Press Releases

Financial Services Bill - FY18

Legislation will slash the IRS, fund U.S. courts, invest in programs to boost economic opportunity, and scale back harmful regulations

WASHINGTON, D.C. – Last night, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill. It is the seventh of 12 appropriations bills approved by the commitee. The bill provides annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and other related agencies.

The bill totals $20.231 billion – $1.284 billion below the fiscal year 2017 enacted level and $2.483 billion below the President’s budget request. 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 bill supports financial growth and stability in our country, and cuts waste in the IRS. It also promotes broadband expansion in rural communities," said Congressman Rogers, Chairman Emeritus of the House Appropriations Committee. "I am pleased that the legislation provides holistic funding to combat the drug abuse epidemic by bolstering efforts to crack down on illegal drug trafficking, while also providing assistance for community-based substance abuse education and recovery programs." 

Congressman Rogers advocated for $2 million to continue Drug Court Training, rather than eliminate it as proposed by the Administration. He also supported provisions for High-Intensity Drug Trafficking Areas (HIDTA), Drug Free Communities Grants, Small Business Administration (SBA) Microloans and Community Development Financial Institutions (CDFI). Rogers also supported language in the bill to encourage the Federal Communications Commission (FCC) to maximize the use of Universal Service Funds (USF) for broadband expansion in rural and economically disadvantaged areas. 

Funding for the IRS is cut by $149 million from the fiscal year 2017 enacted level. Under the legislation, it will also be subject to increased oversight and transparency to ensure the rights and the privacy of taxpayers are upheld, and to ensure that the agency is using its funds appropriately. Several other policy provisions aimed at reducing regulatory red tape and scaling back harmful financial requirements are also included. 

“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.”

The bill now moves on to the U.S. House of Representatives for consideration.

The following amendments to the bill were adopted by the full committee:

Rep. Graves – The manager’s amendment makes technical and noncontroversial changes to the bill and report, and adds certain authorization language. The amendment was adopted on a voice vote. 

Rep. Moolenaar – The amendment adds language to define the term “pyramid promotion scheme” and limits funds for enforcement actions outside the definition. The amendment was adopted on a voice vote.

Rep. Harris – The amendment prohibits funds for doctor-assisted suicide in the District of Columbia, and repeals the DC Death with Dignity Act. The amendment was adopted on a vote of 28-24.

Rep. Lowey – The amendment increases the Office of Government Ethics by $349,000 – equal to the Administration’s request. These funds are offset by a reduction in the Department of Treasury department-wide systems and capital investments program. The amendment was adopted on a voice vote. 

Rep. Young – The amendment Requires GSA to post National Environmental Policy Act (NEPA) findings online for which the GSA Administrator has solicited public comment. The amendment was adopted on a voice vote.

Rep. Aguilar – The amendment adds language allowing those individuals authorized to be employed under the Deferred Action for Childhood Arrivals program to be eligible for employment by the federal government. The amendment was adopted on a voice vote. 

The bill was approved on a vote of 31-20.

For a summary of the bill, please visit:

For the text of the bill, please visit:

For the bill report, please visit: