Financial Services and General Government (FSGG) FY2024 Appropriations: Overview (CRS Report for Congress)
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| Release Date |
Revised Sept. 23, 2024 |
| Report Number |
R47743 |
| Report Type |
Report |
| Authors |
Baird Webel |
| 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, 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 Commodity Futures Trading Commission
(CFTC) is usually funded through the Agriculture appropriations bill in the House and the FSGG
bill in the Senate.
President’s budget. President Biden submitted his full FY2024 budget request on March 9, 2023. The request included a
total of $54.2 billion for agencies funded through the FSGG appropriations bill, including a net total of $295 million for the
CFTC.
House action. The House Financial Services and General Government Appropriations Act, 2024 (H.R. 4664), was marked
up in subcommittee on June 22, 2023; marked up in full committee on July 13, 2023; and reported (H.Rept. 118-145) on July
17, 2023. Approximate total FY2024 funding in the reported bill was $33.6 billion. Another $345 million for the CFTC was
included in the Agriculture appropriations bill (H.R. 4368; H.Rept. 118-124). The combined total of $34.0 billion was
approximately $20.2 billion less than the President’s FY2024 request. The largest amount of this difference is due to over
$10 billion in rescissions of multiyear IRS funding previously provided in P.L. 117-169.
Senate action. The Senate Financial Services and General Government Appropriations Act, 2024 (S. 2309), was marked up
in subcommittee on July 11, 2023, and marked up in full committee and reported (S.Rept. 118-61) on July 13, 2023.
Approximate total FY2024 funding in the reported bill was $39.1 billion, including $365 million for the CFTC. The total was
approximately $15 billion less than the President’s FY2024 request with the largest amount of this difference due to over $10
billion in rescissions of IRS funding previously provided in P.L. 117-169.
Continuing resolution (CR). No full-year FY2024 appropriations measure was enacted prior to the end of September 2023.
On September 30, 2023, Congress passed, and the President signed, P.L. 118-15, providing continuing appropriations
through November 17, 2023, largely based on FY2023 levels. Additional CRs were enacted (P.L. 118-22, P.L. 118-35, and
P.L. 118-40), ultimately extending funding through March 22, 2024.
Full-year FY2024 appropriations. FY2024 FSGG appropriations were ultimately enacted on March 23, 2024, as Division B
of P.L. 118-47, a measure consolidating six regular appropriations bills. FSGG funding in Division B totaled $36.0 billion.
CFTC funding of $365 million was included in P.L. 118-42, which consolidated six other appropriations bills. The combined
total of $36.4 billion was nearly $18.4 billion under the President’s request, with the largest portion of this due to the $10.2
billion IRS rescission.
Although financial services are a major focus of the FSGG appropriations bills, these bills do not include funding for many
financial regulatory agencies, which are funded outside of the appropriations process. FSGG appropriations bills, however,
have occasionally contained additional legislative provisions related to such agencies. In FY2024, H.R. 4664 included
specific language changing the leadership structure for the Consumer Financial Protection Bureau and bringing the
independently funded agency into the regular appropriations process, but this was not included in the final enacted measure.
