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.
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.
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.
Bill text, before adoption of amendments in Full Committee, is available.
Bill report, before adoption of amendments in Full Committee, is available.
Source: U.S. Department of HCA