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Committee Passes Rep. Tom Graves’ Financial Services Reform Bill

     tom-graves

     Washington, D.C. – The House Appropriations Committee’s today passed the fiscal year 2019 Financial Services and General Government Appropriations bill, which was authored by Rep. Tom Graves (R-GA-14) who is chairman of the Financial Services and General Government 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 $23.4 billion. 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. 

“Once again, this bill is a product of an open, inclusive, member-driven process,” said Rep. Graves. “We brought appropriators and authorizers together. We consulted other committees. We fostered personal, member-to-member conversations to make sure priorities in the bill were vetted and supported across jurisdictions. The end result is a conservative bill that represents the majority views of the House.

     “The bill brings the rogue, unaccountable Bureau of Consumer Financial Protection under the appropriations process, which will finally subject it to congressional oversight and accountability,” Rep. Graves continued. “It also includes many significant financial reforms that slash harmful regulations and streamline outdated agency processes. Additionally, the bill creates the Fund for America’s Kids and Grandkids, which safeguards funds for future generations. We cut $585 million across the bill to make an initial deposit. The money in this account cannot be spent on any other government program; it’s protected from the spending process and only accessible when the Treasury Secretary certifies that the budget deficit is zero or there is a surplus. Importantly, this fund sets a new tone for appropriations bills: just because you can spend it, doesn’t mean you should spend it. It’s an approach that causes us to think about what all of this deficit spending means, in whose name we are borrowing the money, and who will get stuck with the debt.”

     “The bill targets resources for important programs that will continue current growth, including providing small businesses – the backbone of our economy – with the loans they need to compete at home and abroad,” said House Appropriations Committee Chairman Rodney Frelinghuysen. “It also makes important investments to address some of the many challenges facing our nation – providing funding to fight the crushing opioid epidemic and to protect against cyber-crime. Further, it does this while also demanding tough oversight of federal programs and accountability for the use of every tax dollar.”