Tester named Chairman of powerful Banking subcommittee

Senator will use position to strengthen role of community banks, create jobs, cut spending

(U.S. SENATE) – U.S. Senator Jon Tester today was named Chairman of the powerful Senate Banking Subcommittee on Economic Policy.

The subcommittee is responsible for overseeing Congress’ role in monetary policy, economic growth, small business lending and flood insurance as well as oversight responsibility for the recently created Financial Stability Oversight Council charged with addressing systemic risk to the financial system.

Tester a member of the Senate Banking Committee since he took office in 2007, said he looks forward to using his chairmanship to strengthening the role of Montana’s community banks and small businesses.

“Montana’s community banks are the driving force behind strong small businesses and a job-friendly economy,” Tester said.  “This leadership role guarantees Montana and rural America have a voice at the table as we work together to rebuild our economy by creating jobs, cutting spending and cutting our debt.”

The Senate Economic Policy Subcommittee oversees:

  • Economic growth, employment and price stability
  • Monetary policy, including monetary policy functions of the Federal Reserve System 
  • The Office of Financial Research 
  • The Council of Economic Advisors 
  • Money and credit, including currency, coinage and notes 
  • Control of prices of commodities, rents and services 
  • Economic stabilization 
  • Financial aid to commerce and industry 
  • Loan guarantees 
  • Flood insurance 
  • Disaster assistance 
  • Small business lending

As a member of the Senate Banking Committee, Tester helped write the successful Wall Street reform law and the credit card reform law.  He is the only Senate Democrat to have voted against the bailouts of Wall Street and the U.S. auto industry.

Tester, a third generation farmer, is also a member of the Senate Appropriations, Veterans’ Affairs, Homeland Security and Indian Affairs Committees.