The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.

The fiscal year 2025 bill for the Financial Services and General Government Subcommittee would provide a total allocation of roughly $23.6 billion, which is 10% below the spending level provided in fiscal year 2024 and 20% below President Joe Biden's budget request.

A bill summary notes the proposal would provide more than $11.8 billion for the U.S. Department of the Treasury, a figure that is roughly $2.3 billion below the budget for fiscal year 2024 and $2.5 billion less than the budget request for fiscal year 2025. The Treasury Department didn't immediately respond to a request for comment Tuesday.

The proposal would provide $2 billion for the SEC's operating expenses — more than $589 million less than the agency's budget request and more than $144 million less than the agency's budget for fiscal year 2024. Republicans noted their proposal also limits the budget for the SEC's enforcement division to $644 million, marking a $168 million reduction from the agency's budget request.

The bill would include a host of policy riders, including a measure to block funds for the SEC's climate disclosure rule, which is facing a consolidated challenge in the Eighth Circuit from business groups like the U.S. Chamber of Commerce and Republican attorneys general.

The bill would also block implementation of Biden's executive orders on climate and the SEC's proposed rulemaking on swing pricing, and it would prohibit the SEC from collecting information tied to a market surveillance tool known as the consolidated audit trail.

The SEC declined to comment beyond its Congressional Budget Justification report for fiscal year 2025, in which Chairman Gary Gensler requested a budget of nearly $2.6 billion.

For the Consumer Financial Protection Bureau, the bill would allot a budget of $650 million — a significant cut from the roughly $700 million that it spent last fiscal year. The bill would also bring the agency under the appropriations process, replace its director with a five-person commission, and block funds for its rulemaking capping credit card late fees and its nonbank "repeat offender" registry.

In addition, the bill would forbid the CFPB from spending any of its new budget on collecting small business loan applicant data. Section 1071 of the Dodd-Frank Act mandated the collection of this information.

This defunding would effectively block the implementation of new lender reporting requirements that Republicans tried unsuccessfully to repeal, but it would also put the CFPB in the unusual position of being financially unable to do what Dodd-Frank and a subsequent court-ordered settlement told it to do.

Last month, the U.S. Supreme Court upheld the method of funding that the CFPB has used since its creation after the 2008 financial crisis, and attorneys predicted the victory will usher in a wave of activity at the agency.

Financial Services and General Government Subcommittee Chairman Dave Joyce, R-Ohio, said in a statement that the bill "reins in wasteful spending," and House Appropriations Committee Chairman Tom Cole, R-Okla., said the bill "protects taxpayers and constrains the burdensome hands of unelected bureaucrats."

"The integrity of our financial and judicial systems is supported without adding the red tape and reckless spending the White House requested," Cole said in a statement. "Above all, we made sure to focus agencies on their core missions."