Suring the 2001-2002 session, Republicans were in majority. Chairs were Karl Boyes (majority) and Fred A. Trello (minority). Vice chairs were Stanley E. Saylor (majority) and James E. Shaner (minority). Secretaries were Patrick M. Browne (majority) and Jennifer L. Mann (minority).

During the 2001-2002 session, public hearings were held by the Finance Committee on the Employment Incentive Tax Credit and the Research and Development Tax Credit. In 2002, a meeting was called to discuss the creation of a Successful School Subsidy System.