Appropriations Subcommittee Approves Fiscal Year 2023 Financial Services and General Government Funding Bill

June 16, 2022
Press Release
Legislation grows opportunity, helps small business owners and middle class families get ahead

WASHINGTON — The House Appropriations Subcommittee on Financial Services and General Government today approved by voice vote its fiscal year 2023 bill.

For fiscal year 2023, the bill includes $29.8 billion in funding, an increase of $4.3 billion – 17 percent – over fiscal year 2022. The legislation:

  • Assists small businesses and entrepreneurs through the Small Business Administration and Community Development Financial Institutions
  • Protects our democracy with Election Security Grants to ensure the integrity and safety of our elections
  • Rebuilds the Internal Revenue Service to finally crack down on big corporations and the wealthy who are not paying their fair share and to provide better customer service to working families navigating the tax system
  • Supports working and middle-class families by increasing funding for consumer protection activities at the Consumer Product Safety Commission and the Federal Trade Commission
  • Confronts the climate crisis by providing funding to start the transition of the Federal vehicle fleet to electric and zero emission vehicles

The bill next heads to the full Committee for markup.

“The funding provided in this year’s FSGG bill will build on the investments of FY22 to help Americans and small businesses struggling with high costs. The FY23 bill prioritizes small businesses and hardworking families, over corporations and the wealthiest one percent,” Financial Services Appropriations Subcommittee Chairman Mike Quigley (D-IL-5) said. “As gas prices rise and the war in Ukraine continues, it has become increasingly clear that we must divest from autocrat-led petrostates and invest in a climate-friendly future now. This year’s legislation will ensure that the federal government leads in that effort. We are also dedicated to protecting every facet of American democracy. That means funding for election security as we head to the polls this November and protecting the staff and courthouses of our federal judiciary.”

“By increasing resources for the Internal Revenue Service, we are helping the agency provide better customer service and crack down on big corporations and the wealthy who are not paying their fair share in taxes,” Appropriations Committee Chair Rosa DeLauro (D-CT-03) said. “I am also particularly proud of strong funding increases to help underserved entrepreneurs and small businesses access capital and contracting opportunities. With these resources and funding to protect the integrity of our elections, we are safeguarding our democracy, growing our economy, and investing in the programs that matter most to working families.”

A summary of the bill is here. The text of the draft bill is here. In keeping with the Appropriations Committee’s commitment to transparency, information on Community Project Funding in the bill is here

 

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117th Congress