Appropriations Committee Approves FY18 Financial Services Bill

House Appropriations Committee

Chairman Rodney Frelinghuysen

Website address: http://appropriations.house.gov/

July 13, 2017

Contact: Jennifer Hing, (202) 226-7007

Appropriations Committee Approves Fiscal Year 2018 Financial Services Bill

Legislation will slash the IRS, fund U.S. courts, invest in programs to boost economic opportunity, and scale back harmful regulations

WASHINGTON, D.C. - The House Appropriations Committee today approved the fiscal year 2018 Financial Services and General Government Appropriations bill on a vote of 31-20. The bill provides annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and other related agencies.

The bill totals $20.231 billion - $1.284 billion below the fiscal year 2017 enacted level and $2.483 billion below the President's budget request. The legislation targets resources to programs that will help boost economic growth and opportunity, protect consumers and investors, promote an efficient federal court system, and stop financial crime.

Funding for the IRS is cut by $149 million from the fiscal year 2017 enacted level. Under the legislation, it will also be subject to increased oversight and transparency to ensure the rights and the privacy of taxpayers are upheld, and to ensure that the agency is using its funds appropriately. Several other policy provisions aimed at reducing regulatory red tape and scaling back harmful financial requirements are also included.

"Our financial system thrives on stability, and this bill provides the funding necessary for federal regulators to do their jobs in a timely and appropriate manner, while stopping burdensome regulations before they can damage our economy irreparably," House Appropriations Chairman Rodney Frelinghuysen said. "It also makes key investments in our courts to ensure efficiency and security, and provides funding to important programs - like small business lending - that help our economy grow and prosper."

Financial Services Subcommittee Chairman Tom Graves also commented on the legislation:

"This is a product of an open and inclusive process. My subcommittee communicated extensively with members about their requests and worked around the clock to put together a very conservative bill that aligns closely with President Trump's budget. I'm particularly excited about the financial reforms, which slash harmful regulations, streamline outdated agency processes, and rein in the rogue Consumer Financial Protection Bureau. These reforms will help spur job creation and economic growth, and blaze a clearer path for families and businesses to achieve their dreams. This bill also advances many other conservative priorities by cutting spending, zeroing out programs and maintaining pro-life policies. Overall, this bill takes a significant amount of power away from government and gives it back to Georgians and all Americans."

The following amendments to the bill were adopted by the full committee today:

Rep. Graves - The manager's amendment makes technical and noncontroversial changes to the bill and report, and adds certain authorization language. The amendment was adopted on a voice vote.

Rep. Moolenaar - The amendment adds language to define the term "pyramid promotion scheme" and limits funds for enforcement actions outside the definition. The amendment was adopted on a voice vote.

Rep. Harris - The amendment prohibits funds for doctor-assisted suicide in the District of Columbia, and repeals the DC Death with Dignity Act. The amendment was adopted on a vote of 28-24.

Rep. Lowey - The amendment increases the Office of Government Ethics by $349,000 - equal to the Administration's request. These funds are offset by a reduction in the Department of Treasury department-wide systems and capital investments program. The amendment was adopted on a voice vote.

Rep. Young - The amendment Requires GSA to post National Environmental Policy Act (NEPA) findings online for which the GSA Administrator has solicited public comment. The amendment was adopted on a voice vote.

Rep. Aguilar - The amendment adds language allowing those individuals authorized to be employed under the Deferred Action for Childhood Arrivals program to be eligible for employment by the federal government. The amendment was adopted on a voice vote.

The bill was approved on a vote of 31-20.

For a summary of the bill, please visit:

https://appropriations.house.gov/news/documentsingle.aspx'DocumentID=394953

For the text of the bill, please visit:

https://appropriations.house.gov/uploadedfiles/bills-115hr-sc-ap-fy2018-fservices-financialservicesandgeneralgovernment.pdf

For the bill report, please visit:

https://appropriations.house.gov/uploadedfiles/fsgg.report.07.13.17.pdf