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.
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