Since, Thursday, January 7th, 1802, the Ways and Means Committee has served as one of the most important bodies in Congress.  According to the Constitution all bills regarding taxation must originate in the House of Representatives, and according to established House procedure all bills regarding taxation must go through the Committee on Ways and Means.  The committee has jurisdiction over any proposed taxation, tariffs, or other revenue-raising measures.

Since its inception, three US Presidents (James K. Polk, Millard Fillmore, William McKinley) have served as Chairman of the Committee before becoming President.

Six subcommittees also exist in the areas of Trade, Oversight, Health, Social Security, Human Resources, and Select Revenue Measures.  Jim is currently Chairman of the Ways and Means Oversight Subcommittee.