Financial Services and General Government (FSGG) FY2016 Appropriations: Overview (CRS Report for Congress)
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| Release Date |
Revised June 8, 2016 |
| Report Number |
R44133 |
| Report Type |
Report |
| Authors |
Baird Webel, Acting Section Research Manager |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The Financial Services and General Government (FSGG) appropriations bill includes funding for the Department of the Treasury, the Executive Office of the President (EOP), the judiciary, the District of Columbia, and more than two dozen independent agencies. The House and Senate FSGG bills fund the same agencies, with one exception. The Commodities and Futures Trading Commission (CFTC) is funded through the Agriculture appropriations bill in the House and the FSGG bill in the Senate. This structure has existed since the 2007 reorganization of the House and Senate Committees on Appropriations.
On February 2, 2015, President Obama submitted his FY2016 budget request. The request included a total of $46.8 billion for agencies funded through the FSGG appropriations bill, including $322 million for the CFTC.
On July 9, 2015, the House Committee on Appropriations reported a Financial Services and General Government Appropriations Act, 2016 (H.R. 2995, H.Rept. 114-194). Total FY2016 funding in the reported bill would be $41.6 billion, with another $245 million for the CFTC included in the Agriculture appropriations bill (H.R. 3049, H.Rept. 114-205), which was reported on July 14, 2015. The combined total of $41.8 billion would be about $4.9 billion below the President’s FY2016 request.
On July 30, 2015, the Senate Committee on Appropriations reported the Financial Services and General Government Act, 2016 (S. 1910, S.Rept. 114-97). S. 1910 would appropriate $42.1 billion for FY2016, about $4.7 billion below the President’s request.
No full FY2016 FSGG appropriations bill was enacted prior to the beginning of the new fiscal year. In response, a number of continuing resolutions (CR) for FY2016, were enacted. P.L. 114-53 continued funding through December, 11, 2015; P.L. 114-96 continued funding through December 16, 2015; P.L. 114-100 continued funding through December 22, 2015. The CRs generally provided budget authority for ongoing projects and activities at the rate they were funded during FY2015.
The Consolidated Appropriations Act, 2016 (P.L. 114-113/H.R. 2029) was passed by the House and Senate and signed by the President on December 18, 2015. The FSGG appropriations bill was included as Division E, whereas the CFTC was funded with the Agriculture appropriations in Division A. The total provided for FSGG agencies for FY2016, including the CFTC, was $44.8 billion, about $2 billion below the President’s request.
Although financial services are a major focus of the FSGG appropriations bills, these bills do not include many financial regulatory agencies, which are funded outside of the appropriations process. Both H.R. 2995 and S. 1910 included language that would have altered the appropriations status of the Consumer Financial Protection Bureau (CFPB), changing its primary funding source to the FSGG bill instead of unappropriated funds provided through the Federal Reserve. The Senate committee FSGG bill also included the text of S. 1484, a broad financial regulatory reform package that was previously reported by the Senate Banking Committee, but has not been considered by the full Senate. P.L. 114-113 did not change the funding structure of the CFPB, but did include some of the S. 1484 provisions in Division O.
