates to recoup the lost revenue” (Finance.senate.

gov, 2017).