House Approves Fiscal Year 2017 Financial Services Bill

The House today approved the fiscal year 2017 Financial Services and General Government Appropriations bill. 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 $21.7 billion in funding – $1.5 billion below the fiscal year 2016 enacted level and $2.7 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. To make these investments within a tight budget, the legislation reduces funding for lower-priority or underperforming programs and agencies. The Internal Revenue Service (IRS), which is reduced by $236 million, receives additional oversight and transparency requirements in the bill to ensure tax dollars are properly used and the agency is acting responsibly. Several other policy provisions are also included to promote good government and stop bureaucratic overreach that can slow economic growth.

“The House today passed a bill that prioritizes funding where it will be best used, and makes policy reforms that improve efficiency and accountability and rein in executive overreach,” House Appropriations Chairman Hal Rogers said. “The legislation invests its funding in programs that will help Americans – help them grow small businesses and make their communities safer – while improving the way the government runs. I applaud its passage and look forward to working to get this important legislation enacted into law.”

For a summary of the bill, please visit:

/news/documentsingle.aspx?DocumentID=394563

For the text of the bill, please visit:

 /uploadedfiles/bills-114hr-sc-ap-fy2017-fservices-subcommitteedraft.pdf

For the bill report, please visit:

/uploadedfiles/hrpt-114-hr-fy2017-fservices.pdf

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