The United States Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. 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. It is considered to be one of the most powerful committees in Congress. History The Committee on Finance is one of the original committees established in the Senate. First created on December 11, 1815, as a select committee and known as the Committee on Finance and an [sic] Uniform National Currency, it was formed to alleviate economic issues arising from the War of 1812. On December 10, 1816 the Senate officially created the Committee on Finance as a standing committee. Originally, the Committee had power over tariffs, taxation, banking and currency issues and appropriations. Under this authority the committee played an influential role in the most heated topics of the era; including numerous tariffs issues and the Bank War. The committee was also influential in the creation of the Department of Interior in 1849. Under the Chairmanship of William Pitt Fessenden, the committee played a decisive role during the Civil War. Appropriating all funds for the war effort as well as raising enough funds to finance the war through tariffs and the nation's first income tax. Additionally, the committee produced the Legal Tender Act of 1862, the nation's first reliance on paper currency. In 1865 the House of Representatives created an Appropriations Committee to relieve the burden from the Committee on Ways and Means. The Senate followed this example by forming the Senate Appropriations Committee in 1867. 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 committee was at the center of the debate over the silver question in the latter half of the 19th Century. Passage of the Bland–Allison Act and the Sherman Silver Purchase Act were attempts to remedy the demand for silver, though the