Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Financial Services and General Government
June 30, 2022
(FSGG) FY2022 Appropriations: Overview
Baird Webel
The Financial Services and General Government (FSGG) appropriations bill includes funding for
Specialist in Financial
the Department of the Treasury, the Executive Office of the President, the judiciary, the District
Economics
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 FY2022 budget request on May 28, 2021. The request included a
total of $52.3 billion in appropriations for agencies funded through the FSGG bill, including $278 million for the CFTC.
House action. The House Committee on Appropriations reported a Financial Services and General Government
Appropriations Act, 2022 (H.R. 4345; H.Rept. 117-79), on July 1, 2021. Approximate total FY2022 funding in the reported
bill was $51.6 billion. Another $363 million for the CFTC was included in the Agriculture appropriations bill (H.R. 4356;
H.Rept. 117-82). The combined total of $51.9 billion was approximately $0.4 billion less than the President’s FY2022
request. The text of H.R. 4345 was included as Division D of H.R. 4502 when that bill was considered on the House floor.
H.R. 4502 was amended numerous times, primarily shifting funding among FSGG agencies but not increasing the overall
total. H.R. 4502 passed the House on July 29, 2021. CFTC funding of $363 million was included in Division B of H.R. 4502.
Senate action. The Senate Committee on Appropriations held one subcommittee hearing on the FY2022 budget request for
an FSGG agency, the Department of the Treasury, but did not act on an FSGG appropriations bill at either the subcommittee
or the full committee level. On October 19, 2021, the chairman of the full committee released draft texts and explanatory
statements for FY2022 appropriations bills, including an FSGG bill. FSGG Subcommittee Chair Chris Van Hollen
introduced an essentially identical bill as S. 3179 on November 4, 2021.
Continuing resolution. No full-year FY2022 appropriations measure was enacted prior to the end of September 2021.
Congress passed, and the President signed, P.L. 117-43 providing continuing appropriations through December 3, 2021,
largely based on FY2021 levels. Three further continuing resolutions (P.L. 117-70, P.L. 117-86, and P.L. 117-95) were
enacted, providing funding through March 15, 2022.
Supplemental appropriations. Appropriations for FSGG agencies are also frequently provided through supplemental
appropriations bills in addition to regular appropriations. This is particularly the case for the Small Business Administration
(SBA), which plays a significant role in recovery following disasters. Division B of P.L. 117-43 provided emergency
supplemental appropriations, including nearly $1.2 billion for the SBA. P.L. 117-58, enacted on November 15, 2021,
provided additional supplemental appropriations, including $14.2 billion for the Federal Communications Commission and
$3.4 billion for the General Services Administration, with a rescission of $13.5 billion for the SBA. P.L. 117-128, enacted
May 21, 2022, provided $52 million for the Department of the Treasury to “respond to the situation in Ukraine.”
Full-Year FY2022 appropriations. Full-year FY2022 appropriations were ultimately provided in Division E of the
Consolidated Appropriations Act, 2022 (H.R. 2471), enacted on March 15, 2022, as P.L. 117-103. Regular appropriations for
the FSGG agencies in the law, including $382 million for the CFTC under the Agriculture appropriations in Division A, were
nearly $48.5 billion. (P.L. 117-103 also included separate supplemental appropriations in Division N.) With the various
supplemental appropriations included, the FSGG agencies totaled approximately $53.9 billion in FY2022.
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. The FSGG bills do often contain
additional legislative provisions relating to such agencies. In FY2022, however, President Biden’s request contained no such
legislative provisions, and neither did the congressional legislation.

Congressional Research Service

link to page 4 link to page 5 link to page 6 link to page 6 link to page 10 link to page 11 link to page 7 link to page 7 link to page 7 link to page 8 link to page 12 link to page 14 Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Contents
Administration and Congressional Action ....................................................................................... 1
Continuing Resolution (CR) ..................................................................................................... 2
Emergency Supplemental Appropriations ................................................................................. 3
Full-Year FY2022 Appropriations ............................................................................................. 3
Financial Regulatory Agencies and FSGG Appropriations ............................................................. 7
Committee Structure and Scope ...................................................................................................... 8

Tables
Table 1. Status of FY2022 Financial Services and
General Government (FSGG) Appropriations ............................................................................. 4
Table 2. FSGG Appropriations, FY2021-FY2022 ........................................................................... 4
Table 3. FSGG Independent Agencies Appropriations, FY2021-FY2022 ...................................... 5

Appendixes
Appendix. FSGG Anomalies in FY2022 CR (P.L. 117-43)............................................................. 9

Contacts
Author Information ......................................................................................................................... 11

Congressional Research Service

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

The Financial Services and General Government (FSGG) appropriations bill includes funding for
a wide variety of federal government functions and government-wide direction on usage of
funds.1 The bill funds
 the Department of the Treasury (Title I),2
 the Executive Office of the President (Title II),
 the judiciary (Title III),3
 the District of Columbia (Title IV),4 and
 more than two dozen independent agencies (Title V).
Title VI of the bill typically funds mandatory retirement accounts for the entire government and
contains additional general provisions applying to the funding provided to agencies through the
FSGG bill. Title VII typically contains general provisions that apply government-wide.
The House and Senate FSGG bills fund the same agencies, with one exception. The Commodity
Futures Trading Commission (CFTC) is funded through the Agriculture appropriations bill in the
House and the FSGG bill in the Senate. Where the CFTC is funded upon enactment typically
depends on which chamber originated the law, which alternates annually. Thus, the enacted
amounts for the CFTC have historically been in the Agriculture appropriations bill one year and
the FSGG appropriations bill the following year.
This structure has existed in its current form since the 2007 reorganization of the House and
Senate Committees on Appropriations. Although financial services are a major focus of the FSGG
appropriations bill, the bill does not include funding for many financial regulatory agencies,
which are instead funded outside of the appropriations process. However, it is not uncommon for
legislative provisions addressing various financial regulatory issues to be included in titles at the
end of the bill.
Administration and Congressional Action
President Biden submitted his full FY2022 budget request on May 28, 2021. The request included
a total of $52.3 billion for agencies funded through the FSGG appropriations bill, including a net
total of $278 million for the CFTC.5
The House Committee on Appropriations reported a Financial Services and General Government
Appropriations Act, 2022 (H.R. 4345; H.Rept. 117-79), on July 1, 2021. Approximate total
FY2022 funding in the reported bill was $51.6 billion. Another $363 million for the CFTC was
included in the Agriculture appropriations bill (H.R. 4356; H.Rept. 117-82).6 The combined total

1 For a complete list of the CRS experts covering the various FSGG agencies, see CRS Report R42638,
Appropriations: CRS Experts, by James M. Specht and Justin Murray.
2 For more information, see CRS In Focus IF11979, Internal Revenue Service Appropriations, FY2022, by Gary
Guenther.
3 For more information, see CRS Report R47155, Judiciary Appropriations, FY2022, by Barry J. McMillion.
4 For more information, see CRS Report R47156, FY2022 District of Columbia Budget and Appropriations, by Joseph
V. Jaroscak.
5 The CFTC request was for a total of $394 million, to be offset with $116 million of user fees, which would require
congressional authorization. See the CFTC FY2022 budget request at https://www.cftc.gov/sites/default/files/2021-05/
CFTC_FY_2022_President_s_Budget_Final_Signed_05212021.pdf, particularly p. 48.
6 The President’s proposal for offsetting user fees was not included in H.R. 4356.
Congressional Research Service

1

link to page 12 Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

of $51.9 billion was approximately $0.4 billion less than the President’s FY2022 request. The
difference was largely due to approximately $1 billion less provided for the General Services
Administration, coupled with increases for a number of the other independent agencies.
The text of H.R. 4345 was included as Division D of H.R. 4502 when that bill was considered on
the House floor. H.R. 4502 was amended numerous times, primarily shifting funding among
FSGG agencies but not increasing the overall total.7 H.R. 4502 passed the House on July 29,
2021. CFTC funding of $363 million was included in Division B of H.R. 4502.
The Senate Committee on Appropriations held one subcommittee hearing on the FY2022 budget
request for an FSGG agency, the Department of the Treasury,8 but did not act on an FSGG
appropriations bill at either the subcommittee or the full committee level. On October 18, 2021,
Chairman Patrick Leahy released draft text and an explanatory statement for an FSGG
appropriations bill along with other appropriations bills.9 Vice Chairman Richard Shelby opposed
this approach, calling the process “one-sided” and urging further negotiations.10 FSGG
Subcommittee Chair Chris Van Hollen introduced a bill essentially identical to the draft text as S.
3179 on November 4, 2021.
Continuing Resolution (CR)
No full-year FY2022 appropriations measure was enacted prior to the end of September 2021.
The House of Representatives passed the Extending Government Funding and Delivering
Emergency Assistance Act, H.R. 5305, on September 21, 2021, with the Senate following on
September 30, 2021. The President signed the bill, now P.L. 117-43, on the same day. Division A
of P.L. 117-43 provided continuing appropriations through December 3, 2021. This continuing
funding is based on the FY2021 levels with a certain number of changes known generally as
anomalies. Detail on the FSGG anomalies can be found in the Appendix.11 Three other CRs were
enacted prior to enactment of the full-year appropriations:
 Further Continuing Appropriations Act, 2022 (Division A of P.L. 117-70),
enacted December 3, 2021, providing funding through February 18, 2022.
 Further Additional Extending Government Funding Act, 2022 (Division A of P.L.
117-86), enacted February 18, 2022, providing funding through March 11, 2022.
 Extension of Continuing Appropriations Act, 2022 (P.L. 117-95), enacted March
11, 2022, providing funding through March 15, 2022.

7 The FSGG portion of H.R. 4502 was amended by H.Amdt. 86 on a vote of 371-55 and by H.Amdt. 87 on a vote of
221-206. Both floor amendments were en bloc amendments made up of individual amendments printed in Part B of
H.Rept. 117-109, pp. 18-21.
8 U.S. Congress, Senate Committee on Appropriations, Subcommittee on Financial Services and General Government,
Fiscal Year 2022 Budget for the Department of the Treasury, 117th Cong., 1st sess., June 23, 2021,
https://www.appropriations.senate.gov/hearings/fiscal-year-2022-budget-for-the-department-of-the-treasury.
9 Senate Committee on Appropriations, “Chairman Leahy Releases Remaining Nine Senate Appropriations Bills,”
October 18, 2021, https://www.appropriations.senate.gov/news/majority/chairman-leahy-releases-remaining-nine-
senate-appropriations-bills.
10 Senate Committee on Appropriations, “Shelby: Democrats’ Partisan Bills Threaten FY22 Appropriations Process,”
October 18, 2018, https://www.appropriations.senate.gov/news/shelby-democrats-partisan-bills-threaten-fy22-
appropriations-process.
11 For a general overview of CRs, see CRS Report R46595, Continuing Resolutions: Overview of Components and
Practices, coordinated by Kevin P. McNellis. For more complete information regarding P.L. 117-37, see CRS Report
R46953, Overview of Continuing Appropriations for FY2022 (P.L. 117-43), coordinated by Kevin P. McNellis.
Congressional Research Service

2

link to page 7 link to page 7 link to page 8 link to page 7 link to page 8 Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Emergency Supplemental Appropriations
Appropriations for FSGG agencies are also frequently provided through supplemental
appropriations bills in addition to regular appropriations. This is particularly the case for the
Small Business Administration (SBA), which plays a significant role in post-disaster recovery.
In FY2022, prior to enactment of the full-year appropriations, Division B of P.L. 117-43 provided
emergency appropriations totaling nearly $1.2 billion for the SBA disaster loans program account.
Enacted on November 15, 2021, the Infrastructure Investment and Jobs Act, P.L. 117-58,
provided $17.6 billion in FY2022 emergency appropriations for FSGG agencies, specifically, $21
million for the Executive Office of the President, $14.2 billion for the Federal Communications
Commission, $0.65 million for the Federal Permitting Improvement Steering Council,12 and $3.4
billion for the General Services Administration. It also enacted a rescission of $13.5 billion in
previous SBA amounts for COVID-19 relief for a net total increase of $4.1 billion for FSGG
agencies. In addition to providing full-year appropriations as discussed in the next section, the
Consolidated Appropriations Act, 2022 (P.L. 117-103) also provided supplemental appropriations
for Ukraine in Division N, including $61 million for the Department of the Treasury. After
enactment of the full-year appropriations, Section 602 of P.L. 117-128 provided $52 million to the
Department of the Treasury to “respond to the situation in Ukraine and for related expenses.”
These funds are available until September 30, 2023, the end of FY2023.H.Rept. 117-39313
Full-Year FY2022 Appropriations
Full-year FY2022 appropriations were ultimately provided in Divisions A-L of the Consolidated
Appropriations Act, 2022, enacted on March 15, 2022, as P.L. 117-103.14 The House added the
final provisions on March 9, 2022, in two separate amendments, with Divisions B, C, F, X, Z and
Titles 2 and 3 of Division N approved on a vote of 361-69 and the remaining divisions approved
on a vote of 260-171, with one Member voting present. The Senate agreed to the combined House
amendments on March 10, 2022, by a vote of 68-31. The FSGG appropriations were contained in
Division E, with $382 million for the CFTC in Division A, the Agriculture appropriations.
Including the CFTC, the total FSGG appropriations were nearly $48.5 billion. Including
supplemental appropriations, the FSGG agencies ultimately totaled approximately $53.9 billion
for FY2022.
Table 1 below reflects the status of FY2022 FSGG appropriations measures at key points in the
appropriations process. Table 2 lists, largely by title, the amounts requested by the President and
included in the various FSGG and emergency supplemental bills. Table 3 details the amounts for
the independent agencies. Specific columns in Table 2 and Table 3 are FSGG agencies’ enacted
amounts for FY2021, the President’s FY2022 request, the FY2022 amounts from H.R. 4502 as it
passed the House, and the Senate committee majority draft. The FY2022 enacted column totals
the emergency funding provided in P.L. 117-128, Division N of P.L. 117-103, P.L. 117-58, and
P.L. 117-43 as well as the full-year appropriations in Divisions A-L of P.L. 117-103.

12 An additional $0.65 million per year was provided for FY2023, FY2024, and FY2025, and $0.4 million was
provided for FY2026.
13 P.L. 117-128 also provided $174,000 for the beneficiary of a recently deceased Member of Congress. This amount
was included under the FSGG enacted amounts in the House committee report on the FY2023 FSGG bill (, p. 209). In
other years, such funds have been typically provided in the Legislative Branch appropriations bill.
14 The appropriations provisions were added to previously passed measure. The Explanatory Statement for the
appropriations measure, which acts as the joint explanatory statement of a conference committee, was published in the
Congressional Record for March 9, 2022. The FSGG portion, including summary tables, is on pages H2349-H2394.
Congressional Research Service

3

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Table 1. Status of FY2022 Financial Services and
General Government (FSGG) Appropriations
Subcommittee
Markup
Final Adoption
House
House
Senate
Senate
Conference
Enact-
House
Senate Report Passage
Report Passage
Report
House
Senate
ment
March
March
March
June 24,
July 1,
July 29,
—
—
—
—
9,
10,
15,
2021
2021
2021
2022
2022
2022
Source: Prepared by CRS.
Table 2. FSGG Appropriations, FY2021-FY2022
(in millions of dollars)
FY2022
Senate
FY2022
Committee
FY2021
FY2022
House-
Chairman’s
FY2022
Agency
Enacted
Request
Passed
Draft
Enacted
Department of the Treasury
13,413.3
15,415.1
15,395.1
15,398.3
14,237.0
Executive Office of the President
759.2
826.3
850.3
804.5
807.3
Judiciary
8,196.8
8,580.7
8,610.3
8,531.9
8,445.3
District of Columbia
747.5
794.5
794.5
761.0
775.5
Independent Agencies
1,977.9
4,694.1
4,271.4
4,356.7
7,649.5
Mandatory Retirement Accounts
22,388.6
21,996.6
21,996.6
21,996.6
21,996.6
Total
47,483.4
52,307.3
51,918.0
51,849.0
53,911.2
Sources: H.Rept. 117-393, P.L. 117-128, P.L. 117-103 and Explanatory Statement, P.L. 117-58, P.L. 117-43,
H.Rept. 117-79, H.R. 4502, and Senate Appropriations Committee Chairman’s Draft Explanatory Statement.
Notes: Totals may not sum due to rounding. Figures are net reflecting rescissions and offsetting collections.
Totals for each column include funding for the Commodity Futures Trading Commission, which is funded in the
House through the Agriculture appropriations bill and in the Senate through the FSGG bill.
Rescissions from the Treasury’s Asset Forfeiture Fund are contained in Title VI and are included in the total for
the Department of the Treasury.
The mandatory spending for the President’s salary is contained in Title VI, whereas the rest of presidential
spending is in Title II.
The “Mandatory Retirement Accounts” amount is contained in Title VI.
The “Independent Agencies” total is primarily in Title V but also reflects funding or rescissions for the Public
Company Accounting Oversight Board scholarships and the Oversight.gov website (Inspectors General Council
Fund) in Title VI and the Office of Personnel Management and the Commission on Federal Naming and Displays
in Title VII. The FY2022 enacted total includes $174,000 in a payment for congressional widows and heirs from
P.L. 117-128 and included in H.Rept. 117-393. Such payments have previously been included in the Legislative
Branch appropriations bill.
Congressional Research Service

4

link to page 10 link to page 10 link to page 10 link to page 10 link to page 10 Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Table 3. FSGG Independent Agencies Appropriations, FY2021-FY2022
(in millions of dollars)
FY2022
Senate
Committee
FY2021
FY2022
FY2022
Chairman’s
FY2022
Agency
Enacted
Request
House-Passed
Draft
Enacted
Administrative
Conference of the
3.4
3.4
3.4
3.4
3.4
United States
Commission on
Federal Naming and
—
—
1.5
—
—
Displays
Commodity Futures
304.0
278.0
363.0
384.0
382.0
Trading Commissiona
Consumer Product
135.0
170.0
172.0
148.0
139.1
Safety Commission
Election Assistance
17.0
122.8
522.8
120.0
95.0
Commission
Federal
Communications
(374.0)
(388.0)
(388.0)
(388.0)
14,200.0
Commissionb
Federal Deposit
Insurance Corporation:
(43.0)
(46.5)
(46.5)
(46.5)
(46.5)
Office of Inspector
Generalc
Federal Election
71.5
76.5
76.5
76.5
74.5
Commission
Federal Labor
26.6
29.2
29.2
27.9
27.4
Relations Authority
Federal Permitting
Improvement Steering
10.0
10.7
10.0
10.0
10.7
Council
Federal Trade
182.0
231.8
231.8
226.0
218.5
Commission
General Services
-1,022.8
1,402.9
396.8
892.7
2,391.4
Administrationd
Harry S Truman
2.0
—
2.4
3.0
2.5
Scholarship Foundation
Inspectors General
Council Fund
0.9
0.9
0.9
0.9
0.9
(Oversight.gov)
Merit Systems
46.8
48.4
48.4
48.4
48.2
Protection Board
Morris K. Udall
5.0
5.4
5.4
5.4
5.1
Foundation
National Archives and
Records
447.8
426.0
456.0
492.4
476.5
Administratione
Congressional Research Service

5

link to page 10 Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

FY2022
Senate
Committee
FY2021
FY2022
FY2022
Chairman’s
FY2022
Agency
Enacted
Request
House-Passed
Draft
Enacted
National Credit Union
1.5
2.0
4.0
2.0
1.5
Administration
Office of Government
18.6
20.4
20.4
19.5
19.2
Ethics
Office of Personnel
Management
361.0
404.9
405.9
393.5
370.9
(discretionary)
Office of Special
29.5
30.4
31.5
30.4
30.4
Counsel
Postal Regulatory
17.0
19.6
19.6
19.6
17.5
Commission
Privacy and Civil
Liberties Oversight
8.5
9.6
9.6
9.4
9.8
Board
Public Building Reform
3.5
4.5
4.5
4.5
3.6
Board
Public Company
Accounting Oversight
(0.9)
(2.0)
(2.0)
(2.0)
(2.0)
Board Scholarships
Securities and
(1,926.2)
(1,999.7)
(1,999.7)
(1999.7)
(1,999.7)
Exchange Commissionb
Selective Service
System
26.0
27.6
29.2
27.6
29.2
Small Business
921.7
995.5
1,046.9
1,034.8
2,219.8
Administration (SBA)
SBA rescission

-13,500.0
U.S. Postal Service
55.3
52.6
58.6
52.6
52.6
(USPS) Fund
USPS Office of
250.0
263.0
263.0
266.0
262.0
Inspector General
U.S. Tax Court
56.1
58.2
58.2
58.2
57.8
Total: Independent
Agencies (Net
1,977.9
4,694.1
4,271.4
4,356.7
7,649.5
Discretionary)
Sources: H.Rept. 117-393. P.L. 117-103 and Explanatory Statement, P.L. 117-58, P.L. 117-43, H.Rept. 117-79,
H.R. 4502, and Senate Appropriations Committee Chairman’s Draft Explanatory Statement.
Notes: All figures are rounded to the nearest $100,000. Columns may not sum due to rounding. Figures in
parentheses are gross amounts, which are then offset with collections and thus are treated as zeros in the totals.
The funding for the independent agencies is primarily in Title V, but the table also reflects funding or rescissions
in Title VI for the Public Company Accounting Oversight Board scholarships, the Oversight.gov website
(Inspectors General Council Fund) and in Title VII for the Office of Personnel Management and the Commission
on Federal Naming and Displays. The FY2022 enacted total includes $174,000 in a payment for congressional
widows and heirs from P.L. 117-128 and included in H.Rept. 117-393. Such payments have previously been
included in the Legislative Branch appropriations bill.
Congressional Research Service

6

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

a. The Commodity Futures Trading Commission is funded in the House through the Agriculture
appropriations bill and in the Senate through the FSGG bill.
b. The Federal Communications Commission (FCC) and the Securities and Exchange Commission (SEC) are
funded by collecting regulatory fees (or “offsetting collections”), often resulting in no direct appropriations.
Therefore, the amounts shown for the FCC and the SEC represent budgetary resources, but those amounts
are usually not included in the table totals. In FY2022, however, the FCC was provided emergency
appropriations above the offsetting collections in P.L. 117-58.
c. The funding amount for the Federal Deposit Insurance Corporation’s (FDIC’s) Office of Inspector General
is determined in the FSGG bill, but the funding is transferred from nonappropriated FDIC funds and thus is
not included in total FSGG appropriations.
d. The General Services Administration’s (GSA’s) real property activities are funded through the Federal
Buildings Fund (FBF), a multibillion-dollar revolving fund into which federal agencies deposit rental payments
for leased GSA space. Congress makes the FBF revenue available each year to pay for GSA’s real property
activities. A negative total for the FBF occurs when the amount of funds made available for expenditure in a
fiscal year is less than the amount of new revenue expected to be deposited.
e. Amount as shown in the committee report tables. Figures do not include appropriations for repayments of
principal on the construction of the Archives II facility. The amounts included in the President’s budget
request and the specific appropriations bills include this principal repayment. The FY2021 enacted amount
includes $50 mil ion in emergency funding for the Records Center Revolving Fund.
Financial Regulatory Agencies and FSGG
Appropriations
Although financial services are a focus of the FSGG bill, the bill does not actually include
funding for the regulation of much of the financial services industry.15 Financial regulatory
agencies can be broadly subdivided into groups that regulate depositories (primarily banks),
insurance, securities, and housing finance. Federal regulation of the banking industry is divided
among the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the
Comptroller of the Currency, and the Bureau of Consumer Financial Protection (generally known
as the Consumer Financial Protection Bureau, or CFPB, which also has authorities over certain
nonbank financial institutions).16 In addition, credit unions—another type of depository—which
operate like banks in most ways, are regulated by the National Credit Union Administration
(NCUA).17 None of these agencies receives primary funding through the appropriations process,
with only the FDIC inspector general and a small program operated by the NCUA currently
funded in the FSGG bill.
Insurance is generally regulated at the state level, with some oversight at the holding company
level by the Federal Reserve. There is a relatively small Federal Insurance Office (FIO) inside the
Treasury that is funded through the Departmental Offices account, but the FIO has no regulatory
authority.18

15 For a more complete discussion regarding the funding of financial regulators and general financial regulatory
structure, see CRS Report R43391, Independence of Federal Financial Regulators: Structure, Funding, and Other
Issues, by Henry B. Hogue, Marc Labonte, and Baird Webel; and CRS Report R44918, Who Regulates Whom? An
Overview of the U.S. Financial Regulatory Framework, by Marc Labonte.
16 For more information, see CRS In Focus IF10035, Introduction to Financial Services: Banking, by Raj Gnanarajah.
17 For more information, see CRS In Focus IF11713, Introduction to Financial Services: Credit Unions, by Darryl E.
Getter.
18 For more information, see CRS In Focus IF10043, Introduction to Financial Services: Insurance, by Baird Webel.
Congressional Research Service

7

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Federal securities regulation is divided between the Securities and Exchange Commission (SEC)
and the CFTC, both of which are funded through appropriations.19 The CFTC funding is a
relatively straightforward appropriation from the general fund, whereas the SEC funding is
provided by the FSGG bill but then offset through fees collected by the SEC.
Housing finance, particularly the two large government-sponsored enterprises Fannie Mae and
Freddie Mac, is overseen by the Federal Housing Finance Agency,20 which is funded primarily
through assessments on regulated entities and receives no funding through the FSGG bill.
Although funding for many financial regulatory agencies may not be provided by the FSGG bill,
legislative provisions affecting financial regulation in general and some of these agencies
specifically have often been included in FSGG bills. In FY2022, however, neither the President’s
budget request nor the congressional bills included such legislative provisions.
Committee Structure and Scope
The House and Senate Committees on Appropriations reorganized their subcommittee structures
in early 2007. Each chamber created a new Financial Services and General Government
Subcommittee. In the House, the jurisdiction of the FSGG Subcommittee is composed primarily
of agencies that had been under the jurisdiction of the Subcommittee on Transportation, Treasury,
Housing and Urban Development, the Judiciary, the District of Columbia, and Independent
Agencies, commonly referred to as TTHUD.21 In addition, the House FSGG Subcommittee was
assigned four independent agencies that had been under the jurisdiction of the Science, State,
Justice, Commerce, and Related Agencies Subcommittee: the Federal Communications
Commission (FCC), the Federal Trade Commission (FTC), the SEC, and the SBA.
In the Senate, the jurisdiction of the FSGG Subcommittee is a combination of agencies from the
jurisdiction of three previously existing subcommittees. Most of the agencies that had been under
the jurisdiction of the Transportation, Treasury, Judiciary, Housing and Urban Development, and
Related Agencies Subcommittee were assigned to the FSGG Subcommittee.22 In addition, the
District of Columbia, which had its own subcommittee in the 109th Congress, was placed under
the purview of the FSGG Subcommittee, as were four independent agencies that had been under
the jurisdiction of the Commerce, Justice, Science, and Related Agencies Subcommittee: the
FCC, FTC, SEC, and SBA. As a result of this reorganization, the House and Senate FSGG
Subcommittees have nearly identical jurisdictions, except the CFTC is under the jurisdiction of
the FSGG Subcommittee in the Senate and the Agriculture Subcommittee in the House.

19 For more information, see CRS In Focus IF10032, Introduction to Financial Services: The Securities and Exchange
Commission (SEC), by Gary Shorter; and CRS In Focus IF10117, Introduction to Financial Services: Derivatives, by
Rena S. Miller.
20 For more information, see CRS In Focus IF11715, Introduction to Financial Services: The Housing Finance System,
by Darryl E. Getter.
21 The agencies previously under the jurisdiction of the House Appropriations Subcommittee on Transportation,
Treasury, Housing and Urban Development, the Judiciary, the District of Columbia, and Independent Agencies that did
not become part of the FSGG Subcommittee were the Department of Transportation (DOT), the Department of
Housing and Urban Development (HUD), the Architectural and Transportation Barriers Compliance Board, the Federal
Maritime Commission, the National Transportation Safety Board, the Neighborhood Reinvestment Corporation, and
the U.S. Interagency Council on Homelessness.
22 The agencies that did not transfer from the Senate Appropriations Subcommittee on Transportation, Treasury, the
Judiciary, and Housing and Urban Development, and Related Agencies to FSGG were DOT, HUD, the Architectural
and Transportation Barriers Compliance Board, the Federal Maritime Commission, the National Transportation Safety
Board, the Neighborhood Reinvestment Corporation, and the U.S. Interagency Council on Homelessness.
Congressional Research Service

8

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Appendix. FSGG Anomalies in FY2022 CR (P.L. 117-
43)
Section 126—Additional Funding for the Executive Office of the
President23
Section 126 provides additional funding for the “Executive Office of the President and Funds
Appropriated to the President—The White House—Salaries and Expenses” account at a rate for
operations equal to $60,000,000.
Section 127—Additional Funding for the General Services
Administration24
Section 127 provides additional funding for the “General Services Administration—Allowances
and Office Staff for Former Presidents” account at a rate for operations equal to $5,000,000.
Section 128—Increased Flexibility to Process Certain Small
Business Administration (SBA) Loans25
Section 128 authorizes the SBA to apportion funding provided by this act at the rate necessary to
meet demand for commitments for several of its lending programs, including general business
loans authorized under paragraphs (1) through (35) of Section 7(a) of the Small Business Act,26
guarantees of trust certificates authorized by Section 5(g) of the Small Business Act,27
commitments to guarantee loans under Section 503 of the Small Business Investment Act of
1958,28 and commitments to guarantee loans for debentures under Section 303(b) of the Small
Business Investment Act of 1958.29

23 This section was authored by Barbara L. Schwemle, Analyst in American National Government.
24 This section was authored by Garrett Hatch, Specialist in American National Government.
25 This section was authored by Robert Jay Dilger, Senior Specialist in American National Government.
26 15 U.S.C. §636(a)(1)-(35). For more information, see CRS Report R41146, Small Business Administration 7(a) Loan
Guaranty Program, by Robert Jay Dilger.
27 15 U.S.C. §687l; and 15 U.S.C. §697b.
28 15 U.S.C. §697-§697g. For more information, see CRS Report R41184, Small Business Administration 504/CDC
Loan Guaranty Program, by Robert Jay Dilger.
29 15 U.S.C. Chapter 14B. For more information, see CRS Report R41456, SBA Small Business Investment Company
Program, by Robert Jay Dilger.
Congressional Research Service

9

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Section 129—District of Columbia30
Section 129 provides additional funding for the “District of Columbia—Federal Funds—Federal
Payment to the Court Services and Offender Supervision Agency for the District of Columbia”
account, with a rate for operations equal to $249.7 million. This represents an increase of $3.8
million from the FY2021 appropriated amount (Title IV of Division E of P.L. 116-260). The
provision also directs $70.5 million of the $249.7 million total to remain available for the Pretrial
Services Agency for the District of Columbia.31
Section 130—District of Columbia Local Funds32
Section 130 grants congressional approval to the District of Columbia’s general fund and capital
budgets for FY2022. This approval is consistent with the requirement that Congress approve the
District’s annual budget under the District of Columbia Self-Government and Government
Reorganization Act (P.L. 93-198).33 This provision grants the District the authority to expend
locally raised funds only for those programs and activities that received funding in the District’s
FY2021 appropriation (Title IV of Division E of P.L. 116-260). This provision also allows
District officials to obligate locally raised funds at the rate set forth in the District’s Fiscal Year
2022 Local Budget Act of 2021 (D.C. Act 24-173).34
Section 131—Federal Bankruptcy Trustee Payments35
Section 131 would remove the phrase in that fiscal year from Title 11, Section 330(e)(3), of the
U.S. Code. This change would allow the federal judiciary to pay bankruptcy trustees who served
in cases during a particular fiscal year even if those trustees were not actually appointed, or did
not render services, until the following fiscal year. This change would impact only a small
number of cases each year and would have no impact on appropriations or funding for the
judiciary (per information received by CRS from the Administrative Office of the U.S. Courts).

30 This section was authored by Joseph V. Jaroscak, Analyst in Economic Development Policy.
31 For information on the Court Services and Offender Supervision Agency and the Pretrial Services Agency, see
Pretrial Services Agency for the District of Columbia, “Court Services and Offender Supervision Agency,”
https://www.psa.gov/?q=about/CSOSA.
32 This section was authored by Joseph V. Jaroscak, Analyst in Economic Development Policy.
33 For information on the District of Columbia budget process, see CRS Report R46763, FY2021 District of Columbia
Budget and Appropriations.
34 D.C. Act 24-176, Fiscal Year 2022 Budget Support Act of 2021, https://lims.dccouncil.us/downloads/LIMS/47312/
Signed_Act/B24-0285-Signed_Act.pdf.
35 This section was authored by Barry McMillion, Analyst on the Federal Judiciary.
Congressional Research Service

10

Financial Services and General Government (FSGG) FY2022 Appropriations: Overview

Author Information

Baird Webel

Specialist in Financial Economics

Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan
shared staff to congressional committees and Members of Congress. It operates solely at the behest of and
under the direction of Congress. Information in a CRS Report should not be relied upon for purposes other
than public understanding of information that has been provided by CRS to Members of Congress in
connection with CRS’s institutional role. CRS Reports, as a work of the United States Government, are not
subject to copyright protection in the United States. Any CRS Report may be reproduced and distributed in
its entirety without permission from CRS. However, as a CRS Report may include copyrighted images or
material from a third party, you may need to obtain the permission of the copyright holder if you wish to
copy or otherwise use copyrighted material.

Congressional Research Service
R46993 · VERSION 7 · UPDATED
11