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Appropriations Committee Approves Fiscal Year 2012 Financial Services Appropriations Bill

Press Release

Location: Washington, DC

The House Appropriations Committee today approved the fiscal year 2012 Financial Services and General Government Appropriations bill. The legislation provides annual funding for the Treasury Department, the Executive Office of the President, the Judiciary, the District of Columbia, the Small Business Administration, the General Services Administration, the Securities and Exchange Commission, and several other independent agencies.

The bill includes a total of $19.9 billion in funding for the agencies, which is nearly $2 billion - or 9% - below last year's level, nearly $6 billion below the President's fiscal year 2012 request, and more than $700 million below the pre-stimulus, pre-bailout levels enacted in 2008.

"This bill makes smart, sensible reductions in nearly all areas. Where necessary, we have cut funding for ineffective and unproven programs, and have made strides to prevent taxpayer dollars from slipping through the cracks, lost to redundant or wasteful programs," House Appropriations Chairman Hal Rogers said.

"This legislation also prioritizes agencies and services that provide the greatest benefits to the American people -- making the most of taxpayer dollars. The bill includes important funding for essential programs across the government -- creating opportunities for entrepreneurship, providing for repair and recovery from unexpected disasters, combating the scourge of narcotics trafficking, and supporting antiterrorism and financial intelligence missions," Chairman Rogers continued.

"This bill is nine percent less than fiscal year 2011, 18 percent less than fiscal year 2010, and 22.5 percent less than the President's request. This reduction resulted in some very tough decisions, but they are necessary to reduce the Federal government's unsustainable level of spending," Subcommittee Chairwoman Jo Ann Emerson said.

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