Mr. Speaker, I rise tonight to take a moment to highlight some of the provisions that were included in the Financial Services and General Government section of the omnibus appropriations legislation…
Mr. Speaker, I rise tonight to take a moment to highlight some of the provisions that were included in the Financial Services and General Government section of the omnibus appropriations legislation that we are considering this evening.
Despite a limited allocation, and multiple cuts subsequent to the House passed bill, the Financial Services and General Government portion reflects the commitment that I made when I became chairman to work on behalf of our consumers and to bring the priorities of the agencies that this bill funds closer to the needs of our citizens, especially the most disadvantaged.
The Consumer Product Safety Commission will receive a more than 27 percent increase over 2007 to help keep dangerous products out of the hands of our children. This is especially poignant this holiday season as we shop for safe gifts for our children. Funding for the Federal Trade Commission is increased by 15 percent over 2007 so that we can better address the problems of identity theft and deceptive lending practices, which impact more and more consumers.
We have an obligation to assist our States as they struggle to make sure that our 2008 elections are accurate and reliable. There was included $125 million for grants to help States comply with the Help America Vote Act, including upgrading voting machines and voter registration databases. All citizens want to be sure that their vote will count. This important funding moves us closer to that goal.
I am especially proud that we were able to fund the Community Development Financial Institutions Fund at $94 million, a 72-percent increase over 2007. This fund expands economic development and affordable financial services for underserved communities through housing loans, micro-business loans, and community development banks and credit unions.
It is my firm belief that the Federal Government should not dictate to the District of Columbia how it should manage its own affairs or spend its own money. In this section we took some important steps in this direction by allowing the District of Columbia to use its own local funds for needle exchange programs to help fight the spread of HIV/AIDS. This also removes longstanding restrictions on the use of local funds by District leaders in support of voting representation in the United States Congress. In addition, the District of Columbia, Puerto Rico, and the territories will, with the passage of this omnibus, have quarters with
designs they help select issued in 2009 to honor them and raise awareness of the diverse places that fly the American flag.
The consumers of today and tomorrow must have financial education programs that help them to better understand the complicated financial world in which we operate. The current subprime lending crisis is just one example of how important this funding is in our society today. The Office of Financial Education at the Department of the Treasury will receive $1.1 million, with $200,000 targeted at our future consumers currently in our elementary and high schools, and $200,000 aimed at efforts to protect all consumers against predatory lending. There is also an increase in the Securities and Exchange Commission's budget specifically for investor education and protection.
As our tax forms and obligations become more complicated, we as a government should provide additional taxpayer assistance. In order to address this need, $31.2 million is included above the President's request to increase IRS outreach and education services for taxpayers and small businesses, and tax return preparation services at Taxpayer Assistance Centers. There is an additional $6.7 million above the President's request to improve the services of the Taxpayer Advocate Service and its oversight of the IRS. Eight million is included for a new pilot grant program for Community Volunteer Income Assistance sites and $1 million over the President's request for Low-Income Taxpayer Clinics.
Recognizing the importance of our small businesses, there is an 11 percent increase over 2007 for Small Business Development Centers. The Microloan program is funded at $17 million, which includes the $15 million for technical assistance that had been eliminated in the President's request.
Our Federal workforce will be receiving a 3.5 percent cost-of-living adjustment. In addition, there are provisions to make sure that Federal workers whose jobs are threatened by privatization will have protections to ensure that the competitions against contractors are fair and unbiased. This bill also includes an important provision to improve congressional oversight of the practice of service contracting in Federal agencies. With contracting government-wide having grown to over $400 billion, Congress needs to ensure that it has necessary information on the size and scope of contracting in each agency. The bill will establish a pilot program that will require the Office of Management and Budget, OMB to track the cost and size of service contracts in three Cabinet-level departments. The program will give particular attention to contracts that have been performed poorly by a contractor because of excessive costs or inferior quality. It is also our intent that agencies other than the Department of Defense participate in this program, since the Department of Defense will already be subject to contract inventory requirements included in section 807 of the National Defense Authorization Act, NDAA, for fiscal year 2008.
I also want to clarify our intent with respect to section 739(b) of the Financial Services bill, regarding the use of public-private competition to evaluate the benefits of converting work from contract performance to performance by Federal employees. The NDAA includes section 324 relating to insourcing new and contracted out functions, and the Department of Defense should follow the provisions included in section 324 of its authorization.
There are also important provisions to address real national security needs. Treasury's Office of Terrorism and Financial Intelligence receives $56.8 million to help coordinate with the rest of the U.S. intelligence community and with other countries to combat terrorist financing. The Financial Crimes Enforcement Network receives $85.8 million to increase the number of financial transaction analysts coordinating with intelligence agencies and law enforcement, and the number of staff working to ensure Bank Secrecy Act compliance by financial institutions. Funding is included for additional Treasury staff to improve the review process of the Committee on Foreign Investment in the United States.
I am also proud that this section of the bill recognizes, through real dollars, how we value and want to protect our national heritage. Operating expenses for the National Archives are funded at $315 million in order to restore the research hours that had been reduced and to expand the workforce of professional archivists. The Archives' grant program will receive $9.5 million to assist in the preservation of the historic documents of States, local governments, universities, local historical societies, and others.
Our Financial Services portion will benefit Americans by bringing Government in the agencies funded in this section closer to the people and make it better able to fit its services to their needs. The American people expect and deserve the best services their Government can offer and this is reflected in this pro-consumer section.
Let me conclude by thanking my friend, ranking member, and partner, Congressman Regula, for his hard work and collaboration throughout this process. We might not agree on everything, but we worked together to try and fashion the best possible financial services section. I also want to express my appreciation and thanks for the hard work of our staff, both the majority and the minority. They are dedicated and devoted countless hours to the final product that we are considering today.
I will vote in favor of this omnibus legislation tonight as we move this process forward.
Financial Services and General Government Appropriations, 2008
Supporting consumers, voters, taxpayers, small businesses, and all
Americans
Consumer Issues:
The Consumer Product Safety Commission receives over a 27
percent increase over 2007 to help keep dangerous products
out of children's hands.
The Federal Trade Commission receives a 15 percent increase
over 2007 to help fight identity theft and fraudulent or
deceptive lending practices.
Election integrity:
$125 million is included to assist States in ensuring
accurate and reliable elections as we approach the 2008
presidential election. Within this amount, $10 million is
included for a new program to help states improve the
collection of information relating to the administration of
elections.
$200 thousand is included to help students learn about
elections through a mock election program.
Community economic development:
The Community Development Financial Institutions Fund
receives $94 million, a 72 percent increase over 2007, to
expand economic development and affordable financial services
for distressed communities.
Respect for the District of Columbia and for U.S.
territories:
For the first time in many years, the District of Columbia
may use its local funds to support needle exchange programs
that help fight the spread of HIV/AIDS.
The bill removes longstanding restrictions on the use of
local funds by District leaders in support of voting
representation in the U. S. Congress.
Quarters with designs from Puerto Rico, Guam, the U.S.
Virgin Islands, American Samoa, the Northern Mariana Islands,
and the District of Columbia will be issued in 2009 to honor
and raise awareness of the diverse places that fly the
American flag.
Puerto Rico, for the first time, is eligible to receive the
same proportionate share of election assistance grants that
states receive.
Financial education:
Treasury's Office of Financial Education receives $1.1
million, including $200,000 for efforts aimed at elementary
and high schools, and $200,000 aimed at efforts to protect
consumers against predatory lending.
The Securities and Exchange Commission's budget is
increased to support investor education and protection.
Taxpayer assistance:
$31.2 million above the President's request is to increase
IRS outreach and education services for taxpayers and small
businesses, and tax return preparation services at Taxpayer
Assistance Centers.
$6.7 million above the President's request is to improve
the services of the National Taxpayer Advocate and its
oversight of the IRS.
$8 million is for a new pilot grant program for Community
Volunteer Income Tax Assistance sites.
$1 million above the President's request is provided for
Low-Income Taxpayer Clinics.
Small business assistance:
Small Business Development Centers receive an 11 percent
increase over 2007.
The Microloan program is funded at $17 million. This
includes $15 million for technical assistance, which was
eliminated in the President's request.
Federal workforce:
A 3.5 percent Federal employee pay raise is included.
Federal workers whose jobs are threatened by privatization
will have protections to ensure that competitions against
contractors are fair and unbiased.
Concerns over costly or poorly performed government
contracts are addressed through report requirements that will
enable Congress to exercise greater oversight.
National security:
Treasury's Office of Terrorism and Financial Intelligence
receives $56.8 million to help coordinate with the rest of
the U.S. intelligence community and with other countries to
combat terrorist financing.
The Financial Crimes Enforcement Network receives $85.8
million to increase the number of financial transaction
analysts coordinating with intelligence agencies and law
enforcement, and the number of staff working to ensure Bank
Secrecy Act compliance by financial institutions.
Funding is included for additional Treasury staff to
improve the review process of the Committee on Foreign
Investment in the United States.
$250 million is included as part of a homeland security
border initiative to accelerate Land Port of Entry design and
construction and to assist the Federal Judiciary's
immigration casework.
Caring for our National heritage:
$315 million is included for National Archives operating
expenses to restore research hours and to expand the
workforce of professional archivists.
$9.5 million is included for the Archives' grant program to
help preserve the historic
documents of states, local governments, universities, local
historical societies, and others. The Administration proposed
to eliminate this program.