Financial Services bill
Appropriations Committee Releases Fiscal Year 2017 Financial Services Bill
Legislation will increase accountability at the IRS, target funds to the judiciary and law enforcement, and invest in programs to boost economic opportunity
The House Appropriations Committee today released the fiscal year 2017 Financial Services and General Government Appropriations bill, which will be considered in subcommittee tomorrow. 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, to 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 IRS, which receives a reduction of $236 million in the bill, 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 over-reach that can slow economic growth.
“The job of this bill is two-fold: to make wise investments with taxpayer dollars in the programs and agencies that we need to grow our economy and enforce our laws, and to tightly hold the reins on the over-spending and overreach within federal bureaucracies, ” House Appropriations Chairman Hal Rogers said. “This bill makes great strides on all accounts – carefully investing taxpayer dollars in programs that promote opportunity, while keeping these agencies accountable to the American people.”
“Federal agencies have a duty and obligation to use hard-earned taxpayer dollars in the most effective and efficient manner. Americans work hard for the money they send to Washington and expect their legislators to make the same tough budget decisions that they have made. Our bill is the product of comprehensive hearings with input from both sides of the aisle with an emphasis on economic growth and job creation through small businesses, while bolstering law enforcement to protect our citizens. And, for the first time, funding to help individuals with disabilities overcome barriers to financial services is set aside within the Community Development Financial Institutions Fund, ” said Financial Services Subcommittee Chairman Ander Crenshaw.
“In addition, our bill reduces funding for agencies that we believe can produce results with fewer dollars. And, where there is a history of inappropriate behavior, such as the Internal Revenue Service, cutbacks and reforms are recommended to hold them accountable, ” he continued.
Internal Revenue Service (IRS) – The bill provides $10.9 billion for the IRS – a cut of $236 million below the fiscal year 2016 enacted level and $1.3 billion below the President’s budget request. This holds the agency’s budget to below the 2008 level, but provides sufficient resources to perform its core duties.
For example, the bill maintains the current level – $2.1 billion – for Taxpayer Services. On top of this, the bill provides an additional $290 million to improve customer service – such as phone call and correspondence response times – fraud prevention, and cybersecurity.