Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1696589717502.pdf (United States)
FISCAL YEAR 2024 FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS BILL 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.
TOP LINE MESSAGING • Reins in wasteful Washington spending and bureaucracy by: o Rejecting nearly $6.232 billion for discretionary funding increases and $44 billion in mandatory funding increases within the President’s Budget Request; o Rescinding wasteful Democrat spending for a supercharged army of 85,000 IRS agents and their associated payroll systems; o Prohibiting dozens of costly regulatory actions and ensuring agencies remain focused on their core federal functions; and o Ensuring agencies return to pre-COVID telework policies and levels.
• Supports economic growth and protects American investors and small businesses by: o Prohibiting funding for costly and heavy-handed regulations at the Securities and Exchange Commission (SEC), including the climate disclosure rule; and o 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: o 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.

1 BILL HIGHLIGHTS Cuts to Wasteful Spending • Reduces funding for 31 unauthorized accounts, saving $64 million.
• Holds numerous agencies at or below the FY22 enacted level, including: o White House Salaries and Expenses at the FY21 enacted level or $55 million, which is $26.1 million below the President’s Budget Request; o The Election Assistance Commission (EAC) at the FY22 enacted level or $20 million, which is $13.8 million below the President’s Budget Request; o The Federal Trade Commission (FTC) at the FY22 enacted level or $376.5 million, which is $213.5 million below the President’s Budget Request; and o The Office of Personnel Management (OPM) at the FY22 enacted level or $373 million, which is $135 million below the President’s Budget Request.
• Eliminates funding for Election Security Grants and rejects the President’s Budget Request for $300 million in grants.
• Rejects unreasonable mandatory program proposals, including: o $29 billion for a two-year extension of IRS Inflation Reduction Act funding for Enforcement and Operations Support; o $5 billion in mandatory Election Security Grant funding over 10 years; and o $10 billion to create a new revolving fund at the General Services Administration (GSA) to finance large-dollar federal capital projects, including $3.5 billion for a new, suburban Federal Bureau of Investigations (FBI) headquarters.
• Prevents the Small Business Administration (SBA) from funding climate initiatives or the Community Navigator Pilot Program established under the American Rescue Plan.

• Eliminates funding for GSA’s Technology Modernization Fund.

Claw-backs of Prior Appropriations • Rescinds wasteful Democrat spending for a supercharged army of 85,000 IRS agents and their associated payroll systems.
• Pulls back funding from GSA to convert federal buildings into high-performance “green” buildings or test beds for clean energy innovation.

Conservative Priorities Supports Values • Retains crucial prohibitions on federal funds for abortions in the Federal Employees Health Benefits Program (FEHBP).

• Prohibits federal funds for FEHBP to cover the cost of surgical procedures or puberty blockers or hormone therapy for gender affirming care.
2 • Continues to prohibit the District of Columbia (D.C.) from using funds for abortions and • rejects the President’s proposal to allow local funds for abortion.

Includes a new reporting requirement to oversee D.C.’s enforcement of the Partial Birth Abortion Ban Act.

• Prohibits funding for D.C. to carry out the Reproductive Health Nondiscrimination Act (RHNDA) of 2014.

• Repeals D.C.’s assisted suicide legalization law.

• Bans the D.C. needle exchange program.


• Retains the conscience clause on any D.C. contraceptive requirement.

• Protects Americans against religious discrimination related to their views on marriage.

• Prohibits implementation of the Biden Administration’s executive orders on Diversity, Equity, and Inclusion (DEI).

• Prohibits the use of funds to promote or advance Critical Race Theory.
De-weaponizes the Federal Government • Continues to prevent the IRS from targeting individuals for exercising their First Amendment rights.

• Continues three long-standing provisions related to protecting Americans’ rights to make political contributions without government interference.

• Prevents non-citizens from voting in federal elections.

• Prohibits funds from being used for censorship or “disinformation” efforts.
• Prevents implementation of President Biden’s Executive Order 14019, related to voting access and turnout, except for overseas citizens/military, tribes, and disabled individuals.

• Continues provisions making it illegal for government officials to lobby Congress or to • prevent other federal employees from responding to Congressional inquiries.

Includes new language prohibiting funds for federal employees’ salaries if they unjustifiably refuse to comply with a valid Congressional subpoena.
Counters China and Other Adversaries • Rejects funding to block U.S. investors from taking over Chinese companies under the Treasury’s outbound investment review process.

• Prohibits the support, directly or indirectly, of the Wuhan Institute of Virology or any laboratory owned or controlled by the People’s Republic of China.

• Requires GSA to report on the status of Chinese technology and equipment on federal property or privately-owned buildings with federal leases.
• Prohibits funds for Cuba person-to-person travel, which provides currency to the Cuban dictatorship and harms the Cuban people’s struggle for basic human rights and liberties.

Reduces Burdensome, Costly Regulations • Prohibits funds to finalize or enforce numerous SEC rules, including the Climate Disclosure rule related to Environment, Social, Governance (ESG) criteria.
3 • Prohibits funding for the Financial Crimes Enforcement Network (FinCEN) to promulgate the beneficial ownership reporting rules that do not reflect Congressional intent.

• Prohibits funds to carry out the Federal Clean Electricity and Vehicle Procurement Strategy under E.O.

14008 until a stable supply of domestic-mined criterial minerals can be achieved.

• Prohibits funds for the Federal Housing Finance Agency (FHFA) to charge good credit borrowers with higher fees on their home loan.
• Rejects the President’s unrealistic compliance proposal intended to prevent D.C. private schools from participating in the Scholarships for Opportunity and Results (SOAR) program.

• Prohibits the D.C. government’s automated traffic enforcement and future efforts to disallow right turns at red lights.

• Prohibits the Consumer Product Safety Commission (CPSC) from finalizing regulations limiting consumer choice for off-road recreational vehicles and gas stoves.
• Prohibits the FTC from implementing and enforcing the burdensome Motor Vehicle Dealers Trade Regulation rule.

Eliminates Waste and Abuse in Government • Penalizes the Administration when the President’s Budget is delayed.

• Prohibits funds for each agency until they reinstate telework policies, practices, and levels in effect on December 31, 2019.

• Prevents bonuses and promotions at Treasury until the Administration fully accounts for unobligated balances related to COVID-19 funding.
• Eliminates funding for Treasury’s Federal Insurance Office (FIO) because insurance already is regulated successfully by states.

• Prohibits funding for procurement of electric vehicles and associated infrastructure for agencies under the Subcommittee’s jurisdiction.

• Prohibits recruiting or hiring, promoting or retaining personnel convicted of child pornography or sexual assault charges.
• Eliminates the ability of Office of Management and Budget (OMB) to waive Administrative Pay-As-You-Go Act (PAYGO) of 2023 requirements.

4 DETAILED FUNDING SUMMARY Department of the Treasury Provides $13.030 billion for the Department of the Treasury, which is $1.169 billion below the FY23 enacted level.
• $206.8 million for the Treasury’s Office of Terrorism and Financial Intelligence, which combats terrorism financing and administers economic and trade sanctions through its Office of Foreign Assets Control.

• $278.6 million for the Community Development Financial Institutions (CDFI) Fund.

• $11.237 billion for the IRS, which is $1.081 billion below the FY23 enacted level.

o Reduces enforcement funding by $1.231 billion.


o Ensures the funds provided to enforcement will not be increased through a transfer of funds from other IRS accounts.

Policy Riders: • No funds for bonuses or promotions of any employee of the Department of the Treasury until the Secretary produces a COVID-19 expenditure report.

• Prohibits funds to be used for the IRS to create a government-run tax preparation software that Congress has not authorized.
o Safeguards the IRS from an obvious conflict of interest where the tax collector becomes the tax preparer.

• Prohibits funds to be used for FinCEN to promulgate the beneficial ownership reporting rules that do not reflect Congressional intent.

• Prohibits funds to be used to establish a U.S. Central Bank Digital Currency or discontinue paper currency as the U.S. legal tender.
Executive Office of the President Provides $798.7 million for the Executive Office of the President, which is $79.5 million below the FY23 enacted level.

• $116 million for the Office of Management and Budget (OMB).

• $451 million for the Office of National Drug Control Policy and Federal drug control programs: o $296.6 million for HIDTA to combat illegal drug and opioid abuse.

o $109 million for the Drug-Free Communities grant programs.
5 Policy Riders: • Includes a restriction on the obligation of funds during the period in which the President’s Budget is delayed.

• Prohibits the OMB Director from issuing any waiver under the Pay-As-You-Go (PAYGO) Act of 2023.

The Judiciary Provides $8.7 billion for the Judiciary, which is $110.4 million above the FY23 enacted level.

Increased funding for the Judiciary provides resources to targeted judicial priorities.
• • $782 million for court security, to ensure justices, judges, their families, and employees are protected against those that seek to harm them.

District of Columbia Provides $802.7 million for federal payments to the District of Columbia, which is $10.8 million above the FY23 enacted level.

• $667 million for the courts and related programs in D.C., which is $13 million above the FY23 enacted level.

Policy Riders: • Retains the conscience clause on any D.C. contraceptive requirement.
• Prohibits funding for D.C. to carry out the Reproductive Health Nondiscrimination Act • (RHNDA) of 2014.

Includes a new reporting requirement to oversee D.C.’s enforcement of the Partial Birth Abortion Ban Act.

• Retains the ban on federal and local funds to legalize marijuana in D.C. • Retains the ban on D.C.’s needle exchange program.

• Repeals D.C.’s Death with Dignity Act of 2016.


• Rejects the President’s unrealistic compliance proposal intended to prevent D.C. private schools from participating in the Scholarships for Opportunity and Results (SOAR) Act.

• Reverses a D.C. exemption for public charter schools from Anti-Strategic Lawsuit Against Public Participation (SLAPP) Law, so that pro-life protestors are treated fairly and equally under D.C. laws.

• Prevents D.C. from prohibiting motorists from making right turns on red.
• Prevents D.C. from carrying out automated traffic enforcement.

6 Consumer Financial Protection Bureau Brings the Consumer Financial Protection Bureau (CFPB) under the appropriations process and provides $635 million, $15 million less than the authorized level and $26 million below the Federal Reserve transfer received through the third quarter of FY23.

Policy Riders: • Replaces the unaccountable CFPB director with a bipartisan, five-person commission.
• Prohibits funds to be used by CFPB to require small banks to collect and report sensitive personal private information on their customers.

Consumer Product Safety Commission Provides $139.1 million for the Consumer Product Safety Commission (CPSC), which is $13.5 million below the FY23 enacted level.

Policy Riders: • Prohibits funds to be used by the CPSC to reduce consumer choice by banning gas stoves.
• Continues the legacy rider prohibiting funds to finalize, implement, or enforce the proposed CPSC rule on recreational off-highway vehicles until a study is completed by the National Academy of Sciences.

Election Assistance Commission Provides $20 million for the Election Assistance Commission (EAC), which is $8 million below the FY23 enacted level.
Federal Communications Commission Provides $381.9 million for the Federal Communications Commission (FCC), which is $8.2 million below the FY23 enacted level.

Policy Riders: • Continues to prohibit the FCC from changing rules regarding single connection or primary line restrictions.

• Prohibits the FCC from increasing the minimum service standard for the Lifeline program.
Federal Trade Commission Provides $376.5 million for the Federal Trade Commission (FTC), which is $53.4 million below the FY23 enacted level and $213 million below the President’s Budget Request.
7 Policy Riders: • Prohibits FTC from: o Spending additional premerger filing fees if collections are higher than estimated in the bill; o Finalizing, implementing, or enforcing the Motor Vehicle Dealer Trade Regulation Rule; and o Finalizing or enforcing the Trade Regulation on the Use of Earnings Claims or the Business Opportunity Rule without a clear statement of need.
General Services Administration Allows General Services Administration (GSA) to spend $9.3 billion out of the Federal Buildings Fund, which is $715 million below the FY23 enacted level.

• No funds to procure electric vehicles, electric vehicle batteries, or electric vehicle charging stations.

o Denies a GSA proposal for a $50 million electric vehicle fund.

• No new funds for an enormous, new FBI headquarters building in the D.C. region.
o Rejects the Administration’s proposal of $3.5 billion for the FBI headquarters building.

Policy Rider: • Prohibits funds to be used for GSA to lease facilities for the U.S. Space Command headquarters until a report is submitted on all current leases associated with the headquarters.

Office of Personnel Management Provides $373 million for the Office of Personnel Management, which is $49.2 million below the FY23 enacted level.
Policy Rider: • Requires federal employees to show up to work, consistent with the telework levels in place prior to the COVID-19 pandemic, or else an agency’s funding will be withheld.

Securities and Exchange Commission Provides $2 billion for operating expenses at the Securities and Exchange Commission (SEC), which is $170.4 million below the FY23 enacted level.
• Limits the SEC’s aggressive Enforcement Division to $644 million, which represents a $116 million decrease from the President’s Budget Request.

8 Policy Riders: • Prevents the SEC’s proposed climate/ESG rulemaking which would require public companies to disclose climate-related risks and emissions in their SEC filings.

• Prohibits the SEC’s proposed rulemaking on swing pricing which would artificially alter the share price in a one-sized fits all manner.
• Prohibits the SEC from forcing private companies to go public before they are ready.

• Prohibits the SEC from enforcing the custody rule, which states that investment advisers may not be able to rely on crypto platforms as qualified custodians.

• Continues the long-standing provision prohibiting the SEC to require political contributions disclosures as part of corporate filings.
Small Business Administration Provides $823.1 million for the Small Business Administration (SBA), which is $252.1 million below the FY23 enacted level by eliminating Community Project Funding.

• $20.5 million for the SBA’s Veterans Certification program to certify Veteran-Owned Small Businesses and Service-Disabled Veteran-Owned Small Businesses.

• $19 million for the Veterans Outreach Program, which is $1.5 million above the FY23 enacted level.
Policy Riders: • Prohibits SBA from: o Carrying out enforcement action against duplication of benefits victims; o Further funding or transferring funds to the Community Navigator Pilot Program established under the American Rescue Plan; and o Funding climate change initiatives.

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