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Appropriations Committee Approves Fiscal Year 2019 Financial Services Bill

Legislation boosts funding to implement GOP tax cuts, supports programs to increase economic growth, continues rolling back harmful regulations, and helps fight the nation’s opioid epidemic

Washington, June 13, 2018

The House Appropriations Committee today approved the fiscal year 2019 Financial Services and General Government Appropriations bill on a vote of 28-20. 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 $23.4 billion, which is equal to the fiscal year 2018 enacted level. The legislation funds programs and activities at U.S. financial agencies that will help boost the economy, ensure a level playing field for U.S. businesses and industries, and prevent financial crime. It also provides the necessary resources to continue the implementation of the recently enacted GOP tax cuts, and contains provisions to continue the roll-back of regulations that put a damper on economic growth. 

“The bill targets resources for important programs that will continue current growth, including providing small businesses – the backbone of our economy – with the loans they need to compete at home and abroad. It also makes important investments to address some of the many challenges facing our nation – providing funding to fight the crushing opioid epidemic and to protect against cyber-crime,” Chairman Rodney Frelinghuysen said. “Further, it does this while also demanding tough oversight of federal programs and accountability for the use of every tax dollar.”

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

“Once again, this bill is a product of an open, inclusive, member-driven process. We brought appropriators and authorizers together. We consulted other committees. We fostered personal, member-to-member conversations to make sure priorities in the bill were vetted and supported across jurisdictions. The end result is a conservative bill that represents the majority views of the House,” Chairman Graves said

“The bill brings the rogue, unaccountable Consumer Financial Protection Bureau under the appropriations process, which will finally subject it to congressional oversight and accountability. It also includes many significant financial reforms that slash harmful regulations and streamline outdated agency processes. Additionally, the bill creates the Fund for America’s Kids and Grandkids, which will function as a savings account for future generations. We cut $585 million across the bill to make an initial deposit. The money in this account cannot be spent on any other government program; it’s protected from the spending process and only accessible when our budget deficit is erased. Importantly, this fund sets a new tone for appropriations bills: just because you can spend it, doesn’t mean you should spend it. It’s an approach that causes us to think about what all of this deficit spending means, in whose name we are borrowing the money, and who will get stuck with the debt,” Chairman Graves continued.

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. Simpson – The amendment prohibits the Office of Management and Budget from altering the Army Corps of Engineers’ annual work plan. The amendment was adopted on a voice vote.

Rep. Palazzo – The amendments increases the Community Development Financial Institutions fund by $25 million, offset by a cut of $10 million to information technology oversight, and reform and $15 million to DC Courts capital projects. The amendment was adopted by a voice vote.

Rep. Joyce – The amendment requires the U.S. Postal Service to maintain the July 1, 2012, service standards for first-class mail. The amendment was adopted on a voice vote.

For a summary of the bill, please visit: https://appropriations.house.gov/news/documentsingle.aspx?DocumentID=395326

For the text of the bill, please visit: https://docs.house.gov/meetings/AP/AP23/20180524/108372/BILLS-115-SC-AP-FY2019-FServices-FSGGBill.pdf

For the bill report, please visit: https://docs.house.gov/meetings/AP/AP00/20180613/108421/HRPT-115-HR_FSGG.pdf

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