Should Congress authorize $300 million for regulatory agencies, a 58% reduction?
The Financial Services and General Government Appropriations Act provides funding for the Treasury, Federal Courts, the President’s Office, and combating opioid trafficking and addiction, while substantially reducing funding for the IRS, the Consumer Financial Protection Bureau, the Securities and Exchange Commission, and the Federal Election Commission. It also implements additional regulations on the government’s ability to promote gender-affirming care, abortion access, and teaching of racial issues. In total, the bill allocates approximately $11.3 billion, 58% below previous funding levels. Sponsor: Rep. Steve Womack (Republican, Arkansas, District 3)
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Opponents say
• "First, this bill fails to protect or promote the health of the American people. It’s a defunding of the enforcers of laws, regulations, and rules established for the protection and benefit of the American people. Second is the continued undermining of the Internal Revenue Service and its ability to perform its lawful and essential responsibilities. This bill makes it harder to enforce the law by imposing significant cuts on key regulatory agencies. That includes the FTC, the SEC, the Consumer Financial Protection Bureau, the Consumer Products Safety Commission, and the FCC. In doing so, this bill leaves Americans vulnerable to a variety of threats – from fraud and scams to dangerous products that can harm and even kill adults and children. Additionally, the bill doesn’t provide any funding for EAC election security grants, making our elections more vulnerable to interference and tampering, about which Republicans have been so outspoken." Source: Rep. Steny Hoyer (Democrat, Maryland, District 5), Ranking Member of the House Financial Services and General Government Subcommittee
• "House Republicans claim to support things like law and order, economic competition, small businesses, and protecting children. Yet their actions, demonstrated by this bill, suggest otherwise. Cuts to the Internal Revenue Service would protect tax cheats over honest, hard-working families. Cuts to the Securities and Exchange Commission would benefit market manipulators and inside traders over families saving for retirement. Cuts to the Federal Trade Commission would levy higher prices on Americans and make seniors more prone to be victimized by scammers. And cuts to the Consumer Product Safety Commission would enable dangerous products to hit store shelves and enter our homes, potentially harming our children." Source: Rep. Rosa DeLauro (Democrat, Connecticut, District 3), Ranking Member of the House Appropriations Committee
• "The Administration strongly opposes House passage of H.R. 4664… In May, the Administration negotiated in good faith with House Republican Leadership on bipartisan legislation to avoid a first-ever default and protect the Nation’s hard-earned and historic economic recovery… House Republicans… are wasting time with partisan bills that cut domestic spending to levels well below the [Fiscal Responsibility Act] agreement and endanger critical services for the American people. These levels would result in deep cuts to clean energy programs…, essential nutrition services, law enforcement, consumer safety, education, and healthcare. These bills include billions in additional rescissions from… vital legislation that would result in unacceptable harm to… rural America. The draft bills also include numerous new, partisan policy provisions… harming access to reproductive healthcare, threatening the health and safety of… LGBTQI+ Americans, endangering marriage equality, hindering critical climate change initiatives, and preventing the Administration from promoting diversity, equity, and inclusion… If the President were presented with H.R. 4664, he would veto it." Source: The Executive Office of the President, Office of Management and Budget on behalf of President Joe Biden
Proponents say
• "This bill right-sizes the federal agencies under our jurisdiction within the established caps while not impacting their ability to effectively operate for the American people. The pursuit of a job-killing, burdensome and unnecessary regulatory agenda only serves to further bloat a federal bureaucracy that has become too big, too intrusive, and counter-intuitive to limited government. It is our Article I responsibility to ensure our federal agencies are consistent with the intent of Congress in the most cost-effective manner possible. This bill accomplishes that." Source: Rep. Steve Womack (Republican, Arkansas, District 3), Chair of the House Financial Services and General Government Subcommittee and sponsor of the bill
• "As I have said before, to fully fund our national defense, veterans, and border security, other unnecessary spending must be reduced. This bill rejects significant increases in the President’s Budget Request, and instead saves billions of dollars by reclaiming unspent funds from the Inflation Reduction Act and preventing the I.R.S. from hiring tens of thousands of new agents. This bill addresses requests from members to include important policy riders and prohibit funding. This bill stops controversial programs and Executive Orders; regulations that harm businesses and consumers; and unnecessary climate change rules. It also continues long-standing pro-life protections." Source: Rep. Kay Granger (Republican, Texas, District 12), Chair of the House Appropriations Committee
• "Let’s get the job done. House Republicans are fighting back against Joe Biden’s spending spree by passing the largest spending reforms in modern history through all 12 spending bills (known as appropriations). We now have six weeks to finish the work of reining in the budget, securing our border, and holding the Biden administration accountable. Rather than letting the Democrat Senate and White House dictate terms, House Republicans got the better of Chuck Schumer." Source: Rep. Brad Wenstrup (Republican, Ohio, District 2)
- Press Release: Committee Approves FY24 Financial Services and General Government Bill (House Appropriations Committee)
- House passes $14 Billion in Israel Aid with Costly Cuts to IRS (Washington Post)
- Understanding the Opioid Overdose Epidemic (CDC)
- Republicans Want the Next GOP President to Curb Election Security Agency that Angered Trump (ABC News)
- House Republicans Demand Deep Cuts to Spending Bills They Rarely Support (New York Times)
- Frustrated With New Rules, Bank Lobbyists Are Making Their Fight Public (New York Times)
- Rep. Steve Womack’s Largest Donors (OpenSecrets)
