FY2016 Financial Services Appropriations Bill Approved by Senate Subcommittee

Press Release

The Senate Appropriations Subcommittee on Financial Services and General Government today approved a FY2016 funding measure that prioritizes national programs to enforce U.S. laws, spur small business growth and maintain a fair and efficient judicial system.

Subcommittee approval of the FY2016 Financial Services and General Government Appropriations Bill clears it for committee consideration on Thursday. The $20.6 billion measure funds the U.S. Treasury Department, the Judiciary, Small Business Administration, Securities and Exchange Commission, Commodity Futures Trading Commission, and several other agencies. Overall, the measure is $1.3 billion below the FY2015 enacted level and $4.0 billion below the President's budget request.

The bill includes several important policy provisions to rein in administration overreach, cut bureaucratic red tape, and protect the rights of the American people. For example, the bill protects the right to free speech and political involvement without fear of retribution by the Internal Revenue Service. It also increases transparency and accountability at the Consumer Financial Protection Bureau, and prohibits the Federal Communications Commission from regulating Internet rates through its net-neutrality order. The bill also contains the Financial Regulatory Improvement Act of 2015, which was approved by the Senate Banking Committee in May.

"This bill reflects our commitment to putting our country on the path to fiscal responsibility and forcing Washington to tighten its belt just like hardworking American families," said U.S. Senator John Boozman (R-Ark.), chairman of the Senate Financial Services and General Government Appropriations Subcommittee. "This is an important step in protecting taxpayer dollars, reining in government overreach and investing in the ideals of a free market while promoting financial security for future generations of Americans."

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