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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 18, 2017.
This bill provides FY2018 appropriations to agencies responsible for:
regulating the financial, telecommunications, and consumer products industries; collecting taxes and assisting taxpayers; managing federal buildings and the federal workforce; and operating the Executive Office of the President, the judiciary, and the District of Columbia. The bill decreases overall Financial Services and General Government discretionary funding below FY2017 levels.
Compared to FY2017 levels, the bill increases funding for the judiciary while decreasing funding for the Department of the Treasury and the District of Columbia.
Within the Treasury budget, the bill decreases funding for the Internal Revenue Service (IRS) below FY2017 levels.
Other provisions included in the bill restrict funds or affect policy in areas such as:
the implementation of the Patient Protection and Affordable Care Act; IRS determinations of tax-exempt status; safety regulations for table saws and recreational off-highway vehicles; and local District of Columbia policy on issues such as marijuana legalization, abortions, euthanasia, and needle exchange programs. The bill includes several provisions that modify various financial services laws and were included in H.R. 10 (Financial CHOICE Act of 2017), as passed by the House of Representatives on June 8, 2017.
The bill also establishes a new bankruptcy process for certain large financial institutions.
Financial Services and General Government Appropriations Act, 2018
Provides FY2018 appropriations for financial services and general government, including programs within the Department of the Treasury, the Executive Office of the President, the federal judiciary, the District of Columbia, and several independent agencies.
Department of the Treasury Appropriations Act, 2018
TITLE I--DEPARTMENT OF THE TREASURY
Provides appropriations to the Department of the Treasury for Departmental Offices, including:
Salaries and Expenses, the Office of Terrorism and Financial Intelligence, the Cybersecurity Enhancement Account, Department-Wide Systems and Capital Investments Programs, the Office of Inspector General, the Treasury Inspector General for Tax Administration, and the Special Inspector General for the Troubled Asset Relief Program. Provides appropriations to Treasury for:
the Financial Crimes Enforcement Network, the Bureau of the Fiscal Service, the Alcohol and Tobacco Tax and Trade Bureau, the U.S. Mint, and the Community Development Financial Institutions Fund Program Account. Rescinds specified unobligated balances from the Treasury Forfeiture Fund.
Provides appropriations to the Internal Revenue Service (IRS) for:
Taxpayer Services, Enforcement, Operations Support, and Business Systems Modernization. (Sec. 101) Permits up to 5% of any IRS appropriation provided by this bill to be transferred to any other IRS appropriation upon the advance approval of Congress.
(Sec. 102) Requires the IRS to maintain an employee training program that includes taxpayers' rights, dealing courteously with taxpayers, cross-cultural relations, ethics, and the impartial application of tax law.
(Sec. 103) Requires the IRS to institute and enforce policies and procedures to safeguard the confidentiality of taxpayers' information and protect taxpayers against identity theft.
(Sec. 104) Requires the IRS to: (1) use funds for improved facilities and increased staffing to provide sufficient and effective 1-800 help line service for taxpayers; and (2) continue to make improvements to the help line service a priority and allocate resources necessary to enhance the response time to taxpayer communications, particularly with regard to victims of tax-related crimes.
(Sec. 105) Prohibits the IRS from using funds provided by this bill to make a video unless it is approved in advance by the Service-Wide Video Editorial Board.
(Sec. 106) Requires the IRS to: (1) issue a notice of confirmation of any address changes relating to an employer making employment tax payments, and (2) give special consideration to an offer-in-compromise from a taxpayer who has been the victim of fraud by a third party payroll tax preparer.
(Sec. 107) Prohibits the IRS from using funds provided by this bill to target U.S. citizens for exercising any rights guaranteed under the First Amendment to the U.S. Constitution.
(Sec. 108) Prohibits the IRS from using funds provided by this bill to target groups for regulatory scrutiny based on their ideological beliefs.
(Sec. 109) Requires the IRS to comply with certain procedures and policies for conference spending that were recommended by the Treasury Inspector General for Tax Administration.
(Sec. 110) Prohibits the IRS from using funds provided by this bill for providing employee bonuses or hiring former employees without considering conduct and federal tax compliance.
(Sec. 111) Prohibits the IRS from using funds provided by this bill to violate the confidentiality of tax returns and return information.
(Sec. 112) Prohibits the IRS from using funds provided by this bill to implement the requirement under the Patient Protection and Affordable Care Act (PPACA) that individuals maintain minimum essential health care coverage.
(Sec. 113) Prohibits the IRS from using funds, except to the extent permitted under specified sections of the Internal Revenue Code (IRC), to provide to any person a proposed final return or statement for use in satisfying a filing or reporting requirement under the IRC.
(Sec. 114) Prohibits the IRS from using funds to implement or enforce IRS Notice 2017-10 with respect to transactions entered into before January 23, 2017. (The notice specifies certain syndicated conservation easement transactions that are tax avoidance transactions and notifies persons involved with the transactions of disclosure requirements and other responsibilities that may arise from their involvement.)
(Sec. 115) Prohibits Treasury from using funds provided by this bill to finalize, implement, or enforce specified proposed amendments to regulations regarding restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes.
(Sec. 116) Prohibits the IRS from using funds provided by this bill to determine that a church, an integrated auxiliary of a church, or a convention or association of churches is not exempt from taxation for participating in, or intervening in, any political campaign unless: the IRS Commissioner consents, Congress is notified, and the determination is effective no earlier than 90 days after congressional notification.
(Sec. 117) Permits Treasury to use funds provided by this bill for:
uniforms; insurance for official motor vehicles operated in foreign countries; contracts with the Department of State for health and medical services to employees and their dependents serving in foreign countries; and employment of temporary or intermittent experts and consultants. (Sec. 118) Permits certain transfers between Treasury accounts, subject to congressional approval and specified requirements.
(Sec. 119) Permits the IRS to transfer certain funds to the Treasury Inspector General for Tax Administration, subject to congressional approval and specified requirements.
(Sec. 120) Bars Treasury or the Bureau of Engraving and Printing from using funds to redesign the $1 Federal Reserve note.
(Sec. 121) Permits Treasury to transfer funds from Bureau of Fiscal Services--Salaries and Expenses to the Debt Collection Fund to cover the costs of debt collection. Requires the transferred amounts to be reimbursed from debt collections received in the fund.
(Sec. 122) Prohibits the U.S. Mint from using funds to construct or operate any museum without congressional approval.
(Sec. 123) Prohibits the use of funds to merge the U.S. Mint and the Bureau of Engraving and Printing without congressional approval.
(Sec. 124) Deems funds provided for Treasury's intelligence-related activities as authorized for FY2018 until the enactment of the Intelligence Authorization Act for FY2018.
(Sec. 125) Permits up to $5,000 to be made available from the Bureau of Engraving and Printing's Industrial Revolving Fund for official reception and representation expenses.
(Sec. 126) Requires Treasury to submit a capital investment plan to Congress.
(Sec. 127) Requires the Office of Financial Stability and the Office of Financial Research to report quarterly to Congress on their activities.
(Sec. 128) Requires Treasury to report to Congress on the Franchise Fund.
(Sec. 129) Prohibits Treasury from using funds for certain regulations, revenue rulings, or other guidance related to the standard used to determine the tax-exempt status of a 501(c)(4) organization.
(Sec. 130) Prohibits funds provided by this bill from being used to approve, license, facilitate, authorize, or otherwise allow the importation of property confiscated by the Cuban government.
(Sec. 131) Prohibits funds provided by this bill from being used to approve or otherwise allow the licensing of a mark, trade name, or commercial name that is substantially similar to one that was used in connection with a business or assets that were confiscated by the Cuban government, unless the original owner consents.
(Sec. 132) Requires the Special Inspector General for the Troubled Asset Relief Program to prioritize the performance of audits or investigations of programs funded under the Emergency Economic Stabilization Act of 2008.
(Sec. 133) Prohibits Treasury from using funds provided by this bill to enforce specified guidance for U.S. positions on multilateral development banks which engage with developing countries on coal-fired power generation.
Executive Office of the President Appropriations Act, 2018
TITLE II--EXECUTIVE OFFICE OF THE PRESIDENT AND FUNDS APPROPRIATED TO THE PRESIDENT
Provides FY2018 appropriations to the Executive Office of the President and designated accounts, including:
the White House, the Executive Residence at the White House, White House Repair and Restoration, the Council of Economic Advisers, the National Security Council and the Homeland Security Council, the Office of Administration, the Office of Management and Budget (OMB), the Office of National Drug Control Policy, Unanticipated Needs, Information Technology Oversight and Reform, Special Assistance to the President, and the Official Residence of the Vice President. (Sec. 201) Permits certain transfers of funds between accounts within the Executive Office of the President, subject to congressional approval and specified requirements.
(Sec. 202) Requires the OMB to report to Congress on the costs of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
(Sec. 203) Requires the OMB to include a statement of budgetary impact with any executive order or Presidential memorandum issued or revoked by the President during FY2018.
Judiciary Appropriations Act, 2018
TITLE III--THE JUDICIARY
Provides FY2018 appropriations to the judiciary for:
the Supreme Court of the United States; the U.S. Court of Appeals for the Federal Circuit; the U.S. Court of International Trade; Courts of Appeals, District Courts, and Other Judicial Services; the Administrative Office of the U.S. Courts; the Federal Judicial Center; and the U.S. Sentencing Commission. (Sec. 301) Permits funds provided by this title for salaries and expenses to be used for the employment of temporary or intermittent experts and consultants.
(Sec. 302) Permits certain transfers of funds between judiciary accounts, subject to congressional notification and specified requirements.
(Sec. 303) Permits up to $11,000 of appropriations provided for salaries and expenses for Courts of Appeals, District Courts, and Other Judicial Services to be used for official reception and representation expenses of the Judicial Conference of the United States.
(Sec. 304) Permits the delegation of authority to the judiciary for contracts for repairs that are under $100,000.
(Sec. 305) Continues a pilot program for the U.S. Marshals Service to provide perimeter security services at selected courthouses.
(Sec. 306) Amends the Judicial Improvements Act of 1990; the Transportation, Treasury, Housing and Urban Development, the Judiciary, the District of Columbia, and Independent Agencies Appropriations Act, 2006; and the 21st Century Department of Justice Appropriations Authorization Act to extend several temporary judgeships.
(Sec. 307) Extends for one year the authorization of several temporary bankruptcy judgeships.
District of Columbia Appropriations Act, 2018
TITLE IV--DISTRICT OF COLUMBIA
Provides FY2018 appropriations to the District of Columbia, including federal payments for:
Resident Tuition Support, Emergency Planning and Security Costs in the District of Columbia, District of Columbia Courts, Defender Services in District of Columbia Courts, the Court Services and Offender Supervision Agency for the District of Columbia, the District of Columbia Public Defender Service, the Criminal Justice Coordinating Council, Judicial Commissions, School Improvement, the District of Columbia National Guard, and Testing and Treatment of HIV/AIDS. Provides local funds for the operation of the District of Columbia out of the General Fund of the District of Columbia.
TITLE V--INDEPENDENT AGENCIES
Provides appropriations for independent agencies, including:
the Administrative Conference of the United States, the Consumer Product Safety Commission (CPSC), the Election Assistance Commission, the Federal Communications Commission (FCC), the Federal Deposit Insurance Corporation, the Federal Election Commission, the Federal Labor Relations Authority, the Federal Trade Commission (FTC), the General Services Administration (GSA), the Harry S. Truman Scholarship Foundation, the Merit Systems Protection Board, the National Archives and Records Administration, the National Historical Publications and Records Commission, the National Credit Union Administration, the Office of Government Ethics, the Office of Personnel Management (OPM), the Office of Special Counsel, the Postal Regulatory Commission, the Privacy and Civil Liberties Oversight Board, the Public Buildings Reform Board, the Securities and Exchange Commission (SEC), the Selective Service System, the Small Business Administration (SBA), the U.S. Postal Service, and the U.S. Tax Court. Requires the U.S. Postal Service to continue six day delivery and rural delivery of the mail at not less than the 1983 level.
(Sec. 501) Prohibits the CPSC from using funds provided by this bill to finalize, implement, or enforce the proposed Safety Standard for Recreational Off-Highway Vehicles until the National Academy of Sciences completes a specified study and the results are submitted to Congress.
(Sec. 502) Prohibits the CPSC from using funds provided by this bill to finalize any rule relating to blade-contact injuries on table saws.
(Sec. 510) Permits the GSA to use funds to hire passenger motor vehicles.
(Sec. 511) Permits funds in the Federal Buildings Fund made available for FY2018 to be transferred between activities if necessary to meet program requirements, subject to congressional approval.
(Sec. 512) Requires the FY2019 budget request for U.S. Courthouse construction to: (1) meet specified design guide standards for construction; (2) reflect the priorities of the Judicial Conference of the United States as set out in its approved Courthouse Project Priorities plan; and (3) include a standardized courtroom utilization study of each facility to be constructed, replaced, or expanded.
(Sec. 513) Prohibits funds provided by this bill from being used to increase square footage, provide cleaning services or security enhancements, or provide any other service usually provided through the Federal Buildings Fund to any agency that does not pay the assessed rent.
(Sec. 514) Permits the GSA to use specified funds to pay claims against the federal government that are under $250,000 and arise from direct construction projects and building acquisitions if Congress is notified in advance.
(Sec. 515) Requires the GSA, if specified congressional committees adopt a resolution granting lease authority pursuant to a prospectus, to ensure that the delineated area of procurement matches the prospectus.
(Sec. 516) Requires the GSA to submit a spending plan and explanation to Congress for each project funded with the Major Repairs and Alterations and Judiciary Capital Security Program accounts and E-Government projects funded with the Federal Citizens Services Fund.
(Sec. 517) Amends the Federal Assets Sale and Transfer Act of 2016 to modify the Public Buildings Reform Board--Asset Proceeds and Space Management Fund by separating the fund from the Federal Buildings Fund.
(Sec. 518) Rescinds the unobligated balances of funds that were provided for the Federal Bureau of Investigation (FBI) Headquarters Consolidation Project in the Financial Services and General Government Appropriations Act, 2017.
(Sec. 519) Requires the GSA to post on its website certain draft environmental impact assessments that: (1) GSA has prepared under the National Environmental Policy Act of 1969, and (2) for which the GSA has solicited public comment.
(Sec. 520) Permits the SBA to transfer specified funds between appropriations accounts.
(Sec. 521) Rescinds specified unobligated balances from the Immediate Disaster Assistance Program and Expedited Disaster Assistance Loan Program.
(Sec. 522) Amends the Small Business Act to increase from 25% to 50% the portion of certain grants provided to intermediaries under the SBA's Microloan Program that may be used to: (1) provide information and technical assistance to small business concerns that are prospective borrowers under the program, or (2) enter into third party contracts for the provision of technical assistance.
TITLE VI--GENERAL PROVISIONS--THIS ACT
(Sec. 601) Prohibits funds provided by this bill from being used to pay expenses or otherwise compensate non-federal parties intervening in regulatory or adjudicatory proceedings funded in this bill.
(Sec. 602) Prohibits funds provided by this bill from being obligated beyond the current fiscal year or transferred to other appropriations unless authority is expressly provided by this bill.
(Sec. 603) Limits expenditures for consulting services to contracts where expenditures are a matter of public record, except where otherwise permitted under existing law or an executive order.
(Sec. 604) Prohibits funds provided by this bill from being transferred to any department, agency, or instrumentality of the U.S. government, except pursuant to transfer authority provided by an appropriations Act.
(Sec. 605) Requires enforcement of a Tariff Act of 1930 provision barring the importation of goods manufactured using convict labor.
(Sec. 606) Requires entities receiving funds provided by this bill to comply with the Buy American Act.
(Sec. 607) Prohibits the use of funds provided by this bill by any person or entity convicted of violating the Buy American Act.
(Sec. 608) Provides authority, restrictions, and requirements for reprogramming. Requires agencies funded in this bill to submit to Congress a report establishing a baseline for the application of reprogramming and transfer authorities.
(Sec. 609) Permits up to 50% of unobligated balances remaining at the end of FY2018 for salaries and expenses to remain available through FY2019, subject to reprogramming guidelines and congressional approval.
(Sec. 610) Prohibits the Executive Office of the President from using funds provided by this bill to request either a Federal Bureau of Investigation background investigation or an IRS determination of tax-exempt status under section 501(a) of the Internal Revenue Code, except with the consent of the individual involved in an investigation or in extraordinary circumstances involving national security.
(Sec. 611) Makes certain cost accounting standards inapplicable to contracts under the Federal Employees Health Benefits Program.
(Sec. 612) Permits the OPM to accept and utilize (without regard to any restriction on unanticipated travel expenses imposed in an appropriations Act) funds provided to resolve litigation and implement any settlement agreements regarding the nonforeign area cost-of-living allowance program.
(Sec. 613) Prohibits funds provided by this bill from being used to pay for an abortion, or the administrative expenses in connection with any health plan under the Federal Employees Health Benefits Program that provides any benefits or coverage for abortions.
(Sec. 614) Provides exceptions to the prohibition in section 613 if the life of the mother would be endangered if the fetus were carried to term, or the pregnancy is the result of an act of rape or incest.
(Sec. 615) Waives Buy American Act restrictions for commercial information technology acquired by the federal government.
(Sec. 616) Prohibits an officer or employee of any regulatory agency or commission funded by this bill from accepting payments or reimbursements for travel, subsistence, or related expenses from a person or entity regulated by the agency or commission, subject to an exception for nonprofit tax-exempt organizations.
(Sec. 617) Permits the Commodity Futures Trading Commission and the Securities and Exchange Commission to use funds for the interagency funding and sponsorship of a joint advisory committee to advise on emerging regulatory issues.
(Sec. 618) Requires agencies covered by this bill to consult with the GSA before seeking new office space or making alterations to existing office space. Permits any agency with authority to enter into an emergency lease to do so during any period declared by the President to require emergency leasing authority.
(Sec. 619) Provides funds required under current law for:
compensation of the President; payments to the Judicial Officers' Retirement Fund, the Judicial Survivors' Annuities Fund, and the U.S. Court of Federal Claims Judges' Retirement Fund; payment of government contributions for health and life insurance benefits of federal retired employees; payments to finance the unfunded liability of annuity benefits under the Civil Service Retirement and Disability Fund; and payments of annuities authorized to be paid from the Civil Service Retirement and Disability Fund. (Sec. 620) Prohibits the FTC from using funds to complete or publish the study, recommendations, or report prepared by the Interagency Working Group on Food Marketed to Children.
(Sec. 621) Prohibits the OPM from using funds provided by this bill to permit contractor security clearance-related background investigators to conduct final quality reviews of their own work.
(Sec. 622) Requires agencies funded by this bill to ensure that the Chief Information Office of the agency has the authority to participate in budgeting decisions related to information technology. Requires funding for information technology to be allocated consistent with guidance provided by appropriations Acts, OMB, and the agency's Chief Information Officer.
(Sec. 623) Prohibits funds provided by this bill from being used in contravention of the Federal Records Act.
(Sec. 624) Prohibits funds provided by this bill from being used to require providers of electronic communication or remote computing services to the public to disclose electronic communications information in a manner that violates the Fourth Amendment of the U.S. Constitution.
(Sec. 625) Requires departments and agencies funded by this bill to provide an Inspector General (IG) funded by this bill with timely access to records, documents, or other materials available to the department or agency over which the IG has responsibility. Requires each IG to comply with specified statutory limitations on disclosure of the information provided.
(Sec. 626) Prohibits the use of funds provided by this bill to maintain or establish a computer network unless the network blocks pornography. Includes an exception for a law enforcement agency or other entity carrying out criminal investigations, prosecution, adjudication activities, or other law enforcement- or victim assistance-related activity.
(Sec. 627) Amends the Financial Services and General Government Appropriations Act, 2017 to specify the terms of service for the comprehensive identity protection coverage that OPM is required to offer to victims of the OPM security breaches.
(Sec. 628) Rescinds unobligated funds from the Securities and Exchange Commission Reserve Fund established by Dodd-Frank.
(Sec. 629) Prohibits the SEC from using funds provided by this bill for any rule, regulation, or order regarding the disclosure of political contributions, contributions to tax-exempt organizations, or dues paid to trade associations.
(Sec. 630) Prohibits funds provided by this bill from being used to enforce provisions of the Federal Election Campaign Act of 1971 that: (1) require a member corporation to approve a trade association's solicitation of contributions from the corporation's stockholders and executive or administrative personnel, and the families of the stockholders or personnel, prior to the solicitation; and (2) prohibit a corporation from approving a solicitation by more than one trade association per year.
(Sec. 631) Prohibits funds provided by this bill from being used to pay for an abortion or the administrative expenses in connection with a multi-state qualified health plan offered under PPACA which provides any benefits or coverage for abortions. Includes exceptions if the life of the mother would be endangered if the fetus were carried to term, or the pregnancy is the result of rape or incest.
(Sec. 632) Prohibits funds provided by this bill from being used to require public electronic communication providers or remote computing services to disclose the contents of a wire or electronic communication unless required by a warrant issued upon probable cause by a court of competent jurisdiction using the procedures described in the Federal Rules of Criminal Procedure.
(Sec. 633) Defines a "pyramid promotional scheme" and prohibits the use of funds for any enforcement action that: (1) concerns a pyramid promotional scheme that is not described in the definition, and (2) begins after the enactment of this section.
TITLE VII--GENERAL PROVISIONS--GOVERNMENT-WIDE
(Sec. 701) Requires U.S. departments, agencies, or instrumentalities to administer a written policy designed to ensure that workplaces are free from the illegal use, possession, or distribution of controlled substances by officers and employees.
(Sec. 702) Establishes price limitations on vehicles purchased by the federal government and specifies exceptions.
(Sec. 703) Permits appropriations for the current fiscal year to be used for quarters and cost-of-living allowances.
(Sec. 704) Prohibits the employment of noncitizens whose posts of duty would be in the continental United States, subject to specified exceptions.
(Sec. 705) Permits appropriations provided to any department or agency for necessary expenses such as maintenance and operating expenses to be used for payments to the GSA for space and services.
(Sec. 706) Permits agencies to use receipts from the sale of materials through recycling or waste prevention programs for: (1) acquisition, waste reduction and prevention, and recycling programs; (2) other federal agency environmental management programs; and (3) other employee programs as authorized by law or as deemed appropriate by the agency.
(Sec. 707) Permits funds provided to certain government corporations and agencies for administrative expenses to be used to pay rent and other service costs in the District of Columbia.
(Sec. 708) Prohibits interagency financing of boards (except Federal Executive Boards), commissions, councils, committees, or similar groups absent prior statutory approval.
(Sec. 709) Prohibits funds from being used to implement, administer, or enforce any regulation which has been disapproved pursuant to a joint resolution.
(Sec. 710) Prohibits spending more than $5,000 to redecorate or furnish the office of the head of a department or agency during the period in which the official holds office unless Congress is notified in advance.
(Sec. 711) Permits interagency funding of national security and emergency preparedness telecommunications initiatives that benefit multiple federal departments, agencies, or entities.
(Sec. 712) Requires agencies to certify that certain appointments were not created solely or primarily to detail an individual to the White House. Includes an exception for federal employees or members of the Armed Forces detailed to or from an element of the intelligence community.
(Sec. 713) Prohibits the use of funds to prevent federal employees from communicating with Congress or to take disciplinary or personnel actions against employees for communicating with Congress.
(Sec. 714) Prohibits funds from being used for training that is not directly related to the performance of official duties.
(Sec. 715) Prohibits an agency of the executive branch from using funds for publicity or propaganda purposes and for the preparation or distribution of materials designed to support or defeat legislation pending before Congress.
(Sec. 716) Prohibits an agency from providing a federal employee's home address to any labor organization absent employee authorization or a court order.
(Sec. 717) Prohibits funds from being used to provide any non-public information such as mailing, telephone, or electronic mailing lists to any person or organization outside the federal government without approval of Congress.
(Sec. 718) Prohibits funds from being used for propaganda and publicity purposes within the United States not authorized by Congress.
(Sec. 719) Directs agency employees to use official time in an honest effort to perform official duties. Specifies that employees not under a leave system are obligated to expend an honest effort and a reasonable proportion of their time to perform official duties.
(Sec. 720) Permits agencies that are members of the Federal Accounting Standards Advisory Board (FASB) to use funds provided for the current fiscal year to finance an appropriate share of FASB administrative costs.
(Sec. 721) Permits agencies to transfer funds to the GSA to support specified government-wide and multiagency activities that meet certain requirements and are approved by the OMB.
(Sec. 722) Permits breastfeeding at any location in a federal building or on federal property if the woman and child are authorized to be there.
(Sec. 723) Permits interagency funding of the National Science and Technology Council and requires the OMB to provide a report describing the budget and resources connected with the council.
(Sec. 724) Requires documents involving the distribution of federal funds to indicate the agency providing the funds and the amount provided.
(Sec. 725) Prohibits the use of funds to monitor personal information relating to the use of federal Internet sites, subject to specified exceptions.
(Sec. 726) Prohibits the use of funds provided by this bill for health plans with prescription drug coverage unless contraceptive coverage is included. Includes exemptions for certain religious plans. Prohibits plans from discriminating against individuals who refuse to provide contraceptives due to religious beliefs or moral convictions.
(Sec. 727) Specifies that the United States is committed to ensuring the health of its Olympic, Pan American, and Paralympic athletes, and supports the strict adherence to anti-doping in sports through testing, adjudication, education, and research.
(Sec. 728) Permits federal agencies and departments to use funds appropriated for official travel to participate in the fractional aircraft ownership pilot program, if consistent with OMB Circular A-126 regarding official travel for government personnel.
(Sec. 729) Prohibits agencies from using funds for additional law enforcement training facilities that are not within or contiguous to existing locations without the approval of Congress. Permits the Federal Law Enforcement Training Center to obtain the temporary use of additional facilities for training which cannot be accommodated in existing facilities.
(Sec. 730) Prohibits agencies from using funds to produce any prepackaged news story intended for broadcast or distribution in the United States, unless the story includes a notification that it was prepared or funded by the agency.
(Sec. 731) Prohibits the use of funds in contravention of the Privacy Act or associated regulations.
(Sec. 732) Prohibits the use of funds for contracts with any foreign incorporated entity which is an inverted domestic corporation. Requires a waiver if necessary for national security. Exempts contracts entered into prior to enactment of this bill.
(Sec. 733) Requires agencies to pay a fee to the OPM for processing retirements of employees who separate under Voluntary Early Retirement Authority or receive Voluntary Separation Incentive Payments.
(Sec. 734) Bars the use of funds to recommend or require any entity submitting an offer for a federal contract to disclose specified political contributions as a condition of submitting the offer.
(Sec. 735) Bars the use of funds for portraits of a federal officer or employee, including the President, the Vice President, a Member of Congress, or the head of an executive branch agency or legislative branch office.
(Sec. 736) Limits pay increases for certain categories of prevailing rate employees.
(Sec. 737) Requires agencies to submit annual reports to Inspectors General or senior ethics officials regarding the costs and contracting procedures for conferences that cost more than $100,000.
(Sec. 738) Prohibits the use of funds to increase, eliminate, or reduce funding for a program, project, or activity, unless the changes have been enacted into law or made using transfer or reprogramming authority provided in an appropriations Act.
(Sec. 739) Prohibits funds from being used for an OPM rule revising the definition of competitive area used in reductions-in-force for federal employees.
(Sec. 740) Prohibits funds from being used to require contractors or employees to sign confidentiality agreements or statements restricting or prohibiting the reporting of waste, fraud, or abuse to investigative or law enforcement representatives.
(Sec. 741) Prohibits the use of funds to implement or enforce a nondisclosure agreement unless it meets specified criteria.
(Sec. 742) Prohibits the use of funds for specified transactions with any corporation with certain unpaid federal tax liabilities, unless an agency has considered suspension or debarment of the corporation and decided that further action is not necessary to protect the interests of the government.
(Sec. 743) Prohibits the use of funds for specified transactions with any corporation that was convicted of a felony within the preceding 24 months, unless an agency has considered suspension or debarment of the corporation and decided that further action is not necessary to protect the interests of the government.
(Sec. 744) Requires the Consumer Financial Protection Bureau (CFPB) to notify Congress of any request for a transfer of funds from the Board of Governors of the Federal Reserve System.
(Sec. 745) Prohibits funds provided by this bill from being used for Executive Order 13690, titled "Establishing a Federal Flood Risk Management Standard and a Process for Further Soliciting and Considering Stakeholder Input."
(Sec. 746) Allows aliens who are authorized to be employed in the United States pursuant to the Deferred Action for Childhood Arrivals program to be eligible for federal government employment.
(Sec. 747) Provides that references to "this Act" shall not apply to titles IV (District of Columbia) or VIII (General Provisions--District of Columbia) unless it is included in those titles or expressly provided for in this bill.
TITLE VIII--GENERAL PROVISIONS--DISTRICT OF COLUMBIA
Sets forth permitted and prohibited uses of funds appropriated by this bill for the District of Columbia.
(Sec. 801) Appropriates District of Columbia funds for making refunds and paying settlements or judgments against the District of Columbia government.
(Sec. 802) Prohibits the use of federal funds provided by this bill for publicity or propaganda purposes or implementation of any policy including boycott designed to support or defeat legislation pending before Congress or any state legislature.
(Sec. 803) Establishes reprogramming procedures for federal and local funds.
(Sec. 804) Prohibits the use of federal funds for the salaries and expenses of shadow U.S. Representatives or Senators.
(Sec. 805) Requires official vehicles provided to any officer or employee of the District of Columbia to be used only for official duties.
(Sec. 806) Prohibits the use of federal funds for a petition drive or civil action seeking voting representation in Congress for the District of Columbia.
(Sec. 807) Bars the use of federal funds provided by this bill to distribute needles or syringes for preventing the spread of blood borne pathogens in any location that local public health or law enforcement authorities have determined to be inappropriate for distribution.
(Sec. 808) Specifies that nothing in this bill prevents the Council or the Mayor from addressing contraceptive coverage by health insurance plans. Expresses the intent of Congress that legislation enacted on the issue should include a conscience clause providing exceptions for religious beliefs and moral convictions.
(Sec. 809) Prohibits the use of federal funds provided by this bill to legalize or otherwise reduce penalties for the possession, use, or distribution of any schedule I substance under the Controlled Substances Act or any tetrahydrocannabinols derivative (THC, the psychoactive component of marijuana).
Prohibits the use of funds available for any officer or employee of the District of Columbia from being used to legalize or reduce penalties for possession, use, or distribution of any schedule I substance under the Controlled Substance Act or any tetrahydrocannabinols derivative (THC, the psychoactive component of marijuana) for recreational purposes.
(Sec. 810) Prohibits funds available to any officer or employee of the District of Columbia government from being used for any abortion except where the life of the mother would be endangered if the fetus were carried to term or where the pregnancy is the result of rape or incest.
(Sec. 811) Requires the Chief Financial Officer (CFO) of the District of Columbia to submit to Congress, the Mayor, and the Council a revised operating budget for agencies requiring a reallocation to address unanticipated changes in program requirements.
(Sec. 812) Requires the CFO of the District of Columbia to submit to Congress, the Mayor, and the Council a revised operating budget for the District of Columbia Public Schools that aligns the school budget to actual enrollment.
(Sec. 813) Permits the District of Columbia to reprogram or transfer funds between operating funds and capital and enterprise funds. Prohibits the transfer of any funds derived from bonds, notes, or other obligations issued for capital projects.
(Sec. 814) Prohibits federal funds from being obligated beyond the current fiscal year or transferred unless expressly permitted in this bill.
(Sec. 815) Permits up to 50% of unobligated balances available at the end of FY2018 from federal appropriations for salaries and expenses to remain available through FY2019, subject to congressional approval and reprogramming guidelines.
(Sec. 816) Appropriates local funds to the District of Columbia for FY2019 if no continuing resolution or regular appropriation for the District of Columbia is in effect. Provides the funds under the same authorities, conditions, and manner as provided for FY2018.
(Sec. 817) Repeals the Local Budget Autonomy Amendment Act of 2012 (D.C. Law 19-321).
Amends the District of Columbia Home Rule Act to specify that:
nothing in the Act may be construed to create a continuing appropriation of the general fund of the District of Columbia; all funds provided for the District of Columbia must be appropriated on an annual fiscal year basis through the federal appropriations process; and the District of Columbia is subject to the requirements of the Anti-Deficiency Act, the Budget and Accounting Act of 1921, and all other requirements and restrictions that apply to appropriations for the fiscal year. (Sec. 818) Prohibits the District of Columbia from using funds to permit or reduce the penalties imposed for certain activities that are related to assisted suicide, euthanasia, or mercy killing and are covered by the Assisted Suicide Funding Restriction Act of 1997.
Repeals the Death With Dignity Act of 2016 (D.C. Law 21-182), effective February 18, 2017.
(Sec. 819) Provides that references to "this Act" in this title or title IV (District of Columbia) refer only to those titles, unless this Act expressly provides otherwise.
TITLE IX--OTHER MATTERS
(Sec. 902) Repeals provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws. Nullifies any rule that was issued or revised pursuant to a provision repealed by this title.
(Sec. 903) Repeals the Financial Stability Oversight Council's (FSOC) authority to designate non-bank financial institutions as "systemically important."
Eliminates the Office of Financial Research, which is tasked under current law with supporting FSOC through data collection and analysis.
Repeals: (1) provisions related to the authority of the Federal Reserve Board (FRB) to supervise and take enforcement action against non-bank financial companies; (2) the prohibition against management interlocks in certain financial companies (i.e., the prohibition against a management official serving simultaneously in two unaffiliated organizations); and (3) specified early-remediation requirements applicable to non-bank financial companies in financial distress.
Modifies FSOC membership, voting procedures, open meetings requirements, and duties. Subjects FSOC to the congressional appropriations process.
Exempts qualifying banking organizations from certain standards related to proposed acquisitions.
Modifies procedures for: (1) the submission and federal review of "living wills" (i.e., companies' plans for rapid and orderly resolution in the event of financial distress or failure); and (2) the stress testing of bank holding companies.
Prohibits the FRB from approving, on an emergency basis, an application that would cause a company to become a bank holding company, unless the application involves the company's acquisition of a bank that is critically undercapitalized.
Applies only to banking organizations specified concentration limits applicable to large financial firms under the Bank Holding Company Act of 1956.
(Sec. 904) Subjects each of the following to the congressional appropriations process:
the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the examination and supervision functions of the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the nonmonetary policy-related administrative costs of the FRB. (Sec. 909) Increases from $5 million to $20 million the 12-month sales threshold beyond which an issuer is required to provide investors with additional disclosures related to compensatory benefit plans.
(Sec. 910) Provides that if a national securities exchange or national securities association overpays certain transaction fees to the Securities and Exchange Commission (SEC), the SEC must credit the amount of overpayment to the exchange or association.
(Sec. 911) Provides that the SEC must establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Provides that such reports shall be deemed not to be "offers" under specified provisions of securities laws, even if the broker or dealer participates in the registered offering of the investment fund's securities.
Prohibits a self-regulatory organization (SRO) from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.
Restricts the SEC from conditioning the safe harbor upon certain requirements.
(Sec. 912) Amends the Small Business Investment Incentive Act of 1980 to require the SEC to report publicly on the findings and recommendations of the annual government-business forum on capital formation.
(Sec. 913) Provides that the SEC must revise Regulation D, which exempts certain offerings from SEC registration requirements but prohibits general solicitation or general advertising with respect to such offerings. Specifies that this provision shall not apply to events with specified kinds of sponsors, including "angel investor groups" that are unconnected to broker-dealers or investment advisers, if specified requirements are met.
(Sec. 914) Exempts from the definition of an "investment company," for purposes of certain limitations applicable to such a company, a qualifying venture capital fund that has no more than 500 investors (currently, a venture capital fund is considered to be an investment company if it has more than 100 investors). Applies this exemption to a venture capital fund that has less than $50 million in aggregate capital contributions and uncalled committed capital.
(Sec. 915) Amends the Truth in Lending Act (TILA) to specify that a retailer of manufactured housing is generally not a "mortgage originator" under the Act.
Modifies the annual percentage rates and transaction values at which mortgages for certain dwellings are considered "high-cost mortgages" under TILA.
(Sec. 916) Prohibits a federal banking agency from requesting or ordering a depository institution to terminate a customer account unless: (1) the agency has a material reason for doing so, and (2) that reason is not based solely on reputation risk.
(Sec. 917) Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to: (1) apply civil penalties to specified violations by a financial institution against an unaffiliated third person, and (2) modify provisions related to administrative subpoenas.
(Sec. 918) Disallows, in general, a suit against a creditor that is a depository institution for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations. Disallows, similarly, a suit against a mortgage originator for such a violation if: (1) the creditor is a depository institution; and (2) the creditor informs the mortgage originator, which informs the consumer, that the creditor intends to hold the loan on its balance sheet for the life of the loan.
(Sec. 919) Directs the FRB to revise its Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors (which allows smaller bank companies to have higher debt levels than are generally allowed) and raise the consolidated asset threshold at which the statement applies from $1 billion to $10 billion.
(Sec. 920) Exempts from specified escrow requirements a loan held by a creditor that: (1) has consolidated assets of up to $10 billion, and (2) holds the loan on its balance sheet for a specified period of time.
Directs the CFPB to revise certain escrow and other requirements with respect to servicers that service 20,000 or fewer mortgages annually.
(Sec. 921) Requires federal financial regulatory agencies to: (1) tailor regulatory actions (including future actions as well as any regulations adopted in the last seven years) so as to limit burdens on the institutions involved, with consideration of the risk profiles and business models of those institutions; and (2) report to Congress on specific actions taken to do so, as well as on other related issues.
(Sec. 922) Amends the S.A.F.E. Mortgage Licensing Act of 2008 to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.
(Sec. 923) Repeals provisions of the Equal Credit Opportunity Act that require a financial institution, in the case of an application for credit by a business, to request information regarding whether the business is a women-owned, minority-owned, or small business.
(Sec. 924) Exempts a depository institution from certain records and disclosure requirements: (1) with respect to closed-end mortgage loans, if the depository institution originated fewer than 100 such loans in each of the two preceding years; and (2) with respect to open-end lines of credit, if the depository institution originated fewer than 200 such lines of credit in each of the two preceding years.
(Sec. 925) Amends various provisions of law to specify that a loan that is valid as to its maximum rate of interest shall remain valid with respect to that rate regardless of whether the loan is transferred to a third party.
(Sec. 926) Subjects the CFPB to the congressional appropriations process.
(Sec. 927) Eliminates the authority of the CFPB to supervise and examine financial institutions.
(Sec. 928) Eliminates the authority of the CFPB to regulate payday loans, vehicle-title loans, or other similar loans.
(Sec. 929) Eliminates the regulatory and enforcement authority of the CFPB with respect to unfair, deceptive, and abusive acts and practices by depository institutions.
(Sec. 930) Repeals the authority of the CFPB to, for reasons of consumer protection and public interest, restrict the use of an agreement for mandatory pre-dispute arbitration.
(Sec. 931) Exempts asset-backed securities that are comprised wholly of nonresidential mortgages from certain risk-retention requirements.
(Sec. 932) Provides that the SEC may not require, in an election of members of an issuer's board of directors, that a proxy solicitation be made using a single ballot.
(Sec. 933) Eliminates the FRB's supervisory authority over securities holding companies.
Repeals the "Volcker Rule," which prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private equity funds.
TITLE X--FINANCIAL INSTITUTION BANKRUPTCY
Financial Institution Bankruptcy Act of 2017
(Sec. 2) Applies newly established provisions related to Chapter 11 bankruptcy, which generally involves the reorganization of a debtor's assets and debts, to covered financial corporations (certain large and complex financial institutions, as defined by the bill). Allows a court to convert a covered financial corporation's Chapter 11 bankruptcy case into a case under Chapter 7 bankruptcy (also known as "liquidation" bankruptcy) under specified circumstances.
(Sec. 3) Amends the federal bankruptcy code to establish Chapter 11 bankruptcy procedures specific to covered financial institutions.
Allows specified federal financial regulatory agencies to appear and be heard in such cases.
Allows a court, in making decisions in such cases, to consider effects on financial stability in the United States.
(Sec. 4) Directs the Chief Justice of the U.S. Supreme Court to designate judges to hear Chapter 11 bankruptcy cases involving covered financial corporations.
TITLE XI--ADDITIONAL GENERAL PROVISIONS
(Sec. 1101) Establishes a spending reduction account for the amount by which spending proposed in this bill exceeds the subcommittee's allocation under the Congressional Budget Act of 1974. Specifies that the amount is $0. (Under the Rules of the House of Representatives, any savings included in the spending reduction account are not available for further appropriation during consideration of the bill.)