Financial Services and General Government Appropriations Act, 2017
Floor Speech
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Mr. DUFFY. Mr. Chairman, I yield myself such time as I may consume.
The House Financial Services Committee, in conjunction with the Judiciary Committee, has been engaging in an investigation in regard to bank settlement agreements that were reached that created a slush fund to drive money to third-party organizations.
Now, that is offensive because, if we look at our Constitution, it is the Congress that is supposed to appropriate, not the administration, not the DOJ, but the Congress. In these bank settlement agreements, you have the administration, along with approval from the judiciary, actually appropriating money to groups that this institution did not approve.
So, to be clear, we are looking at funding for CDFI. My amendment will reduce that funding by $20.7 million. So before you are all shocked, let's actually talk about the numbers. The committee has increased funding by $16.5 million, bringing the number from $233.5 million to $250 million. That is an over 7 percent increase in funding for CDFI.
But if you add in the money that came from the bank settlements, the $45 billion from bank settlements, this is a $62 million increase or, as a percentage, it is 26 percent of an increase for CDFI. It is huge. If we want to increase that funding by 26 percent, that is our decision, in this House, not the DOJ, not the President, not the judiciary. It is our decision.
So all I do is say: Hey, let's bring this back by $20 million. That is all. And still, if you include the $16 million that is currently in the bill, and then the $25 million that they got from the slush fund, it is still a 17 percent increase.
This makes sense. I ask you all to join my amendment, join in a little effort to stand up for Article I of the Constitution, and do what is right.
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Mr. DUFFY. Mr. Chairman, I yield myself such time as I may consume.
I heard the gentleman from across the aisle talk about harmful cuts. When you look at the money that is going to this program, CDFI, even with my reduction, there is a $41 billion increase, or a 17 percent increase in funding. You can't disregard the money that went from the bank settlements. That is money that we should have appropriated. That has been taken from us, but we have to consider it. You can't not consider it.
I listened to the debate in this Chamber among my colleagues, especially on the right, and they talk about: Oh, my goodness, we need to regain congressional authority, we want to start an Article I movement where we actually control spending. Well, hey, here is your opportunity.
When the Department of Justice and the administration circumvent the Congress, we should take it seriously, and we should take into account the money that they appropriated through a bank settlement.
I also hear my colleagues talk about: Oh, my gosh, we have a really big debt, $19 trillion in debt is going to tank our economy. And I agree. If you care about $19 trillion in debt, we can reduce this fund by $20 million, and still have it $41 million more than it was last year.
And, oh, by the way, this appropriations is $3 million more than the President's request, so we are not harming the Fund. We are not harming people. More money is going to CDFI. It is just that we are considering the amount of money that came through bank settlements that circumvented Congress, and I think that is only appropriate.
I would ask all of my colleagues to join with me and do what is right by this institution, and do what is right by way of our debt and our next generation, and make sure that we consider those bank settlements, and reduce this fund by $20.7 million.
Mr. Chairman, I yield back the balance of my time.
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Mr. DUFFY. Mr. Chairman, I demand a recorded vote.
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