At Subcommittee Markup, Democrats Expose How Republicans are Siding with Billionaires and Big Corporations

WASHINGTON — During this evening’s House Appropriations Subcommittee markup of the 2026 Financial Services and General Government funding bill, House Democrats highlighted how the bill makes the cost-of-living crisis worse, sides with billionaires and big corporations, and makes communities less safe.

This bill:

• Promotes corruption by billionaires and large corporations by decimating tax enforcement and drastically underfunding the corporate watchdog that ensures markets are fair and protects investors from bad actors.
• Leaves consumers vulnerable to scams and predatory junk fees by cutting funding for the Federal Trade Commission, allowing greedy 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 and including harmful extreme policies that side with big corporations over Americans.
• Makes our elections less secure by cutting the funding for the Election Assistance Commission.
• Includes over 60 new, problematic, or pointless policy riders 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.

From Financial Services Appropriations Subcommittee Ranking Member Steny Hoyer’s (D-MD-05) opening remarks:

“This committee funds 96 percent of the federal government through the Internal Revenue Service, and yet our allocation accounts for less than 1 percent of the federal budget. Our allocation shrank further for fiscal year 2026 – by 1.7 percent below the fiscal year 2025 House level… I am particularly worried about the $2.79 billion – or 23 percent – cut below to the already insufficient fiscal year 2025 level to the Internal Revenue Service...Evidently, it wasn’t enough for Republicans to cut taxes for the wealthiest individuals with their ‘one big beautiful bill.’ They want to make it easier for those same high earners to evade their taxes to the detriment of the hard-working, middle America…We are not going to find common ground on every issue I’ve mentioned. But we need to find consensus on preserving this institution. When Russell Vought says he wants a ‘less bipartisan appropriations process’ what he is really saying is that he wants a weaker, more compliant congress. I don’t care if there is a Democrat or a Republican in the White House: I will always stand up for Congress’ powers under Article I. I urge my colleagues to do the same.”

From Appropriations Committee Ranking Rosa DeLauro’s (D-CT-03) opening remarks:

“The bill House Republicans have put before us goes even further to ensure that the economy works for no one but the wealthiest billionaires and largest corporations. This bill says to billionaires and price-gouging corporations: Your taxes? We are looking the other way. Your consumer products? We take your word that they are safe. Your scams and junk fees? Those are none of our business. Market manipulation and insider trading? Go right ahead. What does this bill say to middle class and working class families? You are on your own...Americans cannot keep up with the ever-increasing cost of living, but instead of working with Democrats to make investments that can help lower their costs, keep Americans safe and our economy strong, Republicans have put forward yet another bill that favors billionaires and corporations; yet another bill that does not fight waste, fraud and abuse, but embraces it. I cannot support this bill.”

A summary of the bill is here. A fact sheet is here. The text of the bill is here.

###