Bill Cuts Spending, Eliminates Programs, Slashes Regulations
Washington, D.C. – The House Appropriations Committee today passed the fiscal year 2018 Financial Services and General Government Appropriations bill, which was authored by Rep. Tom Graves (R-GA-14) who is chairman of the Financial Services and General Government Subcommittee. The bill provides annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, the Federal Communications Commission, and other related agencies.
The bill totals $20.231 billion, a $1.284 billion cut from last year, including a $149 million cut for the IRS. It also eliminates several non-essential programs, such as the Udall Foundation.
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.
“This is a pro-growth, pro-jobs bill that aligns closely with the administration’s priorities and moves the idea of a unified House funding bill forward,” said Chairman Graves. “I’m particularly excited about the financial reforms, which slash harmful regulations, streamline outdated agency processes, and rein in the rogue Consumer Financial Protection Bureau. These reforms will help spur job creation and economic growth, and blaze a clearer path for families and businesses to achieve their dreams. Overall, this bill takes a significant amount of power away from government and gives it back to Georgians and all Americans.”
“Our financial system thrives on stability, and this bill provides the funding necessary for federal regulators to do their jobs in a timely and appropriate manner, while stopping burdensome regulations before they can damage our economy irreparably,” House Appropriations Chairman Rodney Frelinghuysen said. “It also makes key investments in our courts to ensure efficiency and security, and provides funding to important programs – like small business lending – that help our economy grow and prosper.”