06.19.18

SUMMARY -- Senate Subcommittee Approves FY2019 Financial Services & General Government Appropriations Bill

Washington, D.C. – The fiscal year 2019 Senate Financial Services and General Government bill provides $23.688 billion to related agencies, which is $265 million more than fiscal year 2018, and $70 million more than the President’s budget request.

“U.S. Senator Chris Coons (D-DE), Ranking Member of the Senate Appropriations Financial Services and General Government Subcommittee, said, “This bill funds some of the key regulatory agencies, notably the Commodity Futures Trading Commission, the Consumer Product Safety Commission, the Federal Trade Commission, the Federal Communications Commission and the Securities and Exchange Commission, which vigorously protect markets and consumers from unscrupulous practices and harmful products.  This bill also supports our community banks and provides investment in small business. Strong regulation and investment in communities and small businesses makes our economy stronger while protecting all Americans.  It provides funding for anti-drug programs and Truman scholarships.  Finally, I am pleased to add that the bill includes a well-deserved 1.9% pay raise for federal civilian employees.  I appreciate Chairman Lankford and his staff’s efforts putting together this bipartisan bill and thank him for his commitment to working across the aisle.   I look forward to working together with the Chairman as this process continues to provide the people of Delaware and all Americans with the protections and services they deserve.”

Key Points & Highlights

The bill provides funding for the Department of the Treasury, the Executive Office of the President, the Judiciary, the District of Columbia, and more than two dozen independent federal agencies. 

  • Internal Revenue Service (IRS)

The bill includes $11.263 billion for the IRS.  This is an increase of $75 million for IRS operations over the fiscal year 2018 level.   This increase represents a step in the right direction; the IRS have been cut by $1 billion since fiscal year 2010.   The bill also includes $77 million for implementation of the new tax law. The FY 2018 bill included $320 million for this purpose, for a total of $397 million for implementation of the tax law over two years, the amount requested by the Administration. 

  • Treasury Community Development Financial Institutions (CDFI) Fund

The bill provides $250 million for the CDFI Fund to promote economic and community development in low-income communities, equal to the fiscal year 2018 enacted level and $236 million more than the President’s budget request.

  • Office of National Drug Control Policy (ONDCP)

The bill includes a total of approximately $416 million for anti-drug programs, which is $400,000 more than the fiscal year 2018 level and $386 million more than the President’s budget request.  The Senate bill rejects the President’s proposed move of the High Intensity Drug Trafficking Areas (HIDTA) and the Drug-Free Communities (DFC) programs from ONDCP to other agencies.  The HIDTA Program is funded at $280 million, the same level as last year.  The DFC program is funded at $99 million, the same level as fiscal year 2018. 

  • Federal Judiciary

The bill includes $7.251 billion in discretionary funding for the U.S. Courts, which is $140 million more than the fiscal year 2018 level and $27 million more than the President’s budget request.  The Defender Services account is funded at a level of $1.141 billion, $62 million more than the fiscal year 2018 enacted level. 

  • District of Columbia (DC)

The bill recommends $703 million in special federal payments for over a dozen distinct purposes relating to the District of Columbia.  This is $18 million less than fiscal year 2018. In addition to the special federal payments, the bill approves the District’s annual local operating budget.

  • Commodity Futures Trading Commission (CFTC)

The bill recommends $281.5 million for the CFTC, $32.5 million over the fiscal year 2018 enacted level and the same as the President’s budget request.  The CFTC has seen level funding over the last four years while their responsibilities overseeing the futures, options and swaps markets have increased.

  • Consumer Product Safety Commission (CPSC)

The bill funds CPSC at $126 million, the same as the fiscal year 2018 enacted level and $3 million more than the President’s budget request.  The CPSC is the independent regulatory agency responsible for protecting the public against unreasonable risks of injury from consumer products. 

  • Federal Communications Commission (FCC)

The bill provides $333 million for the FCC, an increase of $11 million over the 2018 enacted level, and the same as the President’s budget request.   The bill also provides $130 million to fund the administrative costs of conducting spectrum auctions.   Funds appropriated for the FCC are derived from offsetting collections.

  • Federal Trade Commission (FTC)

The bill provides $309 million for the FTC, an increase of $3 million over the 2018 enacted level and the same as the President’s budget request.   Funds appropriated for the FTC are partially offset by various fee receipts.

  • General Services Administration (GSA)

The bill provides funding for the Federal Buildings Fund at a level of $9.633 billion, which is $560 million more than the fiscal year 2018 enacted level and $498 million less than the President’s budget request. 

  • Securities and Exchange Commission (SEC)

The bill includes $1.658 billion for SEC operating costs.  The Committee also provides $37 million for lease renewal costs for the New York regional office.  Funds appropriated for the SEC are fully offset with transaction fee receipts. 

  • Small Business Administration (SBA)

The bill includes $699 million for the SBA, $1 million more than fiscal year 2018. Within this amount, the bill funds SCORE at $11.5 million, and Small Business Development Centers at $130 million, which matches the funding these programs received in fiscal year 2018. The bill also increases the cap on SBA’s 7a loan program to $30 billion, $1 billion above the current level.

  • COLA

The bill includes a 1.9 percent cost-of-living adjustment for federal civilian employees.

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