Committee Approves FY24 Financial Services and General Government Bill

WASHINGTON – Today, the Full Committee met to consider the Fiscal Year 2024 bill for the Financial Services and General Government Subcommittee. The measure was approved by the Committee with a vote of 34 to 26.

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The Financial Services and General Government bill provides a non-defense discretionary total of $25.279 billion and a defense discretionary total of $45 million for programs under the jurisdiction of the Subcommittee. The Subcommittee's non-defense discretionary allocation is $11.266 billion, and the House bill includes $14.013 billion that is offset by clawing back the Democrats' wasteful spending over the last two years, including Internal Revenue Service (IRS) funds. While the allocation is cut by 58% below last year, the total spending level accounting for partisan claw-backs is $25.324 billion, which is $6.232 billion (19.75%) below the President's Budget Request, $1.867 billion (7.0%) below the FY23 enacted level, and $581.9 million (2.25%) below the FY22 enacted level. This bill prioritizes agencies and programs that combat terrorism financing, maintain the integrity of our financial markets, spur small business growth, preserve a fair and efficient judicial system, and target opioid abuse.

Fiscal Year 2024 Financial Services and General Government Bill

• Reins in wasteful Washington spending and bureaucracy by:
  • Rejecting nearly $6.232 billion for discretionary funding increases and $44 billion in mandatory funding increases within the President's Budget Request;
  • Rescinding wasteful Democrat spending for a supercharged army of 85,000 IRS agents and their associated payroll systems;
  • Prohibiting dozens of costly regulatory actions and ensuring agencies remain focused on their core federal functions; and
  • Ensuring agencies return to pre-COVID telework policies and levels.
• Supports economic growth and protects American investors and small businesses by:
  • Prohibiting funding for costly and heavy-handed regulations at the Securities and Exchange Commission (SEC), including the climate disclosure rule; and
  • Subjecting the Consumer Financial Protection Bureau (CFPB) to the appropriations process and replacing the CFPB director with a bipartisan, five-person commission.
• Targets opioid abuse by:
  • Prioritizing funds for the High Intensity Drug Trafficking Areas (HIDTA) to address regional drug threats including combatting fentanyl and other opioid overdoses and enhancing drug interdiction activities.

A summary of the bill is available here.

During the markup, Committee Republicans rejected amendments offered by the Democrats that would have:

• Repealed five long-standing, pro-life protections and allowed taxpayer dollars to be used for abortion;
• Established unnecessary, burdensome requirements at SBA; and
• Allowed the IRS to develop a free, public electronic return-filing service option without approval or oversight from Congress.

In addition, Republicans adopted the following amendments:

• Womack (Manager's Amendment) – makes technical, bipartisan changes to the bill and report.
  • The amendment was adopted by voice vote.
• Womack (En Bloc) –
  • Prohibits funds for the Treasury outbound investment review program until a briefing is provided;
  • Limits funds to FTC's Bureau of Competition;
  • Prevents FTC from abandoning its guidance on "standalone" Section 5 authority;
  • Prohibits funds to implement, administer, or enforce the FTC's Statement of the Commission on "Use of Prior Approval Provisions in Merge Orders," which would negatively impact the mergers process;
  • Prohibits the District of Columbia from implementing its anti-policing bill, the Comprehensive Policing and Justice Reform Amendment Act of 2022;
  • Allows an individual with a valid weapons carry permit from any state or territory to possess and carry a concealed handgun in areas governed by the District of Columbia and Washington Metropolitan Area Transit Authority (WMATA);
  • Prohibits funds for the SEC to collect retail investor personal information and requires an analysis of privacy concerns be submitted to Congress;
  • Directs SBA to issue an economic impact report on small business concerns of rules issued by SBA from the last two fiscal years to Congress;
  • Directs CFIUS to report the number of non-career, political appointees working for the nine voting member agencies and a detailed description of the transfer of funds to each member agency;
  • Clarifies purposes for grant awards on USAspending.gov;
  • Requires a report on unused border construction materials;
  • Requires a report on cost concerns for GSA building renovations; and
  • Makes other technical changes to report language.
  • The amendment was adopted by a vote of 33 to 27.
• Clyde #2 – requires the White House to submit a report on the investigative materials associated with the July 2, 2023, cocaine discovery.
  • The amendment was adopted by voice vote.
• Harris – prevents the IRS from purchasing firearms or ammunition above the levels in the agency's possession as of July 13, 2023.
  • The amendment was adopted by voice vote.

Chairwoman Kay Granger's opening remarks are available here.
Subcommittee Chairman Womack's opening remarks are available here.

Bill text, before adoption of amendments in Full Committee, is available here.
Bill report, before adoption of amendments in Full Committee, is available here.