Appropriations Subcommittee Approves Fiscal Year 2022 Financial Services and General Government Funding Bill
The House Appropriations Subcommittee on Financial Services and General Government today approved by voice vote its fiscal year 2022 bill.
For fiscal year 2022, the draft bill includes $29.1 billion in funding, an increase of $4.8 billion over 2021. The legislation:
- Assists small businesses and entrepreneurs through the Small Business Administration and Community Development Financial Institutions
- Protects our democracy with Election Security Grants to ensure the integrity and safety of our elections
- Rebuilds the Internal Revenue Service to finally crack down on big corporations and the wealthy who aren't paying their fair share and to provide better customer service to working families navigating the tax system
- Supports working and middle-class families by increasing funding for consumer protection activities at the Consumer Product Safety Commission and the Federal Trade Commission
- Confronts the climate crisis by providing funding to start the transition of the Federal vehicle fleet to electric and zero emission vehicles
The bill next heads to the full Committee for markup.
“For over a year, Americans and small businesses struggled to succeed in the face of overwhelming odds. The funding provided in this year’s FSGG bill will help our country continue on the path to recovery by securing opportunities for underserved businesses, safeguarding the future of our democracy, and protecting families and consumers,” Financial Services and General Government Appropriations Subcommittee Chairman Mike Quigley (D-IL-5) said. “Critically, this bill takes steps to strengthen the IRS so that Americans can be confident that everyone is paying their fair share – including our wealthiest citizens and biggest corporations. For too long, our tax system has left billions of dollars on the table. By funding the IRS at a much-needed level, we can finally recoup that loss and invest it in the future of our country.”
“The investments in the Financial Services and General Government bill start putting the government on the side of small business, the middle class, and the vulnerable, not the wealthy and big corporations,” Appropriations Committee Chair Rosa DeLauro (D-CT-03) said. “I am particularly proud of strong funding increases to rebuild the Internal Revenue Service, helping the agency process Child Tax Credit payments, provide better customer service, and crack down on big corporations and the wealthy who are not paying their fair share in taxes.”
A summary of the bill is here. The text of the draft bill is here. In keeping with the Appropriations Committee’s commitment to transparency, information on Community Project Funding in the bill is here.