Washington, DC— July 13, 2023…Congressman Steve Womack (AR-3) lead his first full House Appropriations Committee markup on the FY24 Financial Services and General Government bill as Chairman. This legislation provides $25.279 billion in non-defense discretionary spending across several critical agencies, includes $45 million in defense spending, and rejects over $6.3 billion in discretionary funding increases within the President Biden’s budget request.

Chairman Womack said, “This bill right-sizes the federal agencies under our jurisdiction within the established caps while not impacting their ability to effectively operate for the American people. The pursuit of a job-killing, burdensome and unnecessary regulatory agenda only serves to further bloat a federal bureaucracy that has become too big, too intrusive, and counter-intuitive to limited government. It is our Article I responsibility to ensure our federal agencies are consistent with the intent of Congress in the most cost-effective manner possible. This bill accomplishes that.”

Reins in wasteful Washington spending and bureaucracy by:

• Rescinding unused and unobligated funding totaling $13.4 billion away from the partisan Inflation Reduction Act for 85,000 IRS agents and their associated payroll systems.
• Prohibiting dozens of costly regulatory actions and ensuring agencies remain focused on their core federal functions.
• Reduces funding for 31 unauthorized accounts, saving $64 million.
• Ensuring agencies return to pre-COVID telework policies and levels.

Supports economic growth and protects American investors and small businesses by:

• Prohibiting funding for costly and heavy-handed regulations at the Securities and Exchange Commission (SEC), including the climate disclosure rule.

• Subjecting the Consumer Financial Protection Bureau (CFPB) to the appropriations process and replacing the CFPB director with a bipartisan, five-person commission.

A recording of the markup can be found here.

Congressman Steve Womack (AR-3) has represented Arkansas’s Third Congressional District since 2011. He is a member of the House Appropriations Committee.

womack.house.gov

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