Today, the House Committee on Appropriations will consider Financial Services General Government (FSGG) appropriations legislation at a full committee markup. The fiscal year (FY) 2025 bill includes several Committee Republican priorities to rein in Biden’s rogue financial regulators, restore fiscal responsibility, and protect Americans’ financial privacy.
Read an overview of Committee Republican priorities in FY25 FSGG appropriations legislation below:
Drastically reduces topline spending allowances for Biden’s rogue financial regulators
- Restores fiscal responsibility by capping overall discretionary spending in the agencies funded by the legislation at $23.608 billion
- This constitutes budget cuts approximately 20 percent below the President’s FY 2025 budget request and 10 percent below FY 2024 enacted levels
Protects Americans’ financial privacy by rolling back surveillance initiatives at the Treasury Department and financial regulators
- Blocks the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership reporting regime that would place undue burdens on and infringe upon the privacy rights of legitimate small businesses
- Prevents funding for a government issued, government controlled Central Bank Digital Currency (CBDC) that would mimic the Chinese Communist Party’s surveillance state
- Prevents the SEC from collecting investors’ personally identifiable information and exposing Americans’ data to cyber threats through the consolidated audit trail
Refocuses Gary Gensler’s SEC on its statutory mission and defunds the regulation by enforcement regime of digital assets
- Recenters the SEC’s focus on carrying out its statutory mission, prohibiting funds from being used to implement onerous disclosure requirements that dissuade companies from going and staying public
- Prevents the Biden Administration from pursuing radical, left-wing environmental policy through financial regulation by blocking funding for the implementation of the SEC’s disastrous climate disclosure rule
- Blocks the SEC from harming mutual fund investors through swing pricing mandates that are overly prescriptive and inefficient
- Defunds the agency’s regulation by enforcement of digital assets that stifles innovation and leaves consumers unprotected by:
- Prohibiting funds from being used to implement SAB 121
- Prohibiting funds from being used to carry out enforcement actions against digital asset transactions
Provides long-overdue transparency and accountability for the CFPB
- Includes key provisions from Financial Institutions and Monetary Policy Subcommittee Chairman Andy Barr’s (KY-06) CFPB Transparency and Accountability Reform Act that:
- Subject the agency to Congressional Appropriations, while providing $650 million for the Bureau’s operations
- Replace the single Director structure with a bipartisan commission
- Halts agency attempts to unilaterally extend its purview to non-banks or unduly burden small businesses through its invasive data collection rule
- Defunds the CFPB’s politicized crusade against so-called junk fees
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