The U.S. House of Representatives Committee on Appropriations (the "Committee") released a draft Financial Services and General Government Appropriations Bill for fiscal year 2018.
The bill proposes appropriations totaling $20.231 billion, which is more than $1 billion below the appropriation in fiscal year 2017. Highlights from the bill include a $149 million cut to IRS funding and an allotment of $1.6 billion for SEC salaries and expenses, which is in line with the SEC's request. House Appropriations Chair Rodney Frelinghuysen (R-NJ) commented on the regulatory implications of the bill:
"Our financial system thrives on stability, and this bill provides the funding necessary for federal regulators to do their jobs in a timely and appropriate manner, while stopping burdensome regulations before they can damage our economy irreparably."
The proposed bill also provides additional funding for the SEC's "critical information technology initiative" and rescinds the "unobligated balances of the SEC's Reserve Fund." Additionally, the bill implements more stringent SEC reporting requirements in order to promote transparency and reduce regulatory burdens.
The Committee's Agriculture Appropriations proposal includes $248 million in funding for the CFTC. This figure represents a $2 million reduction from the CFTC's fiscal year 2017 budget.
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