In sum, we showed how genetic analyses can aid in explaining how known liability genes influence complex measures of brain functioning. We found evidence that hippocampal expression of the GABA receptor alpha 2 subunit is involved in altering beta power—consistent with its relation to epilepsy and alcohol dependence that are both well known for the involvement of GABAA (Edenberg et al., 2004; Jurkiewicz, Gaetz, Bostan, & Cheyne, 2006). This result provides a new perspective on how GABA genes affect both beta oscillations and alcohol use disorders, with a central role for the hippocampus. Schizophrenia liability genes on chromosome 3 affected alpha oscillation power, resulting in 24 significant genes in the positional gene‐based analysis. These SNPs were brain‐expression eQTLs for ITIH4, GNL3, and GLYCTK, thus greatly reducing the number of genes that are likely to be involved. Moreover, the significant eQTLs were tissue specific, including the frontal cortex, anterior cingulate cortex, hypothalamus, and hippocampus. These results prioritize genes and brain regions for investigating how schizophrenia liability genes are expressed and influence brain activity on a systems level. Expression analysis further implicated