Appropriations Committee Releases Fiscal Year 2016 Financial Services Bill

Press Release

The House Appropriations Committee today released the fiscal year 2016 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 several other agencies.

The bill totals $20.2 billion in funding -- $1.3 billion below the fiscal year 2015 enacted level and $4.8 billion below the President's budget request. With this funding, the legislation prioritizes critical national programs to enforce U.S. laws, maintain a fair and efficient judicial system, and help small businesses grow. In order to make these targeted investments, the bill reduces or eliminates lower-priority programs and cuts funding to poor-performing agencies -- including an $838 million reduction to the Internal Revenue Service.

In addition, the bill includes several important policy provisions to rein in Administration overreach, cut bureaucratic red tape, and protect the rights of the American people. For example, the legislation includes provisions to stop the IRS from further implementing the individual mandate under ObamaCare, to protect the right to free speech and political involvement, and to prohibit the Federal Communications Commission from implementing a net-neutrality order.

"This is an important bill that will invest in programs to maintain the fundamental fabric of our nation -- a just judicial system, an open marketplace that allows a fair and level playing field for all, and to provide opportunities for businesses large and small to thrive," House Appropriations Chairman Hal Rogers said. "While making good use of limited tax dollars, this legislation also makes great strides in reining in wasteful spending, and stopping harmful and unnecessary bureaucratic overreach."

"Every day, Americans are making tough decisions about their own budgets and rightfully expect federal agencies to do the same. While it reflects a very tight budget, this bill makes investments to support economic growth and job creation through our small businesses, and to protect our citizens by strengthening the enforcement of laws and the administration of justice," said Financial Services Subcommittee Chairman Ander Crenshaw. "In addition, the bill reduces funding for nonessential areas, and holds the Administration and the Internal Revenue Service more accountable to the taxpayer."

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