Chairman Quigley Statement at Full Committee Markup of FY 2020 Financial Services and General Government Funding Bill

Thank you, Madam Chair.

Today the committee will mark up the fiscal year 2020 Financial Services and General Government bill. 

But before I begin, I would like to start by thanking staff on both sides for their efforts and sacrifices made in drafting this bill and preparing us for this markup.

In my personal office that includes Doug Lee and Juan Hinojosa,

And on our committee staff on the majority side that includes Laura, Marybeth, Elliot, Aalok, Parker, and Lisa.

And for the minority, John Martens.

Their efforts are what really keep the wheels turning around here and I know all the Members share this sentiment.

I would like to thank my colleague, Mr. Graves, for his hard work and collaboration through this process.

I know we may not agree on everything, but I appreciate his partnership in developing the best possible bill.

I’d also like to thank the Chairwoman of the Full Committee, Mrs. Lowey for her tremendous leadership and stewardship of this Committee, as well as the Committee’s distinguished Ranking Member Ms. Granger.

And, of course, I also want to recognize and thank Congresswoman Eleanor Holmes Norton (who is here with us this afternoon).

I’ve said this before and I’ll say it again, I can think of no one more qualified or dedicated to protecting the rights and promoting the interests of the residents of D.C.

The agencies and programs under the jurisdiction of the Financial Services subcommittee are uniquely varied.

Each one plays an important role in the functioning of our government, whether it be in terms of core services or in relation to government responsiveness, transparency, or efficiency.

The subcommittee’s current allocation is $24.5 billion.

Under the terms of the active budgetary enforcement provisions in the House [put in place by H.Res. 293], that allocation will be increased by $400 million when we report this bill to account for Internal Revenue Service enforcement activities.

This means that our total budget allocation will be $24.9 billion, which is the amount provided in this mark.

In total, the bill includes $12 billion for the IRS—an increase of more than 6 percent above the President’s request—and a good first step toward restoring the draconian cuts this agency has suffered for almost a decade.

This investment will support more effective and efficient enforcement activities to help close the tax gap, improve taxpayer experience by reducing wait times, and increasing support to those trying to navigate the complex tax code.

The bill also provides increases totaling $15.6 million for Treasury Department offices and programs focused on combatting money laundering, enforcing sanctions, and countering the financing of terrorism.

I’m particularly pleased to report that the bill also rejects the President’s harmful proposals to eliminate or reduce funding for programs that directly support small businesses and disadvantaged communities, and instead includes substantial increases to these programs above the fiscal 2019 levels.

Notably, the bill includes $300 million for Community Development Financial Institutions—a widely bipartisan program essentially eliminated in the President’s budget request—which is an increase of $50 million above FY 2019.

In addition, the bill provides $281.8 million for the Small Business Administration’s Entrepreneurial Development Programs—which is $101 million above the President’s request, and $34 million above FY 2019.

The grant programs supported in this account provide much needed and targeted assistance to small businesses hoping to expand and create additional jobs.

The bill also rejects the Administration’s efforts to sideline a vital source of federal funding to combat the opioid epidemic and continues to fund these programs under the Office of National Drug Control Policy to ensure this crisis receives the highest level of federal attention it deserves. 

Specifically, $300 million is included for the High Intensity Drug Trafficking Areas Program—an increase of $20 million above FY 2019—and the Drug-Free Communities Program is funded at $100.5 million.

The bill includes $7.5 billion in discretionary appropriations for the Judicial Branch—an increase of 3.5 percent over FY 2019—to fund protective services and physical security needs in courthouses and ensure the continued operations of the Federal Judiciary.  

The bill also provides substantial increases in funding for agencies that protect everyday consumers and retail investors—including the Consumer Product Safety Commission, the Federal Trade Commission, and the Securities and Exchange Commission—agencies that are relatively small but essential to the safety of our economy and well-being. 

Finally, I’d like to take a moment to highlight the funding included in this bill for the Election Assistance Commission, which deals with issues that are extraordinarily important to the Nation and its ability to conduct reliable, secure, and accessible elections.

A couple weeks ago, Special Counsel Robert Mueller described Russia’s concerted attack on our political system in 2016, saying “There were multiple, systematic efforts to interfere in our election”.

He detailed the Russian efforts and specified that they were designed and timed to interfere and damage a presidential candidate.

It was a purposeful strategy, involving sophisticated cybertechniques, to influence the outcome of our election.  

The underpinning of American democracy whereby American citizens alone decide who represents them in government. 

Robert Mueller concluded by saying that the efforts by a foreign government to interfere in our election, “deserves the attention of every American”.

I couldn’t agree more. This is not a partisan matter.

If anything, the challenge of securing our election systems should be a uniting force among Americans.

The bill before us today includes $600 million for payments to States to help them meet the challenge of restoring the security and integrity of American elections. 

I urge all my colleagues to join me in advancing this critical investment.

In addition, I am also proud that the bill removes several harmful longstanding policy riders, including many that dictate to the District of Columbia how to manage its own affairs or spend its own money.

Ultimately, this bill will improve the both the economic and national security of communities across the country, whether it be by improving their tax filing experience, protecting their privacy and their financial investments, promoting small business creation, defending the integrity of our elections, combatting drug trafficking, I could go on and on.

But in the interest of time, I would simply urge all my colleagues to support this bill. Thank you and I yield back.