Senate Finance Chairman Pat Moynihan also sits on the Environment and Public Works, Foreign Relations, Rules and Administration, Joint Taxation, and Library Committees. He has a Ph.D. from Fletcher College, and served in the Navy Reserve during World War II. He came to the Senate in 1972.
%
The Senate Finance Committee handles all federal taxation and controls about 40 percent of all federal spending. While revenue goals are determined throughout the Congressional budget process, the Finance Committee decides how the money is to be raised. Its massive budget covers Social Security, health care for the poor and elderly, and welfare programs. Because tax laws are so complicated and loopholes so permissive, the Committee has almost unlimited jurisdiction. This fluid system guarantees that lobbyists will converge on the Committee when it is considering legislation.
