The committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods.

Under this authority the committee played an influential role in the most heated topics of the era, including numerous tariff issues and the Bank War.

[3] Despite the loss of one of its signature duties, the committee continued to play a prominent role in the major issues of the nation.

The Supreme Court's decision in Pollock v. Farmers' Loan & Trust Co., 157 U.S. 429 (1895) ruled the income tax as unconstitutional, since it was not based on apportionment.

The committee did gain jurisdiction over veterans’ benefits when it successfully passed the War Risk Insurance Act of 1917.

The act shifted pensions from gratuities to benefits and served as one of the first life insurance programs created under the federal government.

[3] The Finance Committee continued to play an increasingly important role in the lives of the nation's veterans.

The new bureaucracy was President Franklin D. Roosevelt's attempt to stimulate the economy and promote jobs for unemployed Americans while also regulating businesses.

[11] Probably the largest and most lasting pieces of legislation shaped by the Finance Committee during the New Deal was the 1935 Social Security Act.

The other difference in terms of power is that all revenue raising measures must originate in the House, giving the Ways and Means Committee a slight edge in setting tax policy.

In accordance of Rule XXV of the United States Senate, all proposed legislation, messages, petitions, memorials, and other matters relating to the following subjects are referred to the Senate Committee on Finance: Given its broad remit with regards to taxation, mandatory spending, international trade, Social Security, Temporary Assistance to Needy Families, interest on the national debt, and healthcare finance—including Medicare, Medicaid, and the Children's Health Insurance Program—the Senate Committee on Finance is arguably one of the most influential standing committees in either house of Congress.