Should Congress authorize a 20% funding reduction to financial regulatory agencies?

Awaiting Vote
Bill Summary

H.R. 8773 appropriates funding to financial regulatory agencies like the CFPB and the FTC as well as various other general government agencies not covered under other appropriations acts. Compared to appropriations proposals from previous years, this year’s proposal substantially limits the government’s ability to regulate economic institutions, resulting in a roughly 20% cost reduction. In addition, the bill includes various policy riders limiting abortion, DEI, and election security and accessibility. Sponsor: Rep. David Joyce (Republican, Ohio, District 14)
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Opponents say

•    "[The] Financial Services and General Government bill put forth by the majority [is] unacceptable. House Republicans are again proposing cutting critical agencies that make the economy fairer and safer for the American people... From the Internal Revenue Service ensuring wealthy individuals and corporations pay the taxes that they legally owe, the Federal Trade Commission protecting Americans from corporate price gouging and scammers, the Consumer Product Safety Commission protecting children from dangerous products, and the Securities and Exchange Commission ensuring the fairness of financial markets, the agencies funded in this bill are critical to lowering costs, leveling the playing field, and protecting hard-working and honest Americans. In cutting these agencies, House Republicans’ legislation will raise the cost of living, let corporate price gouging run rampant, expose children to dangerous products, leave Americans vulnerable to scams and predatory junk fees, further rig the economy in favor of the rich and powerful, and make our elections less secure and less transparent." Source: Rep. Rosa DeLauro (Democrat, Connecticut, District 3)


•    "The partisan riders attached to it only confirm that this legislation will never pass. I am particularly incensed by those undermining D.C. home rule. One rider would severely restrict women’s reproductive rights in the District against the wishes of its people. Another would allow individuals to carry concealed weapons in the District and on WMATA if they have a permit in another state. We’re told this bill is a starting point. But, it is so draconian in its adverse impact that it’s a dead end, not a reasonable offer on which to base a compromise. I applaud and support efforts to get all 12 appropriations bills passed through the house before the August break. But, for that to be helpful, they needed to be reasonable. The bills we are now marking up are not." Source: Rep. Steny Hoyer (Democrat, Maryland, District 5)


•    "It’s disappointing yet unsurprising that Republicans are once again using the appropriations process to advance harmful policies that would deny people at home and abroad of the sexual and reproductive health care access they both need and deserve. The United States has a moral obligation to advance policies and budgets that affirm reproductive freedom and bodily autonomy for all people, yet the targeted attacks on sexual and reproductive rights in the SFOPs and DHS appropriations bills will undermine our work to advance gender equality and equity, affirm the human rights of women and girls, protect our LGBTQ+ siblings, and provide access to basic healthcare for migrant families in federal custody. These attacks are shameful and dangerous, and Congress should be dismantling barriers to care, not entrenching them." Source: Rep. Ayanna Pressley (Democrat, Massachusetts, District 7)

Proponents say

•    "[H.R. 8773] promotes the safety of the American people by enhancing drug interdiction activities and combatting fentanyl and other opioid overdoses through funding for the High Intensity Drug Trafficking Areas and Drug-Free Communities programs. To prevent agency overreach, the bill prohibits funds for dozens of regulatory actions such as prohibiting the FCC from regulating broadband rates, the FTC from controlling how every day Americans purchase a car, and the SEC from collecting and surveilling transactions of everyone who invests in the stock market. It rolls back the Administration’s environment, social, and governance agenda by prohibiting funds for the SEC’s climate disclosure rule and prevents agencies like the Treasury Department and Small Business Administration from funding climate change initiatives. And the bill provides transparency and congressional oversight to the Consumer Financial Protection Bureau by bringing it under the annual appropriations process." Source: Rep. David Joyce (Republican, Ohio, District 14) 


•    "The Financial Services and General Government Appropriations Act impacts every American and guides critical departments and agencies. From our economy and court systems to mail and government accountability, our constituents expect effective governance.  Today’s bill protects taxpayers while supporting critical functions. It’s a reflection of accomplishing more with less by ensuring agencies are focused on their core missions. We also constrain bureaucratic overreach and provide critical oversight over the Executive Branch. It prevents President Biden from imposing a radical progressive agenda on the American people, defunding Green New Deal-type and so-called “diversity and inclusion” initiatives. It brings the Consumer Financial Protection Bureau into the appropriations and oversight process and rejects the Biden Administration’s request for three point five billion dollars to build a new FBI Headquarters building. Further, the measure also provides critical oversight for the District of Columbia. It retains the conscience clause for D.C. contraceptive requirements, prohibits non-citizens from voting in D.C. elections, and stops D.C. from carrying out a deeply misguided anti-police policy." Source: Rep. Tom Cole (Republican, Oklahoma, District 4)