By Vicki Needham - 07/30/10 01:06 AM EDT
The measure provides $13.8 billion for the Treasury Department, including $12.4 billion for the Internal Revenue Service to fund initiative to curb offshore tax avoidance.
"We need to close the $300 billion gap between taxes owed and taxes paid," Serrano said.
The measure also provides $702 million for the Executive Office of the President, $6.7 billion for the Judiciary, $200 million below the request, $759.3 million to the District of Columbia and $4.26 billion for other independent agencies including $125 million for the Consumer Protection Agency (CPSC), a boost of $7 million over last year's numbers.
Subcommittee Chairman Jose Serrano (D-N.Y.) said the bill is designed to strengthen the regulatory agencies, including the CPSC, the Federal Trade Commission, which is slated to receive $27 million this year.
The Securities and Exchange Commission gets a boost of $205 million to $1.049 billion, the full amount authorized under the new financial regulatory reform law.
Serrano said the bill also aims to ensure capital and other assistance gets to small businesses and low-income communities.
In that vein, the Small Business Administration will receive $225 million more than last year, to $1.23 billion.
The bill also fully funds two new initiatives at the Community Development Financial Institutions Fund with $50 million for the Bank on USA Initiative and $25 million for the Healthy Food Financing Initiative.
Most of the funding for the District of Columbia goes toward the courts and related probation and defender services. The bill includes a new $10 million investment in the Community College of the District of Columbia and $5 million to help the District combat an HIV/AIDS.