HR 4664 Amendment: Safeguarding American Taxpayer’s Money — What You Need to Know

In recent times, the American economy has faced significant challenges under the leadership of President Biden. What was once a thriving economy is now grappling with issues such as rising inflation, increased government intervention, and soaring deficits. These challenges are not coincidental but are a direct result of policies that have expanded government control and financial burdens on the American people. In this article, we will explore the three core factors contributing to these challenges and discuss a proposed solution to address them.

Excessive Spending

Under President Biden’s direction, excessive spending has been a significant concern. During the last Congress, the administration, along with Congressional Democrats, approved trillions of dollars in entirely partisan bills. While government spending can be essential in specific circumstances, this out-of-control spending has resulted in significant consequences for the American public.

Sky-High Inflation: One of the immediate consequences of excessive spending is skyrocketing inflation. As prices of essential goods and services continue to rise, Americans find their wallets emptier and their purchasing power diminished.

Staggering Deficits: The long-term implications of this financial recklessness are reflected in the national debt, which has reached unprecedented levels. The burden of this debt falls squarely on the shoulders of American taxpayers, and it is a problem that must be addressed.

Relentless Expansion of Government Power

The expansion of government power has been relentless under the Biden administration, often at the expense of everyday Americans. For instance, the “Inflation Reduction Act” from the previous year included substantial funding for the IRS, leading to concerns about increased government intrusion in the lives of hardworking families.

IRS Expansion: The act empowered the IRS to create a new army of tax agents, raising concerns about potential harassment and intrusion into the lives of taxpayers.

Regulatory Overreach: President Biden’s Administration has issued a multitude of rules and regulatory actions that extend government control into areas where it does not belong, Specially from the Securities and Exchange Commission’s Regulatory overreach which made crypto companies move offshore.

The Proposed Solution: HR 4664

To address these economic challenges and restore financial stability, House Republicans are introducing HR 4664, the Financial Services and General Government Appropriations Act for the fiscal year 2024. This legislation takes significant steps to change the current trajectory and ensure that the government works for the American people.

Pro-crypto Congressman Tom Emmer advances an amendment to limit the SEC’s ability to use government funds for crypto-related enforcement activities, attached to HR 4664.

Fiscal Responsibility: HR 4664 is fiscally responsible, cutting spending by 20% from the previous fiscal year, right-sizing federal agencies, and eliminating unnecessary spending and bureaucracy.

Repurposing IRS Funding: The bill reallocates $14 billion intended for the IRS to priorities that support the American people, preventing further IRS expansion.

Supporting Economic Growth: HR 4664 includes measures to strengthen entrepreneurship, financial markets, combat opioid abuse, bolster anti-terror defenses, counter China, and safeguard First Amendment rights.

Congressional Oversight: The legislation ensures the Consumer Financial Protection Bureau is subject to congressional oversight.

Eliminating Overregulation: HR 4664 terminates overregulation efforts issued by the Biden Administration, ending rules that limit consumer choice and implement radical climate activism while retaining long-standing pro-life protections.

Impact on Crypto Industry

In Emmer’s proposed amendment, he addresses concerns about excessive regulatory practices in the digital asset sector and the role of the Securities and Exchange Commission (SEC). He argues that the SEC has gone beyond its intended jurisdiction, which is negatively impacting the capitalist market. The proposed amendment aims to limit the SEC’s use of taxpayer resources for enforcing regulations in the digital asset space until Congress passes legislation that clearly defines the SEC’s authority in this area. Emmer believes that the current SEC Chair, Gary Gensler, has acted without proper legislative support, leading to hindrances in the industry’s growth.

Emmer’s critique also extends to the SEC’s failure to establish a legal framework for the digital asset market, causing uncertainty for businesses and investors. He points out that the SEC has initiated legal actions and investigations, like the one against Coinbase, but has not provided comprehensive guidelines for the industry to follow. Emmer further highlights the SEC’s recent actions, such as the unsuccessful case against Ripple and the hesitation in approving Grayscale’s Bitcoin ETF application, as examples of the SEC’s regulatory ambiguity and its impact on the digital asset sector.

Congressional Efforts to Reduce Funding

Congressional efforts to curtail the SEC’s reach and influence in the crypto industry are not limited to Tom Emmer’s amendment. On November 7, Representative Tim Burchett took a bold stance by proposing an amendment that would reduce the salary of the SEC chairman to just $1. Burchett also suggested cutting the salaries of other officials who have faced criticism from the Republican party. These actions reflect the broader desire among Republican lawmakers to reduce funding across all federal agencies.

What to expect as an investor by HR 4664 amendment?
The American economy faces pressing challenges marked by excessive spending, soaring inflation, and the relentless expansion of government power under President Biden. However, hope emerges in the form of HR 4664, a fiscally responsible legislation that aims to restore financial stability, protect taxpayers, and promote economic growth. As the debate over government control and regulatory overreach continues, it is evident that congressional efforts are underway to address these issues, ensuring a more balanced and prosperous economic future for all Americans.

The bill represents an opportunity to safeguard the nation’s financial well-being and protect the rights and freedoms of its citizens. As the legislative process unfolds, it is crucial for both sides of the aisle to work together to find common ground and address the pressing economic issues facing the nation.