U.S. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, outlined committee Republicans’ priorities for fiscal year (FY) 2024 appropriations.
In a letter to House Appropriations Committee Chair Kay Granger (R-TX) and Ranking Member Rosa DeLauro (D-CT), McHenry laid out his party’s plans, including the rescission of unspent “emergency” funds, strengthening public markets, nurturing innovation, countering the influence of China, and fostering a vibrant financial system.
“To get our economy back on track, Congress must be united in reining in wasteful spending. It must get back to the free-market principles that helped grow our economy prior to the pandemic. This means encouraging entrepreneurship and strengthening our capital markets. It means embracing technology to nurture innovation and fostering a strong and vibrant financial system that can support small businesses, community financial institutions, and households,” McHenry wrote.
One of the priorities is to rescind unspent emergency funds and provide for greater transparency and accountability in future spending bills
“Three years ago, Congress passed the bipartisan CARES Act and later the 2020 Consolidated Appropriations Act to support the economy during the government-imposed shutdown. The funding was timely, targeted, and tied to COVID. It also created a multi-layered oversight ecosystem to protect the funds against waste, fraud, and abuse. The Special Pandemic Recovery Inspector General (SPRIG) was created and continues to monitor the use of these funds,” he said.
In addition, to help nurture innovation, McHenry said it is the job of lawmakers to legislate a regulatory framework for digital assets.