WASHINGTON, D.C. (WTVQ) – On May 18, U.S. Congressman Andy Barr (KY-06) was named the Ranking Member of the House Financial Services Subcommittee on National Security, International Development and Monetary Policy.
This subcommittee is in charge of oversight over the Federal Reserve System, along with domestic and international fiscal policy. Congressman Barr served as Chairman of this subcommittee during the 115th Congress.
“I am thrilled to once again serve as the Republican leader of the Subcommittee on National Security, International Development and Monetary Policy,” said Congressman Barr. “I thank Ranking Member McHenry for the appointment. The current environment demonstrates the crucial role the subcommittee plays. China continues to pose a threat to U.S. competitiveness and American sanctions policy is more important than ever.”
Congressman Barr went on to say, “Additionally, the impact of monetary policy is becoming increasingly evident to the everyday consumer with the real consequences of runaway spending and inflation hitting their pocketbooks. This subcommittee plays a crucial role at the intersection of the financial system and national security, and provides meaningful oversight over the Federal Reserve’s monetary policy activities.” He added, “As Ranking Member of the subcommittee, I will prioritize preserving a fair international financial system, and ensuring that the Federal Reserve remains independent, free from political and public relations pressure, and does not stray from its congressionally-directed mandate.”
“I am proud to announce Congressman Barr as the new top Republican on the National Security, International Development, and Monetary Policy Subcommittee, said House Financial Services Republican Leader Congressman Patrick McHenry (R-NC). “Andy has been instrumental in House Republicans’ work to combat the Chinese Communist Party’s economic aggression, including as a member of the China Task Force. As Republicans continue this critical work, I know he will leverage his prior experience to bring commonsense solutions to the intersection of national security and our financial system.”
The Subcommittee on National Security, International Development and Monetary Policy has jurisdiction over legislation in the House related to:
- The impact of monetary policy on the economy, financial action on interest rates, the allocation of credit, and the structure and functioning of domestic financial institutions.
- International trade
- International investment policies, both as they relate to the United States investments for trade purposes by citizens of the United States and investments made by all foreign entities in the United States
- U.S. sanctions policy
- The Export-Import Bank, International Monetary Fund (IMF), and the World Bank
- Coins, coinage, currency, and medals, including commemorative coins and medals, proof and mint sets and other special coins, and counterfeiting