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With 535 Members of the U.S. House and Senate, it is impossible for every Senator and Representative to know everything about every issue that goes before Congress. That is why committee assignments are very important to the legislative process. Members assigned to specific committees are tasked with learning about and crafting legislation and proposals on the issues that fall within the jurisdiction of the committee(s). Because the majority of the substantive legislative work is done at the committee level, understanding who serves on “key” committees that impact insurance agents and financial advisors is extremely important. Below is a list of the key committees that NAIFA works with in Congress. Although this list is not exhaustive of every single committee with which NAIFA works, the list is a guide for NAIFA members to understand who in Congress currently has the most influence over the issues that matter to your business. If your Member of Congress or Senators are not on any of these committees, please keep in mind that committee assignments change every Congress and ultimately every one of them has vote on legislation that goes to the House or Senate floor. Finally, if you are represented by a member of the House or Senate Leadership, be aware that they have significant influence over all issues that go before Congress.
This Committee plays an integral role in setting the legislative agendas for tax, pension and health care issues. All tax bills initiate in the Ways and Means Committee. Ways and Means legislation can affect the tax status of insurance products that impact your clients. This includes individual and corporate income taxes, health care taxes, estate taxes, gift taxes and other miscellaneous taxes.
This Committee has jurisdiction over federal consideration of legislation that could impact most life insurance, property/casualty insurance and securities. The Committee examines the regulation of insurers and insurance products and securities products as well as those who sell the products. This Committee has oversight authority over the Securities and Exchange Commission, the Department of Treasury and the Federal Reserve. The Committee also has jurisdiction over the National Flood Insurance Program (NFIP).
This Committee plays a large role in the crafting of health care legislation. The Ways and Means Committee often works with the Energy and Commerce Committee to develop changes to health care law. E&C’s jurisdiction includes oversight of the Department of Health and Human Services— the regulatory body that oversees the health industry.
The Committee (which is called the Education and Labor Committee when the Democrats control the House) has jurisdiction over all matters dealing with relationships between employers and employees as well as the Employee Retirement Income Security Act (ERISA). These include employment-related health and retirement security issues, such as pensions, health care insurance and other employee benefits. This Committee also has oversight jurisdiction over the Department of Labor.
This Committee is Senate counterpart to the House Ways and Means Committee. Legislation initiating here affects the tax status of insurance products that impact your clients. This includes individual and corporate income taxes, health care taxes, estate taxes, gift taxes and other miscellaneous taxes.
Like the House Financial Services Committee, this Committee has jurisdiction over federal consideration of legislation that could impact most life insurance, property/casualty insurance and securities. The Committee examines the regulation of insurers and insurance products and securities products as well as those who sell the products. This Committee has oversight authority over the Securities and Exchange Commission, the Department of Treasury and the Federal Reserve. The Committee also has jurisdiction over the National Flood Insurance Program (NFIP).
This Committee, commonly called the “HELP” Committee has jurisdiction similar to both the House Energy and Commerce Committee and the House Education and the Workforce Committee. Together with the Senate Finance Committee, the HELP Committee has a major role in the crafting of health care legislation. In addition, the committee has jurisdiction over employment-related health and retirement security issues, such as pensions, health care insurance and other employee benefits as well as the Employee Retirement Income Security Act (ERISA). The committee also has oversight jurisdiction over both the Department of Health and Human Services and the Department of Labor.