Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
September 18, 2024
Congressional Research Service
https://crsreports.congress.gov
R48188
Congressional Research Service
SUMMARY
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
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.
R48188
September 18, 2024
Baird Webel Specialist in Financial Economics
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
Congressional Research Service
Contents
Administration and Congressional Action ....................................................................................... 1
Financial Regulatory Agencies and FSGG Appropriations ............................................................. 7
Committee Structure and Scope ...................................................................................................... 8
Tables
Table 1. Status of FY2025 Financial Services and General Government (FSGG)
Appropriations .............................................................................................................................. 2
Table 2. FSGG Appropriations, FY2024-FY2025 ........................................................................... 2
Table 3. Department of the Treasury Appropriations, FY2024-FY2025 ......................................... 3
Table 4. Executive Office of the President (EOP) Appropriations, FY2024-FY2025..................... 4 Table 5. The Judiciary Appropriations, FY2024-FY2025 ............................................................... 5 Table 6. District of Columbia Special Federal Payments Appropriations, FY2024-
FY2025 ......................................................................................................................................... 5
Table 7. FSGG Independent Agencies Appropriations, FY2024-FY2025 ...................................... 6
Contacts
Author Information .......................................................................................................................... 9
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
Congressional Research Service 1
he 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), 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.4 However, it is common for legislative provisions addressing various financial regulatory issues to be included in the bill.
Administration and Congressional Action
President Biden submitted his full 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.
In the House, a Financial Services and General Government Appropriations Act, 2025, was marked up in subcommittee on June 5, 20245; marked up in full committee on June 13, 20246; and reported as an original measure (H.R. 8773; H.Rept. 118-556) on June 17, 2024. 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. 118-853). The combined total of $46.6 billion was approximately $6.2 billion less than the President’s
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, seeCRS In Focus IF12647, Internal Revenue Service Appropriations, FY2025, by Gary Guenther. For more information on Treasury or IRS appropriations, congressional requesters may contact CRS Specialist in Financial Economics Baird Webel.
3 For more information, see CRS In Focus IF12625, Judiciary Budget Request, FY2025, by Barry J. McMillion.
4 Examples include the Federal Reserve and the Office of the Comptroller of the Currency. See “Financial Regulatory Agencies and FSGG Appropriations” below.
5 See https://appropriations.house.gov/events/markups/subcommittee-markup-fiscal-year-2025-financial-services-and- general-government-bill.
6 See https://appropriations.house.gov/events/markups/full-committee-markup-fiscal-year-2025-defense-financial- services-and-general.
T
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FY2025 request. The largest amount of this difference is $2.2 billion less in funding for the Internal Revenue Service in the House committee-reported bill. The House Committee on Rules announced a process for prospective floor amendments to the FSGG bill and held a hearing on July 22, 2024. A special rule was not reported from the committee and the bill has not been considered on the floor.7
In the Senate, a Financial Services and General Government Appropriations Act, 2025, was marked up in full committee and reported as an original measure (S. 4928; S.Rept. 118-206) on August 1, 2024.8 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 Children’s Health Insurance Program (CHIP) in Section 635. Funding for CHIP, or recissions in such funding, is typically not included in the FSGG bill.9
Table 1 below reflects the status of FY2025 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 FSGG bills. Tables 3-7, respectively, detail the amounts for the Treasury, the Executive Office of the President, the judiciary, the District of Columbia, and the independent agencies. Specific columns in Tables 3-7 are FSGG agencies’ enacted amounts for FY2024, the President’s FY2025 request, and the FY2025 amounts from the committee-reported versions of H.R. 8773 and S. 4928.
Table 1. Status of FY2025 Financial Services and General Government (FSGG)
Appropriations
Subcommittee
Markup
House
Report
House
Passage
Senate Report
Senate
Passage
Conference
Report
Final Adoption
Enact-
ment House Senate House Senate
June 5,
2024 — June 17,
2024 — Aug, 1,
2024 — — — — —
Source: Prepared by CRS.
Table 2. FSGG Appropriations, FY2024-FY2025
Millions of Dollars
Agency
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Department of the Treasury 3,306.4 14,357.3 11,874.1 14,180.6 —
Executive Office of the President 862.9 921.5 815.9 898.7 —
The Judiciary 9,129.7 9,829.2 9,274.6 9,290.5 —
District of Columbia 790.9 932.4 856.2 904.8 —
Independent Agencies 651.6 4,766.4 1,745.6 3,572.9 —
7 See https://rules.house.gov/bill/118/hr-FY2025-FServices.
8 See https://www.appropriations.senate.gov/hearings/full-committee-markup-of-energy-and-water-development- defense-labor-health-and-human-services-and-financial-services-and-general-government-appropriations-acts.
9 See CRS Report R43949, Federal Financing for the State Children’s Health Insurance Program (CHIP), by Alison Mitchell for more information on CHIP.
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
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Agency
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Mandatory Retirement Accounts 21,661.6 21,988.6 21,988.6 21,988.6 —
CHIP Rescission — — — -6,640.0 —
Total 36,403.0 52,795.4 46,555.0 44,196.0 —
Sources: H.Rept. 118-556, H.Rept. 118-583, and S.Rept. 118-206. Notes: All figures are rounded to the nearest $100,000. 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) in Title VI and the Office of Personnel Management in Title VII. The “CHIP Rescission” is contained in Section 635 of S. 4928 and relates to funding for the Children’s Health Insurance Program, which is typically not funded in the FSGG bill.
Table 3. Department of the Treasury Appropriations, FY2024-FY2025
Millions of Dollars
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Departmental Offices (Salaries and Expenses) 287.6 312.3 244.4 312.3 —
Committee on Foreign Investment in the United States Fund (21) (21) (21) (21) —
Terrorism and Financial Intelligence 226.9 230.5 230.5 235.3 —
Cybersecurity Enhancement 36.5 150.0 99.0 100.0 —
Department-wide Systems and Capital Investments 11.0 14.5 9.4 11.1 —
Office of Inspector General 48.4 50.2 47.9 48.9 —
Treasury Inspector General for Tax Administration 172.5 179.0 170.0 174.3 —
Special Inspector General for Pandemic Recovery 11.9 5.3 5.0 5.3 —
Financial Crimes Enforcement Network 190.2 215.7 170.2 215.7 —
Bureau of the Fiscal Service 391.1 396.2 343.5 395.0 —
Alcohol and Tobacco Tax and Trade Bureau 157.8 159.7 158.5 159.7 —
Community Development Financial Institutions Fund 324.0 324.9 276.6 354.0 —
Internal Revenue Service (Total) 12,319.1 12,319.0 10,119.1 12,319.1 —
IRS Rescission -10,200.0 — — -150.0 —
Financial Services and General Government (FSGG) FY2025 Appropriations: Overview
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FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Treasury Forfeiture Fund (Rescission) -387.5 — — — —
State Small Business Credit Initiative (Recission) -283.0 — — — —
Total: Treasury 3,306.4 14,357.3 11,874.1 14,180.6 —
Sources: H.Rept. 118-556 and S.Rept. 118-206. Notes: All figures are rounded to the nearest $100,000. Totals may not sum due to rounding. Unless otherwise labeled, figures are net reflecting rescissions and offsetting collections. Figures in parentheses are gross amounts, which are then offset with collections and thus are treated as zeros in the totals.
Table 4. Executive Office of the President (EOP) Appropriations, FY2024-FY2025
Millions of Dollars
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
The White House (Total) 235.4 234.5 201.1 238.0 —
Office of Management and Budget 129.0 138.3 126.0 133.3 —
Intellectual Property Enforcement Coordinator 1.9 1.9 1.8 1.9 —
Office of the National Cyber Director 21.7 19.1 19.1 19.1 —
Office of National Drug Control Policy 469.6 469.6 453.6 469.0 —
Unanticipated Needs 1.0 1.0 1.0 1.0 —
Information Technology Oversight and Reform -2.0 44.5 8.0 30.0 —
Special Assistance to the President (Salaries and Expenses) 6.0 6.1 5.0 6.1 —
Official Residence of the Vice President (Operating Expenses) 0.3 0.3 0.3 0.3 —
Office of Pandemic Preparedness and Response — 6.2 — — —
Total: EOP and Funds Appropriated to the President 862.9 921.5 815.9 898.7 —
Sources: H.Rept. 118-556 and S.Rept. 118-206. Notes: All figures are rounded to the nearest $100,000. Totals may not sum due to rounding. Figures are net reflecting rescissions and offsetting collections. Most of the table’s funding is contained in Title II except the presidential salary included in the White House total, which is mandatory spending in Title VI. For more information on the appropriations for the Executive Office of the President, congressional offices may contact CRS Analyst in American National Government Barbara Schwemle.
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Table 5. The Judiciary Appropriations, FY2024-FY2025
Millions of Dollars
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
U.S. Supreme Court (Total) 153.0 163.0 152.5 157.0 —
U.S. Court of Appeals for the Federal Circuit 39.7 42.1 40.5 40.1 —
U.S. Court of International Trade 23.3 24.8 23.7 23.5 —
U.S. Courts of Appeals, District Courts, and Other Judicial Services (Total)
8,755.1 9,431.9 8,896.4 8,909.8 —
Administrative Office of the U.S. Courts 102.7 108.7 104.6 103.7 —
Federal Judicial Center 34.3 35.5 34.8 34.6 —
U.S. Sentencing Commission 21.6 23.3 22.1 21.9 —
Total: The Judiciary 9,129.7 9,829.2 9,274.6 9,290.5 —
Sources: H.Rept. 118-556 and S.Rept. 118-206. Notes: All figures are rounded to the nearest $100,000. Totals may not sum due to rounding. Figures are net reflecting rescissions and offsetting collections. For more information on judiciary appropriations, congressional offices may contact CRS Analyst in American National Government Barry J. McMillion.
Table 6. District of Columbia Special Federal Payments Appropriations,
FY2024-FY2025
Millions of Dollars
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Resident Tuition Support 40.0 40.0 20.0 40.0 —
Emergency Planning and Security 30.0 97.0 77.0 97.0 —
District of Columbia Courts 292.1 321.8 300.0 305.0 —
Defender Services 21.0 34.0 34.0 34.0 —
Court Services and Offender Supervision Agency 286.0 310.8 295.0 300.0 —
Public Defender Service 53.6 59.3 59.0 59.3 —
Criminal Justice Coordinating Council 2.5 2.5 2.5 2.5 —
Judicial Commissions 0.6 0.9 0.6 0.9 —
School Improvement 52.5 52.5 55.5 52.5 —
D.C. National Guard 0.6 0.6 0.6 0.6 —
HIV/AIDS Prevention 4.0 5.0 4.0 5.0 —
D.C. Water and Sewer 8.0 8.0 8.0 8.0 —
Total: DC Special Federal Payments 790.9 932.4 856.2 904.8 —
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Sources: H.Rept. 118-556 and S.Rept. 118-206. Notes: All figures are rounded to the nearest $100,000. Totals may not sum due to rounding. Figures are net reflecting rescissions and offsetting collections. The federal payment for the DC Water and Sewer Authority includes a provision requiring a 100% match from the authority. For more information on DC appropriations, congressional offices may contact CRS Analyst in Economic Development Policy Joseph V. Jaroscak.
Table 7. FSGG Independent Agencies Appropriations, FY2024-FY2025
Millions of Dollars
Agency
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Administrative Conference of the United States 3.4 3.5 3.4 3.5 —
Commodity Futures Trading Commissiona 365.0 374.0 345.0 371.0 —
Inspectors General Council (Oversight.gov) 2.9 8.0 0.5 8.0 —
Consumer Financial Protection Bureau — — -125.0 — —
Consumer Product Safety Commission 151.0 183.1 142.0 162.5 —
Election Assistance Commission 27.7 134.0 20.0 105.0 —
Federal Communications Commissionb (390.1) (448.1) (416.1) (448.1) —
FCC Emergency Connectivity Fund Recission -1,768.0 — — — —
Federal Deposit Insurance Corporation: Office of Inspector Generalc (47.5) (52.6) (52.6) (52,6) —
Federal Election Commission 80.9 93.5 76.5 85.7 —
Federal Labor Relations Authority 29.5 32.1 29.5 32.1 —
Federal Permitting Improvement Steering Council — 9.0 4.0 — —
Federal Trade Commission 133.7 216.0 69.7 131.0 —
General Services Administrationd -955.3 655.2 -1,285.8 -408.8 —
GSA Rescission -100.0 — — — —
Harry S Truman Scholarship Foundation 3.0 3.0 2.5 3.0 —
Merit Systems Protection Board 51.5 56.1 51.5 52.0 —
Udall Foundation 5.7 6.0 5.7 5.7 —
National Archives and Records Administration 507.1 481.1 448.2 470.8 —
National Credit Union Administration 3.5 4.0 3.4 4.0 —
Office of Government Ethics 23.0 22.4 22.4 22.4 —
Office of Personnel Management (Discretionary) 447.1 507.5 476.1 464.6 —
Office of Special Counsel 31.6 33.8 31.6 31.9 —
Privacy and Civil Liberties Oversight Board 13.7 14.4 13.7 14.5 —
Public Building Reform Board 4.0 4.0 3.6 4.0 —
Public Company Accounting Oversight Board Scholarships (2.0) (3.0) (3.0) (3.0) —
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Agency
FY2024
Enacted
FY2025
Request
FY2025
House
Committee
FY2025
Senate
Committee
FY2025
Enacted
Securities and Exchange Commissionb (2,188.7) (2,602.4) (2,013.1) (2,231.0) —
Selective Service System 31.3 33.5 31.3 33.6 —
Small Business Administration 1,184.7 1,462.8 997.1 1,594.9 —
U.S. Postal Service (USPS) Fund 49.8 70.5 49.8 50.3 —
USPS Office of Inspector General 268.3 294.0 274.0 274.0 —
U.S. Tax Court 56.7 65.0 55.0 57.3 —
Total: Independent Agencies (Net Discretionary) 651.6 4,766.4 1745.6 3,572.9 —
Sources: H.Rept. 118-556, H.Rept. 118-583, and S.Rept. 118-206. 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 are thus 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 and the Oversight.gov website (Inspectors General Council) and in Title VII for the Office of Personnel Management and the Commission on Federal Naming and Displays. 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.
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.
Financial Regulatory Agencies and FSGG Appropriations
Although financial services are a focus of the FSGG bill, the bill does not include funding for the regulation of much of the financial services industry.10 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
10 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.
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institutions).11 In addition, credit unions—another type of depository—which operate like banks in most ways, are regulated by the National Credit Union Administration (NCUA).12 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. The FIO has no regulatory authority.13
Federal securities regulation is divided between the Securities and Exchange Commission (SEC) and the CFTC, both of which are funded through appropriations.14 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,15 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. For example, H.R. 8773 includes language that would change the funding source and the leadership structure for the CFPB.16
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.17 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
11 For more information, see CRS In Focus IF10035, Introduction to Financial Services: Banking, by Raj Gnanarajah.
12 For more information, see CRS In Focus IF11713, Introduction to Financial Services: Credit Unions, by Darryl E. Getter.
13 For more information, see CRS In Focus IF10043, Introduction to Financial Services: Insurance, by Baird Webel.
14 For more information, see CRS In Focus IF11714, Introduction to Financial Services: The Securities and Exchange Commission (SEC), by Eva Su; and CRS In Focus IF10117, Introduction to Financial Services: Derivatives, by Rena S. Miller.
15 For more information, see CRS In Focus IF11715, Introduction to Financial Services: The Housing Finance System, by Darryl E. Getter.
16 For more information, see CRS Insight IN12409, Financial Services and General Government FY2025 Appropriations: CFPB’s Funding and Structure Provisions, by Karl E. Schneider and David H. Carpenter.
17 The agencies previously under the jurisdiction of the House TTHUD subcommittee that did not become part of the FSGG Subcommittee were the Department of Transportation, the Department of Housing and Urban Development, 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.
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Commission (FCC), the Federal Trade Commission (FTC), the SEC, and the Small Business Administration (SBA).
In the Senate, the jurisdiction of the FSGG Subcommittee is a combination of agencies from the jurisdictions 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.18 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 that the CFTC is under the jurisdiction of the FSGG Subcommittee in the Senate and the Agriculture Subcommittee in the House.
Author Information
Baird Webel Specialist in Financial Economics
18 The agencies that did not transfer from the Senate Appropriations Subcommittee on Transportation, Treasury, the Judiciary, Housing and Urban Development, and Related Agencies to FSGG were the Department of Transportation, the Department of Housing and Urban Development, 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.
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Disclaimer
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