House Appropriations Committee Markup of FY26 Financial Services Bill

FY26 Financial Services Bill Priorities

• 💡 The bill's three main priorities are fiscal responsibility, leveraging new technology, and strengthening national security.
• 🎯 Funding for the Department of the Treasury is set at $11.3 billion, a decrease from previous years.
• 💰 The Executive Office of the President (EOP) funding is cut by 3.4% to $830 million, with the Office of Management and Budget (OMB) receiving $129 million.
• ⚖️ The bill provides $18 million for Supreme Court justices' personal security and fully funds court security at $892 million, while also prioritizing cybersecurity and IT modernization for the federal judiciary.
• 🏛️ Federal funding for the District of Columbia is cut by 4.6% to $823 million, including a $20 million reduction for inauguration-related security costs.

Funding Reductions and Policy Riders

• 📉 Title 5, funding independent agencies like the SEC, FTC, and FCC, sees a significant 34% reduction from FY25 enacted levels, totaling approximately $1.5 billion.
• 📜 Titles 6, 7, and 8 continue important policies, including pro-life protections, defunding climate rules, prohibiting mask and vaccine mandates, and protecting traditional marriage.
• 🛡️ These titles also codify executive orders aimed at eliminating waste, consolidating procurement, and preventing waste, fraud, and abuse in federal spending.

Concerns Over Bipartisan Process and IRS Funding

• 🗣️ Ranking Member Hoyer criticizes the appropriations process as broken and lacking bipartisanship, arguing that partisan bills undermine success.
• 📉 A major point of contention is the significant cut to the Internal Revenue Service (IRS) budget, particularly enforcement, which critics argue will cost billions more in lost revenue than it saves.
• 🧑‍⚖️ The bill maintains a pay freeze for civilian federal workers, which is opposed by some members who advocate for cost-of-living adjustments.

Impact on Agencies and Consumers

• 📉 Cuts to the Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC) are criticized for potentially enabling scams, price gouging, and market manipulation.
• 👶 Funding for the Consumer Product Safety Commission (CPSC) is reduced, raising concerns about the safety of products for children.
• 🗳️ Funding for the Election Assistance Commission is cut by 40%, which critics argue weakens election security and makes elections more vulnerable to interference.

Opposition and Final Vote

• 🚫 Several members express strong opposition to the bill, citing its impact on working Americans, its perceived favoritism towards billionaires and corporations, and the gutting of institutions that serve ordinary families.
• ✅ Despite the criticisms and partisan disagreements, the bill is ultimately favorably reported to the full committee with a vote of 9-6.