House Republican Funding Bill Makes Cost-of-Living Crisis Worse

Republican Financial Services and General Government Funding Bill Sides with Billionaires and Big Corporations

WASHINGTON — House Appropriations Committee Republicans today released the draft fiscal year 2027 Financial Services and General Government funding bill, which will be considered in subcommittee tomorrow. The legislation benefits billionaires, big corporations, and the well-connected at the expense of the working class, the middle class, and vulnerable Americans. It makes communities less safe and enables individuals to commit fraud and sell dangerous products.

House Republicans’ bill includes $25.3 billion, a decrease of $635 million below 2026.

This legislation:

• Promotes corruption by billionaires and large corporations by decimating tax enforcement and drastically underfunding the Securities and Exchange Commission, the corporate watchdog that ensures markets are fair and protects investors from bad actors.
• Leaves consumers vulnerable to scams and predatory junk fees by underfunding the Federal Trade Commission, allowing corporations to continue price gouging. These changes increase the cost of living for working class, middle class, and vulnerable Americans.
• Enables individuals to sell dangerous products and puts children at risk by cutting resources for the Consumer Product Safety Commission.
• Makes our elections less secure by cutting the funding for the Election Assistance Commission.
• Includes approximately 50 new, problematic, or pointless policy riders that have failed to make it in the final bill multiple years in a row on topics such as the IRS Free File, consumer safety, and abortion. Additionally, instead of addressing the issues that matter most to the American people, House Republicans are micromanaging the District of Columbia’s health and traffic laws.

“This is intended to be the good-government bill – the appropriations bill that invests in our nation’s civic obligations, like collecting taxes, securing elections, and ensuring justice. The IRS delivers 96% of the revenue for the federal government; yet, this bill cuts it by nearly a billion dollars,” Financial Services Appropriations Subcommittee Ranking Member Steny Hoyer (D-MD-05) said. “It’s not surprising that this bill is so flawed, given the shrouded process by which Republicans are bringing it forward, with few hearings or opportunities to question Administration officials and a shortened timeline for consideration. Congress holds the power of the purse, not the executive branch. It is on Congress to ensure funds are appropriated sufficiently and on the Administration to follow the law to ensure our government can deliver the benefits and services the American people expect and to which they are entitled.  This partisan bill will cost taxpayers – not only in benefits and services but also in lost revenue. Moreover, it continues the Trump Administration’s efforts to traumatize federal workers by failing to reign in DOGE and continuing a freeze on civilian employee pay. Hardworking Americans should and do expect more.”

“Americans are struggling with rising costs of everyday necessities. Many live paycheck to paycheck. But the President and Republicans are not focused on the cost-of-living crisis. In fact, with their 2027 Financial Services funding bill, House Republicans would make it even worse,” Appropriations Committee Ranking Member Rosa DeLauro (D-CT-03) said. “This committee’s responsibility is meant to protect everyday American consumers, secure our elections, and make our economy work for hardworking people. Instead, Republicans support billionaires while cutting programs that keep children safe and protect senior citizens from scammers. This bill promotes corruption by decimating tax enforcement and hurts Americans while letting the biggest corporations price gouge and pay no taxes.”

A summary of House Republicans’ 2027 Financial Services and General Government bill is here. A fact sheet is here. The text of the bill is here. The subcommittee markup will be webcast live and linked on the House Committee on Appropriations website.

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