Press Releases

Washington, DC—June 13, 2024…Congressman Steve Womack (AR-3) voted in support of the Fiscal Year 2025 Financial Services and General Government Appropriations bill that passed out of the House Appropriations Committee tonight. He is a senior member of the Financial Services and General Government Subcommittee and the former chairman.

Congressman Womack said, “Removing costly and burdensome regulations typical of the Administration’s agenda spurs the economy and supports small businesses. This mission is accomplished in the FY25 Financial Services and General Government Appropriations bill. The legislation also emphasizes issues important to Arkansans, including concerns about the USPS’s misguided consolidation efforts and the Treasury’s harmful mature unredeemed debt proposed rule. I’m glad this legislation advanced out of the House Appropriations Committee today.”

Bill highlights:

• Expresses concerns with the United States Postal Services’ aggressive approach to consolidating the Northwest Arkansas Processing and Distribution Center in Fayetteville, which could negatively impact mail service.
• Expresses concerns with the U.S. Department of Treasury’s proposed rule that has prevented states like Arkansas from using the information for the unclaimed property process, which allowed states to reach out to bondholders of mature unredeemed debt.
• Mature unredeemed debt are savings bonds in the Treasury that have stopped accruing interest but remain unclaimed.
• Most of these bondholders are not even aware that they are owed this money from the Treasury with over $214 million owed to Arkansans alone.
• Cuts funding for financial regulators to slow their costly and burdensome regulatory agendas.
• Targets financing for terrorists.
• Maintains the integrity of financial markets.
• Spurs small business growth.
• Targets opioid abuse.

A summary of the bill is available here.

Bill text is available here.