Subcommittee Passes Rep. Tom Graves’ Financial Reform Bill
Bill Cuts Spending, Eliminates Programs, Slashes Regulations
Washington, D.C. – The House Appropriations Committee’s Financial Services and General Government Subcommittee 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 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 six non-essential programs, such as the Udall Foundation, the Election Assistance Commission and Truman Scholarships.
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 product of an open and inclusive process,” said Chairman Graves. “My subcommittee communicated extensively with members about their requests and worked around the clock to put together a very conservative bill that aligns closely with President Trump’s budget. I’m particularly excited about the financial reforms, which slash harmful regulations, streamline outdated agency processes, and rein in the rogue Consumer Financial Protection Bureau.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.
“This bill also advances many other conservative priorities by cutting spending, zeroing out programs and maintaining pro-life policies,” continued Rep. Graves. “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.”