Financial Services and General Government (FSGG) FY2025 Appropriations: Overview (CRS Report for Congress)
Premium Purchase PDF for $24.95 (13 pages)
add to cart or
subscribe for unlimited access
Pro Premium subscribers have free access to our full library of CRS reports.
Subscribe today, or
request a demo to learn more.
| Release Date |
Sept. 18, 2024 |
| Report Number |
R48188 |
| Report Type |
Report |
| Authors |
Baird Webel |
| Source Agency |
Congressional Research Service |
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 FY2025 budget request on March 11, 2024. The request included a total
of $52.8 billion for agencies funded through the FSGG appropriations bill, with a net total of $374 million for the CFTC.
House action. The House Financial Services and General Government Appropriations Act, 2025, was marked up in
subcommittee on June 5, 2024; marked up in full committee on June 13, 2024; and reported as an original measure (H.R.
8773; H.Rept. 118-556) on July 17, 2023. Approximate total FY2025 funding in the reported bill was $46.2 billion. Another
$345 million for the CFTC was included in the Agriculture appropriations bill (H.R. 9027; H.Rept. 118-583). The combined
total of $46.6 billion was approximately $6.2 billion less than the President’s FY2025 request. The largest amount of this
difference is $2.2 billion less in funding for the Internal Revenue Service in the House bill.
Senate action. The Senate Financial Services and General Government Appropriations Act, 2025 (S. 2309), was marked up
in full committee and reported as an original measure (S. 4928; S.Rept. 118-206) on August 1, 2024. Approximate total
FY2025 funding in the reported bill was $44.2 billion, including $371 million for the CFTC. This total was approximately
$8.6 billion less than the President’s FY2025 request, with the largest difference being a $6.6 billion recission in funding for
the State Children’s Health Insurance Program, which is typically not funded in the FSGG bill.
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. For example, in the FY2025 bills, H.R.
8773 includes specific language changing the leadership structure for the Consumer Financial Protection Bureau and bringing
the independently funded agency into the regular appropriations process. S. 4928 includes no similar provisions.
