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Appropriations Committee Approves Fiscal Year 2014 Financial Services Appropriations Bill


Washington, Jul 17 -

The House Appropriations Committee today approved the fiscal year 2014 Financial Services and General Government Appropriations bill. The bill provides annual funding for the Treasury Department, the Executive Office of the President, the Judiciary, the District of Columbia, the Small Business Administration, the General Services Administration, the Securities and Exchange Commission, and several other independent agencies.

The bill totals $17 billion in funding for these agencies – a cut of $4.3 billion below the fiscal year 2013 enacted level and $3 billion below the current level caused by automatic sequestration cuts. Within these funds, the legislation prioritizes programs critical to enforcing laws, maintaining an effective judiciary system, and ensuring the productivity and fairness of the nation’s financial regulatory process. The bill also makes significant changes to the funding and oversight of the Internal Revenue Service in light of the agency’s recent inappropriate actions, including a funding cut of 24%, limitations on its spending, increased oversight requirements, and provisions to prevent future misdeeds.

“The legislation approved today is a fine example of how we can invest in important programs, while eliminating wasteful spending and helping to put an end to government excess and impropriety. This bill truly right-sizes federal spending for its programs – finding the balance between functional necessity and fiscal restraint that will allow the government to operate on a more limited scope, with greater efficiency and hopefully greater effectiveness,” House Appropriations Chairman Hal Rogers said.

“The subcommittee jurisdiction covers a diverse group of agencies and activities, including financial regulators, tax collection, the White House, federal courts, the District of Columbia, the General Services Administration, and the Small Business Administration. Our work has taken us through 11 hearings, including two with the Internal Revenue Service,” Subcommittee Chairman Ander Crenshaw said. “With our limited allocation, which is $4.3 billion, or 20 percent, less than the fiscal year 2013 enacted level, we have provided critical funding to support small businesses and law enforcement while reducing funding for activities that are not essential to the operations of the federal government or that have a history of wasting taxpayer resources. The bill also takes important steps to make the Internal Revenue Service and General Services Administration more transparent and accountable to the taxpayer.”

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

Rep. Crenshaw – The manager’s amendment makes technical and non-controversial changes to the bill and report. The amendment was adopted on a voice vote.

Rep. Yoder – The amendment prohibits funding for the Securities and Exchange Commission (SEC) to require the disclosure of political activity on company filings. The amendment was adopted on a vote of 28-18.

Rep. Price – The amendment allows $3 million to be spent on grants to preserve historical publications and records, offset by a cut to Department of Treasury administrative costs. The amendment was adopted on a voice vote. 

Rep. Serrano –The amendment increases funding for training at the Internal Revenue Service (IRS) IRS by $200,000, offset by a cut to administrative costs at the Office of Personnel Management. The amendment was adopted on a voice vote. 

Rep. Latham – The amendment requires a Government Accountability Office (GAO) report on the collection of personal financial information by the Consumer Financial Protection Bureau. The amendment was adopted on a voice vote.

Rep. Yoder – The amendment prohibits funding in the bill to require the disclosure of private email information by internet service providers without a criminal warrant. The amendment was adopted on a voice vote. 

Rep. Lee – The amendment adds report language expressing a “sense of Congress” that legislation should not be passed that “increases poverty in the U.S.” The amendment was adopted on a voice vote. 

Rep. Kingston – The amendment requires a reduction in the salaries of the IRS Commissioner and Deputy Commissioner if the agency does not comply with all of the recommendations made by the Inspector General related to the targeting of political groups by July 1, 2014. The amendment was adopted on a vote of 28-18. 

Rep. Yoder – The amendment prohibits funding for the IRS to make changes to tax exempt (501(c)(4)) application standards. The amendment was adopted on a voice vote.

The bill was approved by the full committee on a vote of 27-21.

For the text of the bill, please visit: http://appropriations.house.gov/uploadedfiles/bills-113hr-sc-ap-fy2014-fservices-subcommitteedraft.pdf

For the bill report, please visit: http://appropriations.house.gov/uploadedfiles/hrpt-113-hr-fy2014-fservices.pdf

 

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