Financial Services and General Government
Chairman Dave Joyce
2000 Rayburn House Office Building
(202) 225-7245
Majority | Minority |
| Dave Joyce – Chair | Steny Hoyer – Ranking Member |
| Steve Womack | Mark Pocan |
| Mark Amodei | Marie Gluesenkamp Perez |
| Ashley Hinson | Glenn Ivey |
| Michael Cloud | Sanford Bishop, Jr. |
| Chuck Edwards | |
| Mark Alford | |
| Nick LaLota – Vice Chair |
Recent Activity
Good morning, everyone. The Subcommittee will come to order.
This morning we will markup the Fiscal Year 2024 Financial Services and General Government appropriations bill.
I want to welcome all the Subcommittee Members to this morning's markup, including the distinguished Chair of the full House Appropriations Committee, Kay Granger, Ranking Member DeLauro, and Subcommittee Ranking Member Hoyer.
I know that we will not agree on all matters before us and that we will engage in spirited debate, but I am hopeful that in the end, we will produce an appropriations bill that will better serve all Americans and the nation as a whole.
However, and I have said this before, the budget process is broken, and the American people deserve better.
We must take this serious and work together to get the process back on track.
As we continue to move through markups, it is important to remember that this is not a normal funding year. Trillions of dollars were spent outside of the annual appropriations process during the last Congress, and we must re-evaluate our spending priorities.
The Fiscal Year 2024 Financial Services bill reflects that goal – and ensures that misplaced spending is re-prioritized to meet our most pressing needs. As we seek to fully fund our national defense, veterans, and border security, unnecessary spending will be lower on the priority list.
I am pleased to see that the bill before us rejects significant increases in the President's Budget Request, and instead saves billions of dollars by:
WASHINGTON – Today, the Full Committee met to consider the Fiscal Year 2024 subcommittee allocations. The measure was approved by the Committee with a vote of 33 to 27.
The Subcommittee will come to order. I'd like to remind everyone that we will follow the five-minute rule for opening remarks, questions, and comments. Members will be recognized in order of seniority based on who is seated at the beginning of the hearing rotating between the parties. Members that arrive after the gavel will be recognized in the order of arrival.
I would like to welcome everybody to the Subcommittee on Financial Services and General Government.
I would like to welcome back to the Subcommittee, Chair of the Federal Trade Commission, Lina Khan.
As we all know, Congress is locked in a fierce debate regarding the fiscal trajectory of our nation.
Thank you, Chairman Cole and Ranking Member McGovern, for allowing me to testify on the Limit, Save, Grow Act.
I want to start by thanking Speaker McCarthy, Leader Scalise, Ways and Means Chairman Smith, and Budget Chairman Arrington for their hard work on this bill.
I hope the President will come to the table and work with us to ensure our nation does not default on our debt.
I want to highlight one very straightforward idea included in this package: to rescind funds that are not needed at this time and redirect them to other priorities.
For example, as much as $60 billion that was appropriated more than two years ago for COVID remains unspent.
Now that the national emergency is officially over, we should be able to take back those resources.
There is also no reason for the IRS to be holding on to billions of dollars for future years.
The Subcommittee on Financial Services and General Government will come to order.
Good afternoon, everyone, and Chair Gensler, welcome back to the Subcommittee. My colleagues and I are looking forward to today's conversation with you.
The nation's economy remains in a precarious position. The banking sector is in a state of unrest, prices continue to be inflated due to excessive spending, and the country's debt is on an unsustainable trajectory. Yet, this Administration is proposing a budget that is more of the same.
Unfortunately, the SEC is following suit. The fiscal year 2024 budget request for the SEC is $265 million above fiscal year 2023 enacted levels which is a double-digit percentage increase.
Now, some will say, the SEC's budget is fully offset by transaction fees, but that is only part of the story, and it completely ignores how bloated our government has become.
