Fiscal Year 2026 Financial Services and General Government Bill

Appropriations Bill MarkupsHouse Appropriations Subcommittee on Financial Services and General Government · 2025-07-21 · 119th Congress
The House Appropriations Subcommittee on Financial Services and General Government met to mark up its fiscal year 2026 appropriations bill, which funds the Treasury Department, the Executive Office of the President, the federal judiciary, the District of Columbia, and independent agencies including the SEC, FTC, FCC, IRS, and SBA. Begins at 0:11:40
Transcript
Highlights

Title

Markup of FY2026 Financial Services and General Government Appropriations Bill

Purpose

The House Appropriations Subcommittee on Financial Services and General Government met to mark up its fiscal year 2026 appropriations bill, which funds the Treasury Department, the Executive Office of the President, the federal judiciary, the District of Columbia, and independent agencies including the SEC, FTC, FCC, IRS, and SBA. Chairman Joyce and full committee Chairman Cole presented the bill as fiscally responsible, while Ranking Member Hoyer and other Democrats objected to cuts, particularly to IRS enforcement, and criticized OMB Director Russell Vought's role in the appropriations process. The bill was ultimately approved and reported to the full committee on a 9–6 recorded vote. Begins at0:11:40

Who spoke

Chairman David Joyce (R-OH)0:11:40: Walked through the bill title-by-title, noting Treasury funded at $11.3 billion (20.4% below FY2025 enacted)0:12:09, EOP cut 3.4% to $830 million0:12:38, DC funding cut 4.6% to $823 million0:13:52, and title 5 independent agencies cut 34% to about $1.5 billion0:14:36; closed by urging bipartisan support0:15:28.

Ranking Member Steny Hoyer (D-MD)0:15:33: Argued the appropriations process has become a "pro forma ritual" under pressure from OMB Director Russell Vought0:18:23, cited a $2.7 billion IRS cut including a 45% reduction to enforcement0:21:19, and said every $1 in IRS enforcement yields $7 in revenue (up to $12 for top earners)0:22:030:22:31.

Chairman Tom Cole (R-OK)0:25:33: Said the bill cuts $410 million from the FY2025 House-reported bill "without budget gimmicks"0:26:34 and highlighted funding for CFIUS-related foreign investment scrutiny and anti-fentanyl interdiction0:27:00.

Ranking Member Rosa DeLauro (D-CT)0:28:24: Opposed the bill, saying it "guts" IRS enforcement while 55 major corporations paid zero federal income tax in 2021 on over $40 billion in pretax income0:34:51; noted a 40% cut to the Election Assistance Commission0:37:40 and cited CPSC recalls of children's products amid commission cuts0:36:52.

Rep. Mark Pocan (D-WI)0:39:13: Called the process "demolished," not merely broken, saying it's been outsourced to Project 2025 and Russ Vought0:39:38; cited a 44% cut to IRS enforcement and a 9% cut to the SBA0:40:08, and noted election security grants received $15 million of a requested $400 million0:40:37.

Rep. Glenn Ivey (D-MD)0:42:00: Paid tribute to former Rep. William Clay0:42:27; cited former IRS Commissioner Koskinen calling the enforcement cuts "tax cuts for tax cheats" and former Commissioner Fred Goldberg's estimate of $250 billion in open IRS cases0:43:47.

Rep. Dan Bishop (R-NC)0:46:58: Recognized to speak (brief remarks noted in transcript, content unclear).

A committee member (Democratic side, cut off mid-speech)0:47:55: Argued the bill is "an assault on working Americans," criticized silence on Trump's firing of FTC and CPSC commissioners while cutting those agencies' budgets0:49:200:50:20, and flagged more than 60 policy riders in the bill0:50:49.

Rep. Marilyn Strickland (D-WA), "Miss Gluen Camp Perez" per transcript0:52:19: Described her district's ballot boxes being firebombed with the perpetrator never caught0:53:32, and said her auto repair shop has better security than local ballot boxes0:54:19.

Rep. (Amodei, R-NV, transcribed "Ammedday")0:55:19: Said members on both sides rely too heavily on talking points rather than working out specifics like how the IRS would use additional enforcement funding0:56:05.

Rep. Steve Womack (R-AR, transcribed "WAC")0:58:04: Said the appropriations problem stems from a broken budget process, recalling his 2018 co-chairmanship of the Joint Select Committee on Budget Process with the late Rep. Nita Lowey, where the panel fell three votes short of advancing reforms0:58:410:59:30.

Rep. Rosa DeLauro (D-CT), responding to Womack1:01:36: Agreed on budget process problems but argued the committee is ceding power of the purse to Russ Vought, an unelected official1:02:33.

Rep. Robert Aderholt ("Mr. Alfred" per transcript) (R-AL)1:03:33: Moved that the bill be favorably reported to the full committee1:03:33.

Key moments

Chairman Joyce detailed the bill's title-by-title funding, including $18 million for Supreme Court justices' personal security and $892 million for court security overall0:13:25.

Hoyer quoted OMB Director Russell Vought as saying "the appropriations process has to be less bipartisan"0:16:59, calling it a sign the process is becoming a "rubber stamp"0:18:23.

DeLauro cited a Grover Norquist quote about wanting to shrink government to "drown it in a bathtub," accusing Vought of pursuing that vision0:31:42.

DeLauro said 39 profitable companies paid no federal income tax in the first three years of the Trump tax law, and that Elon Musk and Tesla avoided federal income tax for three years0:35:530:36:21.

Pocan said election security grants requested $400 million but the bill provides only $15 million0:40:37.

Ivey cited former IRS commissioners testifying at a Hoyer-hosted shadow hearing that enforcement cuts amount to "tax cuts for tax cheats" and that $250 billion in open IRS cases remain uncollected0:43:470:44:11.

Strickland disclosed that her district's ballot boxes were firebombed last general election and the perpetrator has never been caught0:53:32.

Womack recounted that on the 2018 Joint Select Committee on Budget Process, five Republicans supported the reform package but only two Democrats did, with four voting "present," costing the effort the votes needed to force floor action0:59:301:00:23.

The bill was approved by recorded vote 9 ayes to 6 noes and reported favorably to the full committee1:05:42.

Chairman Joyce closed by thanking members "for being here today and your time and your words... except for you Ivey"1:06:13.

Metadata

CommitteeHouse Appropriations Subcommittee on Financial Services and General Government
Chamber / CongressHouse · 119th Congress
Date2025-07-21
TypeMarkup
Witnesses
(none listed in event metadata)
Videoyoutube
Transcript126 caption blocks · 8,039 words · 1:06:20 runtime
EventCongress.gov 118534