Appropriations Hearing on Treasury Budget

June 12, 2017

On Monday, June 12, 2017, the House Appropriations Committee Subcommittee on Financial Services and General Government held a hearing to discuss the proposed Treasury budget.  In his opening statements, Subcommittee Chairman Tom Graves (R-GA) expressed his support for the budget which he stated prioritizes taxpayers and will allow the United States economy to grow.  Several other Representatives, however, expressed concerns about sizable budget cuts and the impact on functionality and effectiveness of certain departments. Full Committee Chairman Rodney Frelinghuysen (R-NJ), and full Committee Ranking Member Nita Lowey (D-NY) expressed concerns cuts to the budget may lead to more people cheating on their taxes, and will leave the United States vulnerable to security threats from other countries.

 

The hearing featured testimony from Treasury Secretary Steve Mnuchin who answered questions and commented on concerns from members of the Committee about the proposed budget.

 

During the question and answer portion of this hearing many committee members questioned Secretary Mnuchin about how cuts to oversight budgets, specifically the Internal Revenue Service, and the Treasury Office of Terrorism and Financial Intelligence, might render the departments less effective.  Concerns for this issue were expressed by both Democratic and Republican Representatives.  In response to questions about trade, the Secretary explained President Trump is focused on growing exports rather than shrinking imports.  Ms. Jaime Herrera Beutler (R-WA), and Mr. David Young (R-IA) expressed the need to relieve the burden of regulations from small community banks and credit unions.