Committee Releases FY25 Financial Services and General Government Appropriations Bill

June 4, 2024
Press Release

Washington, D.C. – Today, the House Appropriations Committee released the Fiscal Year 2025 bill for the Financial Services and General Government Subcommittee. The bill will be considered in subcommittee tomorrow, June 5th at 8:30 a.m. The markup will be live-streamed and can be found on the Committee’s website.

Financial Services and General Government Subcommittee Chairman Dave Joyce (R-OH) said, “As Chairman of this subcommittee, I have worked diligently to ensure this bill provides the resources necessary to protect the integrity of our financial and judicial systems. At the same time, this bill reins in wasteful spending and takes steps to prevent agencies like the IRS from unfairly targeting hardworking Americans. By returning these agencies under our jurisdiction to their core missions, this bill guarantees these institutions work for the American people like they were intended to do.”

Chairman Tom Cole (R-OK) said, “The FY25 FSGG bill protects taxpayers and constrains the burdensome hands of unelected bureaucrats. The integrity of our financial and judicial systems is supported without adding the red tape and reckless spending the White House requested. Above all, we made sure to focus agencies on their core missions. It’s a product that responsibly ensures government works for the people, and I am grateful for the leadership of Chairman Joyce.”

Fiscal Year 2025 Financial Services and General Government Appropriations Bill

The Financial Services and General Government Appropriations Bill provides a total discretionary allocation of $23.608 billion, which is nearly 20% below the President’s Budget Request and nearly 10% below the effective spending level provided in Fiscal Year 2024. The defense portion of the allocation is $45 million, and the non-defense portion of the allocation is $23.563 billion.

The bill prioritizes agencies and programs that combat terrorism financing, maintain the integrity of our financial markets, spur small business growth, support the judicial branch, and target opioid abuse.

Key Takeaways

  • Strengthens our national security by:
    • Enhancing drug interdiction activities and addressing regional drug threats, combating fentanyl and other opioid overdoses.
    • Requiring the General Services Administration (GSA) to report on the status of Chinese computers and equipment on federal property or privately-owned buildings with federal leases.
    • Providing funding to administer and strengthen sanctions enforcement.
  • Focuses the Executive Branch on its core responsibilities by:
    • Cutting funding for financial regulators to slow their costly and burdensome regulatory agendas.
    • Rejecting the President’s Budget Request for $96 million in Election Security grants.
    • Rejecting the Administration’s climate change executive orders.  
    • Rejecting a $3.5 billion proposal within GSA to build a new, suburban Federal Bureau of Investigation (FBI) headquarters, and withholding prior funding until the Committee receives a spend plan to continue operation of the current headquarters or to identify another existing, federally-owned DC building to serve as the headquarters.
    • Rolling back the Administration’s environment, social, and governance (ESG) agenda.
      • Prohibiting funds for the Securities and Exchange Commission (SEC) climate disclosure rule.
      • Prohibiting ESG investments in the Thrift Savings Plan.
    • Prohibiting implementation of the Biden Administration’s executive orders on climate.
    • Prohibiting implementation of the Biden Administration’s executive orders on diversity, equity, and inclusion (DEI).
    • Preventing implementation of President Biden’s Executive Order 14019, related to voting access and turnout, except for overseas citizens/military, tribes, and disabled individuals.
  • Supports American values and principles by:
    • Retaining crucial prohibitions on federal funds for abortions in the Federal Employees Health Benefits Program.
    • Prohibiting funds from being used for censorship or “disinformation” efforts.
    • Continuing to prevent the Internal Revenue Service (IRS) from targeting individuals for exercising their First Amendment rights.
  • Exercises much-needed oversight of the District of Columbia (D.C.) by:
    • Continuing to prohibit D.C. from using funds for abortions and rejecting the President’s proposal to allow local funds for abortion.
    • Retaining the conscience clause on any D.C. contraceptive requirement.
    • Prohibiting funding to carry out the Reproductive Health Nondiscrimination Act of 2014.
    • Repealing D.C.’s assisted suicide legalization law.
    • Banning D.C.’s harmful and enabling needle exchange program.
    • Prohibiting non-citizens from voting in D.C. elections.
    • Permitting concealed carry in D.C. and the Washington Metropolitan Area Transit Authority.
    • Prohibiting D.C. from carrying out the Comprehensive Policing and Justice Reform Amendment Act of 2022.

A summary of the bill is available here.

Bill text is available here.

 

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