The House Committee on Appropriations is set to consider the Financial Services General Government (FSGG) appropriations legislation for fiscal year 2025 during a full committee markup today. The bill incorporates several priorities from Committee Republicans aimed at curbing financial regulators, restoring fiscal responsibility, and protecting Americans' financial privacy.
Key aspects of the FY25 FSGG appropriations legislation include:
- A significant reduction in spending allowances for financial regulators.
- Capping overall discretionary spending at $23.608 billion, representing a cut of approximately 20% below the President’s FY 2025 budget request and 10% below FY 2024 enacted levels.
- Rolling back surveillance initiatives at the Treasury Department and financial regulators to protect financial privacy.
- Blocking the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership reporting regime, which is seen as burdensome to small businesses.
- Preventing funding for a government-issued Central Bank Digital Currency (CBDC).
- Restricting the SEC from collecting investors’ personally identifiable information.
The legislation also aims to refocus Gary Gensler’s SEC on its statutory mission by defunding certain enforcement regimes related to digital assets. It prohibits funds from being used to implement onerous disclosure requirements or pursue environmental policies through financial regulation.
Additionally, the bill seeks to provide transparency and accountability for the Consumer Financial Protection Bureau (CFPB). Key provisions include subjecting the agency to Congressional Appropriations with a budget of $650 million, replacing its single Director structure with a bipartisan commission, and halting data collection rules deemed invasive.
These measures reflect Committee Republicans' intent to limit regulatory overreach and ensure fiscal discipline within federal agencies.