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Summary of FY2018 Financial Services & General Government Appropriations Act - Committee mark

July 13, 2017
Press Release

The 2018 Financial Services & General Government Appropriations bill embodies the worst of the policy priorities of the Republican majority.  It would repeal Dodd-Frank consumer financial protections, undermine the Affordable Care Act, restrict women’s access to legal health services, meddle in the District of Columbia’s internal affairs, and diminish federal assistance to states to ensure secure elections, even in the wake of confirmed meddling by foreign actors in the 2016 election. 

Highlights of 2018 Financial Services & General Government Appropriations bill:

2017 enacted:                                     $21.5 billion               

2018 President’s request:      $22.7 billion

2018 Committee mark:          $20.2 billion

The Chairman’s mark provides:

  • $11.5 billion for the Department of the Treasury, which is $43.5 million less than the FY2017 enacted level and $328 million more than the President’s request.
  • $11.1 billion for the Internal Revenue Service, which is $149 million less than the FY2017 enacted level and $111 million more than the President’s request.
  • $7.5 billion in discretionary and mandatory funding for the Judiciary, which is $176 million more than the FY2017 enacted level and $134 million less than their request.
  • $1.9 billion for the Securities and Exchange Commission, which appears to be an increase of 18% over the FY2017 level, however $245 million is set aside for facility relocation and at least $50 million is set aside for IT.  Core SEC funding is frozen at the FY2017 level.
  • $696 million for the District of Columbia, which is $61 million less than the FY2017 enacted level and $8.5 million less than the President’s request.  The mark eliminates funding for the D.C. Water and Sewer Authority (WASA), which received $14 million in FY2017.
  • $848 million for the Small Business Administration, which is $39 million less than the FY2017 enacted level and $19 million more than the President’s request.
  • $381 million for the Office of National Drug Control Policy, which is $7 million less than the FY 2017 level.
  • $322 million for the Federal Communications Commission (FCC), which is $18 million less than the FY2017 enacted level and equal to the President’s request.
  • $97 million for the Office of Management and Budget (OMB), which is $2 million more than the FY2017 enacted level and $6 million less than the President’s request.
  • Federal Buildings Fund
  • $71.3 million for the Federal Election Commission, which is $8 million less than the FY2017 enacted level and equal to the President’s request.
  • $4 million for the Election Assistance Commission, including direction to shut down entirely, which is $5.6 million less than the FY2017 enacted level and $5.2 million less than the President’s request.
  • Removal of an Obama-era provision blocking pay raises for the Vice President and high ranking political appointees.

 

The Chairman’s mark also includes the following policy riders:

  • Prohibits funds from being used to subsidize any Federal health insurance plan that provides coverage for abortion services (including OPM negotiated multi-State ACA programs).
  • Prohibits federal or local District of Columbia funds from being used for abortion services, and prohibits federal funds for needle exchange programs.
  • Prohibits federal funds to carry out District of Columbia laws to reduce penalties associated with schedule I substances; and restricts both Federal and local District of Columbia funds to enact a law to legalize or reduce penalties associated with schedule I substances.
  • Repeals D.C.’s local law establishing budget autonomy and continues to appropriate DC local funds.
  • Prohibits funds and user fees to implement the Affordable Care Act (ACA) individual mandate.
  • Prohibits funds for the IRS to finalize any regulation or other guidance to clarify the 501(c)(4) determination process.
  • Prohibits funds to implement an IRS Notice on conservations easements.
  • Requires that Church tax inquiries be decided by the IRS Commissioner.
  • Prohibits Treasury from enforcing US position on multilateral development banks engaging with developing countries on coal-fired power generation.
  • Prohibits funds to require entities participating in the Federal acquisition program to disclose campaign contributions and prohibits funds for the SEC to require disclosure of political contributions, contributions to tax-exempt organizations, or dues paid to trade associations.
  • Permanently rescinds funds in the mandatory SEC reserve fund and terminates the fund.
  • Makes the budget of the Consumer Financial Protection Bureau (CFPB) subject to the appropriations process starting in FY 2018. 
  • Eliminates the CFPB’s supervision and enforcement authority for the largest financial institutions. .
  • Prohibits the CFPB from outlawing pre-dispute arbitration (including by any finalized regulation).
  • Abolishes the Office of Financial Research, which collects data and provides research and analysis to help identify and stop risks to U.S. financial stability.
  • Prohibits the Financial Stability Oversight Council from designating nonbanks as systemically important financial institutions until it identifies the risks presented by the nonbank and allows them to present a mitigation plan.
  • Repeals the Volcker Rule which prohibits banks from conducting certain risky investment and trading activities.
  • Prohibits the CFPB from adopting and enforcing rules for small dollar credit (payday loans).
  • Weakens financial stability safeguards such as stress tests for the largest banks.
  • Prohibits the importation of property confiscated by the Cuban government.
  • Prohibits funds to approve or otherwise allow the licensing of a mark, trade name or commercial name that is substantially similar to one used in connection with a business or assets that were seized (Cuba).
  • Prohibits funding to implement E.O. 13690 on establishing a Federal Flood Risk Management Standard.
  • Prohibits funds for Consumer Product Safety Commission (CPSC) to finalize, implement, or enforce the proposed rule on recreational off-highway vehicles until a study is completed by the National Academy of Sciences.
  • Prohibits funds for the CPSC to finalize any rule on table saw injury prevention.
  • Repeals the Federal Election Commission’s prior approval requirement for corporate member trade association PACs.

 

115th Congress