Washington, D.C. – House Majority Whip Steve Scalise offered support for the fiscal year 2019 Financial Services and General Government Appropriations Act (H.R. 6258), which includes a provision creating the Fund for America’s Kids and Grandkids. The bill was written by Rep. Tom Graves (R-GA-14), who is chairman of the House Appropriations Financial Services Subcommittee.
“I’m proud to support this bill with Rep. Graves that will let us finally take a new approach to government funding,” said Majority Whip Scalise. “One of my biggest concerns in Congress has been the deficit and the mountain of debt we will be putting on the backs of our kids and grandkids. This legislation is a commonsense approach to ensure we are looking out for their interests.”
“I’m honored to earn Whip Scalise’s support for this bill, which represents a fresh and new approach for government funding bills: just because we can spend it, doesn’t mean we have to,” said Rep. Graves. “With the help of my subcommittee members, we found a way to save $585 million or 2.5 percent. We parked this money in a new savings account and have protected it from being spent until we eliminate the deficit. This approach causes us to pause and think about what all of this deficit spending means, in whose name we are borrowing the money, and who will get stuck with the debt. Surely we can save two and a half pennies for every dollar we spend. If not, what are we doing here?”
The Fund for America’s Kids and Grandkids safeguards funds for future generations, as money in the account is not accessible until the Treasury Secretary certifies the budget deficit is zero or there is a surplus. Rep. Graves cut $585 million from across his bill to make an initial deposit, which represents 2.5 percent of the total allocation for the Financial Services Appropriations bill.
The House Appropriations Committee passed H.R. 6258 on May 13, 2018. The bill now awaits consideration by the full House of Representatives.
Click HERE to read more about the Fund for America’s Kids and Grandkids.
Additional Bill Highlights:
- Includes more than 20 bipartisan financial reform bills that passed the House during the 115th Congress with overwhelming bipartisan support.
- For the first time, this bill directly appropriates the Bureau of Consumer Financial Protection, which will finally subject it to congressional oversight and accountability.
- It also includes recommendations from BCFP Director Mick Mulvaney for reforming the Bureau, including providing independent IG authority, requiring Congressional approval of any new rules or regulations, and the allowing the president to terminate the director at-will.
- Provides sufficient funding to ensure full implementation of the Tax Cuts and Jobs Act.
- Protects life:
- Maintains provisions prohibiting federal and local funds from being used for abortion.
- Maintains a prohibition on federal funds from being used for needle exchanges and the supervised consumption of any Schedule I substances in the District of Columbia.
- Prohibits funds for the DC Death with Dignity Act and fully repeals the local legislation.
- Prohibits funds for enforcement of DC Reproductive Non-Discrimination Act.
- Prioritizes law enforcement, homeland security and cybersecurity.
- Fights the opioid epidemic by increasing funding for the High-Intensity Drug Trafficking Areas (HIDTA) program and for other federal drug control programs.
- Beefs up the Treasury Department’s Office of Terrorism and Financial Intelligence.
- Strengthens the Treasury Department’s Financial Crimes Enforcement Network.
- Funds the Treasury Department’s Cybersecurity Enhancement Account.
- Updates IT systems across the federal government through the Technology Modernization Fund.
Click HERE to read the full bill.