Washington, D.C. – Today, the House Appropriations Committee met to consider the Fiscal Year 2025 Financial Services and General Government Appropriations Act. The measure was approved by the Committee with a vote of 33 to 24.
Financial Services and General Government Subcommittee Chairman David Joyce (R-OH) said, “The core mission of this bill is to protect the integrity of America’s financial and judicial systems. In order to fulfill that mission, this bill makes cuts to prevent agency overreach by prohibiting funds for dozens of regulating actions such as blocking the FCC from regulating broadband rates, the FTC from controlling how everyday Americans purchase a car, and the SEC from collecting and surveilling transactions of everyone who invests in the stock market. With these key priorities in the bill, I am proud we were able to advance it out of Committee and to the House floor.”
Chairman Tom Cole (R-OK) said, “The FY25 FSGG bill protects taxpayers and constrains bureaucratic overreach. The integrity of our financial, judicial, and election systems is supported while reducing spending from the previous fiscal year. Importantly, we reject the reckless spending and radical policy agenda pushed by the Biden Administration. By refocusing agencies on their fundamental missions, we implement needed accountability. Chairman Joyce ensured government works for - and not against - the people.”
Subcommittee Chairman Joyce’s opening remarks are available here.
Chairman Cole's opening remarks are available here.
Fiscal Year 2025 Financial Services and General Government Appropriations Act
The Financial Services and General Government Appropriations Act 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.
- 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.
- 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.
- 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.
During the markup, Committee Republicans rejected amendments offered by the Democrats that would have:
- Required all Federal Employee Health Benefit (FEHB) Plans to cover assisted reproductive technology, without guardrails to protect embryos, parents, or patients, despite existing coverage in numerous plans.
- Repealed five pro-life riders, including two long-standing protections, and allowed taxpayer dollars to be used for abortion.
- Allowed funds to carry out D.C.’s Reproductive Health Non-Discrimination Act, a law that hinders religious and pro-life organizations from making employment and personnel decisions that align with their beliefs on the sanctity of human life.
- Gutted limitations on Federal Trade Commission (FTC) in the bill and permitted the Chair to take unilateral action that exceeds the Commission’s statutory authority.
- Restricted Second Amendment rights by striking a rider that allows an individual with a valid weapons carry permit to conceal carry in areas governed by the District of Columbia and Washington Metropolitan Area Transit Authority.
- Allowed the Internal Revenue Service (IRS) to develop a free, public electronic return-filing service option without approval or oversight from Congress.
- Funded unnecessary and polarizing diversity, equity, and inclusion (DEI) initiatives.
- Promoted and advanced critical race theory.
- Allowed unapproved flags to be flown over federal facilities.
- Exposed Americans to religious discrimination.
Adopted Amendments
- Joyce #1 (Manager’s Amendment) – Makes technical, bipartisan changes to the bill and report.
- The amendment was adopted by voice vote.
- The amendment was adopted by voice vote.
- Strengthens the Department of the Treasury’s ability to reduce money laundering.
- Prohibits bonuses, pay raises, and travel for Treasury’s Office of Foreign Assets Control until the Committee receives additional information.
- Requires the Security Exchange Commission (SEC) to better secure data transfers, contributing to the protection of our financial institutions.
- Restricts the General Services Administration (GSA) from finalizing or implementing its rule on greenhouse gas emissions and climate-related financial risk.
- The amendment was adopted by a vote of 33 to 24.
- The amendment was adopted by voice vote.
Bill text, before adoption of amendments, is available here.
Bill report, before adoption of amendments, is available here.
