Lowey Statement on 2014 Financial Services and General Government Appropriations Act

July 17, 2013
Press Release
Lowey Statement on 2014 Financial Services and General Government Appropriations Act

Punitive and draconian cuts combined with and extraneous riders have resulted in an unacceptable bill. If this bill makes it to the floor, the American people will see what would happen to our financial regulators, tax enforcers, and, sadly, the rights of women in America, if the House Majority has their way.

I'd like to thank Chairman Rogers, Chairman Crenshaw, and Ranking Member Serrano for their work on the bill before us. I have seen firsthand the importance of SBA business loan programs and am pleased this mark funds these important programs, continues level funding for the Drug Free Communities program, and fully funds the Office of Terrorism and Financial Intelligence.

However, between these good measures are a lot of bad and even more that are outright unnecessary. At a funding level of $19.6 billion, which is over $7 billion, or 29 percent, below the President's request, and 16 percent less than the FY13 enacted level, the agencies within this bill would quite simply not be able to meet the needs of the public.

At this subcommittee's IRS oversight hearing I asked Acting Commissioner Werfel what on earth the IRS was thinking. The IRS should rightly face consequences, and as members of the Appropriations Committee, it is our duty to make sure the IRS is using taxpayer funds appropriately.

But Mr. Chairman, a cut of 30% from the request, a 24% reduction from post-sequester levels, instead will make it impossible for the IRS to do its job. Eliminating taxpayer assistance, delays in tax refunds, and allowing tax cheats to go free are not solutions for holding the IRS accountable for its actions.

In addition, this mark would cut the Securities and Exchange Commission by $303 million, or 18%, from the President's request. We don't provide the SEC with annual appropriations; we provide it with budget authority, and the SEC then funds itself through fees. This cut doesn't save taxpayers a single cent. Rather, it makes it more difficult for the SEC to identify securities fraud and irregularities, investigate complains, regulate the markets, and modernize rules. How can working Americans, with retirement accounts and savings invested in SEC regulated funds, have faith in their investments if the financial regulator is handcuffed by House Republicans?

Even the General Services Administration Construction account has been slashed by more than half a billion dollars, or 66 percent, from the President's request. At a time when we need to make smart investments and build federal facilities for the future, the federal government will continue to spend more on leases for years to come. Spending less now so we will be forced to spend more later is a fiscally backwards approach, particularly when we could put Americans to work on these facilities today.

The bill also includes a number of controversial riders that have nothing to do with an efficient government and everything to do with an ideological attack on women's rights. Attacks on women's reproductive rights, such as further limiting access to reproductive health care in insurance exchanges and dictating a right-wing ideology to the residents of the District of Columbia for use of their own funds have no place in this bill.

Unfortunately, punitive and draconian cuts combined with and extraneous riders have resulted in an unacceptable bill that I cannot support. If this bill makes it to the floor, the American people will see what would happen to our financial regulators, tax enforcers, and, sadly, the rights of women in America, if the House Majority has their way.

Thank you, Mr. Chairman.

113th Congress