Today, the House Appropriations Committee released the Fiscal Year 2024 bill for the Financial Services and General Government Subcommittee. The bill will be considered tomorrow, June 22nd at 8:30 a.m. The markup will be live-streamed and can be found on the Committee’s website.

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.

Bill text is available here.

Original source can be found here.