Maloney: Appropriations bill deliberately underfunds financial services regulators, puts consumer protections at risk

Jul 16, 2014
Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement on the proposed 2015 Financial Services and General Government Appropriations Act (H.R. 5016).

“If the American people want to know what’s wrong with Washington, this year’s Financial Services and General Government Appropriations Act would be exhibit A. Instead of trying to protect consumers and investors, the bill completely undermines those protections, and includes half a dozen irrelevant policy riders affecting everything from women’s health to DC’s marijuana laws.

“This bill represents the latest Republican attempt to undermine the enforcement of Dodd-Frank and end protections for consumers. The bill denies the funding needed by the Securities and Exchange Commission to root out fraud and abuse. It also eliminates the independent funding stream for the Consumer Financial Protection Bureau, moving us one step closer to the Republican goal of eliminating one of the few advocates middle-class families can rely on when purchasing financial products.

“I am also disappointed that this bill attempts to legislate through an appropriations bill with several irrelevant policy riders. From denying federal employees access to constitutionally protected abortion services to interfering with Washington DC’s right to home rule, the bill is littered with policy riders that have no place in an appropriations bill.”

Background from the Appropriations Committee:

2014 enacted:                          $21.85 billion                         

2015 President’s request:        $23.54 billion

2015 bill:                                 $21.29 billion

The bill provides:

  • $11.5 billion for the Department of the Treasury, which is $1.34 billion less than the President’s budget request and $388 million less than the 2014 enacted level.
  • $10.95 billion for the Internal Revenue Service, which is $1.53 billion less than the President’s budget request and $341 million less than the 2014 enacted level.
  • $7.09 billion in discretionary and mandatory funding for the Judiciary, which is $202 million less than the President’s budget request and $184 more than the 2014 enacted level.
  • $637 million for the District of Columbia, which is $66 million less than the President’s budget request and $37 million less than the 2014 enacted level.
  • $1.4 billion for the Securities and Exchange Commission, which is $300 million less than the President’s budget request and $50 million more than the 2014 enacted level.
  • $862 million for the Small Business Administration, which is $2.7 million less than the President’s budget request and $67 million less than the 2014 enacted level.
  • $673.6 million for the Executive Office of the President, which is $46 million less than the President’s budget request and $4 million more than the 2014 enacted level.
  • Prohibits General Services Administration from spending $787 million of funds estimated to be collected in the Federal Buildings Fund.  Reduces estimated obligations by $207 million compared to 2014 and $787 million compared to the President’s budget request.
  • No funding for the Election Assistance Commission.

The bill continues 6-day mail delivery by U.S. Postal Service, important for senior citizens and rural areas.

The bill also includes the following policy riders:

  • Prohibits the IRS from implementing the tax provisions included in the Affordable Care Act.
  • Prohibits finalizing standards related to the tax-exempt status of 501(c)(4) organizations. 
  • Prohibits funds from being used to subsidize any Federal health insurance plan that provides coverage for abortion services, this includes Federal employee health benefits and multistate qualified health plans in the Affordable Care Act exchanges negotiated by OPM.
  • Prohibits federal or local District of Columbia funds from being used for abortion services or decriminalization of marijuana, and prohibits federal funds for needle exchange programs.
  • Prohibits funds for healthcare, climate change, auto, and urban affairs ‘czars.’
  • Prohibits funds to require entities participating in the Federal acquisition program to disclose campaign contributions and prohibits SEC from requiring disclosure of political contributions, contributions to tax-exempt organizations, or dues paid to trade associations.
  • Prohibits travel to Cuba for educational exchanges not involving academic study pursuant to a degree program.
  • Prohibits funds for the President to sign signing statements or executive orders that abrogate legislation passed by the Congress.
Issues: 
Appropriations, Financial Services