FY16 FSGG Full Committee Markup Bill Summary

Press Release

The fiscal year 2016 Financial Services and General Government (FSGG) Appropriations bill provides a total of $20.7 billion, including $159 million in disaster emergency funds. This bill's discretionary funding level is $1.1 billion below the fiscal year 2015 enacted level and nearly $4 billion below the President's requested level.

The bill includes unacceptable funding cuts, significant policy riders, and a controversial 236 page banking reform authorization bill that would hamper the ability of bank regulators to protect market users and investors against unscrupulous practices, undermine the independence of the Consumer Financial Protection Bureau (CFPB), and otherwise roll back Wall Street reform efforts.

The appropriations bill includes numerous objectionable legislative riders related to campaign finance law, net neutrality and coal power generation that have no business on an appropriations bill.

The Subcommittee's allocation conforms to the post-sequester caps under the Budget Control Act. Not one Senate Democrat voted for these austere spending levels because they do not provide adequate resources to protect America, build infrastructure, create opportunity, and spur economic growth. We need a new budget deal, in the spirit of Murray-Ryan, that stops hollowing out investments in America's future.

The funding levels recommended for the Internal Revenue Service (IRS) are woefully inadequate, will proliferate the ongoing erosion of timely and responsive services for taxpayers, and continue to cripple tax law enforcement. The funding shortfalls will poise the IRS -- the accounts receivable department of our government -- for significant setbacks.

U.S. Senator Chris Coons (D-Del.), Ranking Member of the Financial Services and General Government Subcommittee, said:

"We should work together to strengthen the financial rules of the road that support our economy and protect American families. Instead, through harmful funding cuts and policy riders, this bill does just the opposite.

"I'm particularly disappointed that this bill tries to dismantle Wall Street reforms that have helped protect consumers and stop reckless risk-taking. By underfunding regulators and undermining the Consumer Financial Protection Bureau's independence, this bill would take a dangerous step backward for the safety and soundness of our markets and our economy's security. This bill also includes policy riders that would do everything from hurting our efforts to combat climate change to continuing to open the floodgates of money in our politics.

"Though there are certain elements of this bill that are positive, I cannot support it without significant changes. There is no reason we can't work together to find a way forward, and I plan to work with my colleagues to do just that."

U.S. Senator Barbara Mikulski (D-Md.), Vice Chairwoman of the Appropriations Committee, issued the following statement:

"The Financial Services and General Government bill is vital for protecting Americans from unfair practices and unsafe products. I have high regard for Chairman Boozman, but this bill was written to score political points, not become law. It contains inadequate resources, numerous objectionable riders, and it includes a major 236 page banking reform authorization that is not in the jurisdiction of this Committee. I will vote against the motion to report this bill, which provides $1.1 billion less than the fiscal year 2015 Omnibus and $4 billion less than the President's request. I cannot support a bill that hampers Wall Street reforms and doesn't provide the necessary resources to support our federal employees and respond to the recent Office of Personnel Management (OPM) breaches.

"The latest OPM data breaches compromised the personal data of at least 22 million men and women working in government, serving in the military or working as contractors. They are federal employees, retirees, their families and applicants for jobs that require background checks. Very sensitive information has been stolen -- social security numbers, financial data, fingerprints, mental health status and work histories. With 20 major federal agencies and more than 300,000 federal employees, my home state of Maryland was hit harder than other states. It's as outrageous and unacceptable as it is devastating. And it's permanent. Their vulnerability will not dissipate over time. I'm glad my amendment to help protect the victims of the breaches was adopted, and will continue to fight for the necessary resources to prevent any future breaches by strengthening our federal cyber systems."

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