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McHenry Outlines Committee Republicans’ Fiscal Year 2024 Priorities in Letter to Appropriators

Washington, May 9, 2023 -

he Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), sent a letter to House Appropriations Committee Chairwoman Kay Granger (TX-12) and Ranking Member Rosa DeLauro (CT-03). In the letter, Chairman McHenry outlines Committee Republicans’ priorities for fiscal year (FY) 2024 appropriations, including rescission of unspent “emergency” funds, strengthening public markets, nurturing innovation, countering the influence of China, and fostering a vibrant financial system.
Read the full letter here.
Read key excerpts from the letter below:
“I write regarding the Committee on Appropriations (Committee)’s upcoming work on the fiscal year 2024 spending packages and offer the following insights. Beginning in 2021, Washington Democrats used their then one-party rule to push through massive spending bills that sent inflation to levels not seen since the 1980s. The trillions of dollars in reckless spending have endangered a fragile economy and created more economic hardship for working families trying to emerge from a global pandemic.
“To get our economy back on track, Congress must be united in reining in wasteful spending. It must get back to the free-market principles that helped grow our economy prior to the pandemic. This means encouraging entrepreneurship and strengthening our capital markets. It means embracing technology to nurture innovation and fostering a strong and vibrant financial system that can support small businesses, community financial institutions, and households.
“A strong economy and financial system projects strength abroad. The United States can’t outcompete China by being more like China. It can only counter China’s growing threat by sticking to the policies and principles that support long-term economic growth and prosperity.
“As you prioritize spending for FY 2024, I urge you to consider the following:
“1. Rescind unspent “emergency” funds and provide for greater transparency and accountability in future spending bills
“Three years ago, Congress passed the bipartisan CARES Act and later the 2020 Consolidated Appropriations Act to support the economy during the government imposed shut down. The funding was timely, targeted, and tied to Covid. It also created a multi-layered oversight ecosystem to protect the funds against waste, fraud, and abuse. The Special Pandemic Recovery Inspector General (SPRIG) was created and continues to monitor the use of these funds.
“2. Strengthen public markets, support retail investors, and encourage entrepreneurship
“The Securities and Exchange Commission (SEC) has a tripartite mandate to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. Under Chair Gensler’s tenure, the SEC has failed to uphold this mission, threatening the vibrancy of our capital markets.
“3. Nurture Innovation in the United States
“Digital assets, and their underlying blockchain technology, hold promise as the building blocks for the next generation of internet technology. But it’s the job of lawmakers—not unelected bureaucrats—to legislate a regulatory framework. Moreover, it is critical that the Committee prevent the SEC from continuing its effort to regulate by enforcement. Establishing clear rules of the road ensures this innovation will remain in the United States.
“4. Counter China’s growing influence and strengthen national security
“The Chinese Communist Party (CCP) continues to deliberately undermine United States interests and are contrary to core United States values and the values of other nations. The U.S. must recommit to free markets and free people, preventing China from rewriting the international rules of the road, and maintaining an open, vibrant, and resilient economic system.
“5. Fostering a strong and vibrant Financial System
“Since its creation, the Democrats have sought to weaponize the Consumer Financial Protection Bureau (CFPB). In establishing the CFPB, Democrats made it the most powerful agency — unaccountable to Congress. In 2020, the Supreme Court held, in Seila Law LLC v. Consumer Financial Protection Bureau, that the CFPB’s leadership structure is unconstitutional as a violation of the separation of powers. Next term, the constitutionality of the CFPB’s funding structure will be heard by the U.S. Supreme Court.”

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