WASHINGTON House Republicans are expected today to propose broadening the Banking Committees jurisdiction to include securities and insurance. A vote by the full House is expected as early as Wednesday. If approved, the expanded panel would be renamed the Committee on Financial Services.
Analysts agreed that passage of financial reform in 1999 was the catalyst for the change. This brings the financial committee in the House into the 21st century, longtime industry lobbyist Richard Hohlt said Friday. The defining event for this was Gramm-Leach-Bliley. That legislation really did streamline a lot of these businesses into one sector.