The legislation would provide fiscal year funding for the Executive Office of the President, Treasury Department, Small Business Administration, Securities and Exchange Commission, and several other federal agencies.
“Our federal debt is approaching $16 trillion, and this bill meets the goal of reducing spending at federal agencies while preserving their important responsibilities to the American people,” Subcommittee Chairwoman Jo Ann Emerson said. “Many more agencies are asked to find value for taxpayers, and we have greatly reduced the president’s unjustified request for a budget increase.”
The bill includes language from the American Bankers Association that advocates the allowance of savings and loan holding companies to capitalize on recent changes to the SEC’s shareholder registration requirements. Other ABA-advocated language in the bill pressures the Internal Revenue Service to protect information related to the non-resident alien interest-reporting rule from questionable regimes.
Additionally, the bill would also subject the Consumer Financial Protection Bureau to the congressional appropriations process beginning in the 2014 fiscal year and remove the Federal Reserve as the agency’s main funding source.