FY '24 Spending: Financial Services and General Government

Financial Services and General Government Appropriations Act of 2024 -- Republican's Summary

The Financial Services and General Government Appropriations Act provides a total discretionary allocation of $13.734 billion. The defense portion of the allocation is $45 million, and the non-defense portion of the allocation is $13.689 billion.

Consistent with the topline agreement, the Act provides non-defense topline resources totaling $26.050 billion, which is $1.099 billion (4.05%) below the Fiscal Year 2023 enacted level and $5.693 billion below the President’s Budget Request.

Importantly, the Act 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.   

 • Cuts funding for financial regulators to slow their costly and burdensome regulatory agendas.

• Takes back $10.2 billion from the Administration, partially defunding President Biden’s supercharged army of 85,000 Internal Revenue Service (IRS) agents. • Claws back $2.16 billion in unused COVID-19 funding.

• Provides adequate resources to ensure an impartial, strong, and secure judiciary.

• Prevents the Consumer Product Safety Commission’s (CPSC) recent efforts to ban gas stoves, which would reduce consumer choice.

• Maintains longstanding, bipartisan riders, including:

1. Prohibiting federal funding for abortion coverage through the Federal Employee Health Benefits Program (FEHBP).
2. Prohibiting the use of federal and local D.C. funds from being used for an abortion.
3. Prohibiting the IRS from targeting individuals for exercising their First Amendment rights.

TOP LINE MESSAGING

Refocuses Washington spending and cuts wasteful bureaucracy by:

1. Cutting funding for financial regulators to slow their costly and burdensome regulatory agendas.
2. Limiting funding for pay raises and new full-time equivalents (FTE).
3. Requiring the Office of Management and Budget (OMB) to report on federal agency telework policies, percentage of remote workers, worker productivity, office space utilization, and costs of underutilized building space.
4. Taking back $10.2 billion from the Administration, partially defunding President Biden’s supercharged army of 85,000 IRS agents.
5. Clawing back $2.16 billion in unused COVID-19 funding.

Bolsters our national security by:

1. Providing robust funding to administer and strengthen sanctions enforcement.
2. Requiring the General Services Administration (GSA) to report the status of Chinese technology and equipment on federal property or privately-owned buildings with federal leases.
3. Preventing the Biden Administration from blocking U.S. investors from taking over Chinese companies under Treasury’s outbound investment review process.
4. Enhancing drug interdiction activities and addressing regional drug threats including combatting fentanyl and other opioid overdoses.

Supports American values and principles by:

1. Providing adequate resources to ensure an impartial, strong, and secure judiciary.
2. Increasing oversight of grants awarded across federal agencies to ensure taxpayer dollars are used as intended.
3. Preventing the Consumer Product Safety Commission’s recent efforts to ban gas stoves, which would reduce consumer choice.

(Source: House Appropriations Committee)

Key Points & Highlights

Department of the Treasury: The bill provides $1.8 billion for the Department of the Treasury (excluding the IRS) to carry out its wide-ranging responsibilities strengthening and protecting our economy, combatting illegal money laundering, regulating our banks, and safeguarding the financial system against abuse by illicit actors.

These investments will maintain Treasury’s ability to craft, implement, and enforce sanctions, including the historic sanctions program targeting Russia’s illegal war in Ukraine.

The bill also includes resources to implement SECURE 2.0 and continue an initiative to digitize savings bond records and help people locate retirement accounts from past employers that they are missing.

Small Business Administration (SBA): The bill includes $1.18 billion for the Small Business Administration to support small businesses across America and connect them with the resources they need to thrive, including $316.8 million for entrepreneurial development grants.

Internal Revenue Service (IRS): The bill includes $12.3 billion—sustaining the fiscal year 2023 funding level—for the IRS to carry out its responsibilities and continue its renewed efforts to significantly improve customer services, replace its antiquated computer systems, and ensure that everyone—including the wealthy and largest corporations—pay what they owe in taxes.

Federal Communications Commission (FCC): The bill provides $390.2 million for the FCC including to support its critical work connecting people across the country to high-speed internet and ensuring all Americans have equitable access to essential technology.

Office of National Drug Control Policy (ONDCP): The bill provides $469.6 million for the Office of National Drug Control Policy to coordinate the whole-ofgovernment response to the opioid and substance use disorder crises, stop drug trafficking, and address addiction. ONDCP also delivers resources directly to communities to address the substance use disorder crisis.

Federal Judiciary: The bill provides $8.63 billion for the federal judiciary—an increase of $169.2 million above fiscal year 2023—for operations of our nation’s courtrooms. It provides $1.451 billion for Defender Services, an increase of $68 million above fiscal year 2023.

Federal Trade Commission (FTC): The bill provides $425.7 million to support the FTC’s vital role in protecting Americans from consumer fraud and to promote competition in the marketplace, which benefits consumers and spurs innovation.

Securities and Exchange Commission (SEC): The bill provides $2.189 billion to support the SEC’s role in protecting investors, especially, small investors, and keeping the American economy strong and encouraging investment in American business.

Pandemic Preparedness: The bill funds the new Office of Pandemic Preparedness and Response Policy housed within the White House, which was created in December 2022 by Senator Murray to serve as mission control and ensure there is a team in place, ready to go 24/7 in order to guide an all-of-government response to new and emerging public health threats.

Fraud Detection: The bill provides funding to track how federal dollars are spent and ensure there’s detection of criminals taking advantage of federal programs and support. In particular, the bill provides funding for the Pandemic Recovery Accountability Committee to continue its critical work overseeing and detecting fraud reported across a host of pandemic relief programs and to help make the affordable, flexible, and scalable analytics platform it developed to identify potential improper payments in COVID relief available for all Inspectors General to use across government. The bill also increases funding to support the work of the Small Business Administration’s Inspector General.

Election Security: The bill includes $55 million for election security grants for states and U.S. territories—extending funding to protect the integrity of our elections.

United States Tax Court: The bill provides $56.7 million for the United States Tax Court to support its work adjudicating disputes over tax obligations.

(Source: Senate Appropriations Committee)