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Committee on Financial Services Releases FY2023 Budget Views and Estimates

The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), has submitted its Budget Views and Estimates for Fiscal Year (FY) 2023 to the House Budget Committee. The purpose of this document is to advise the Budget Committee on matters within the Financial Services Committee’s jurisdiction as it formulates the budget for FY 2023. 

The Views were signed by all Democratic Members of the Committee.

“In the 117th Congress, the Committee on Financial Services is working closely with the Biden Administration to advance policies to provide a strong, equitable recovery from the COVID-19 pandemic, protect consumers and investors, promote diversity and inclusion, advance racial equity, hold financial institutions and firms accountable, ensure fair and affordable housing for all, and enhance international cooperation to address today’s global challenges, including climate change, public health crises, equitable financial access, and the far-reaching security, economic, and humanitarian impacts of Russia’s war on Ukraine,” the Members wrote.

“The COVID-19 pandemic has taken nearly one million lives in the U.S. and caused widespread damage to the U.S. economy. Thanks to investments made by the Biden administration and Congress through the American Rescue Plan (ARP), the U.S. has experienced the swiftest and strongest economic recovery in the world, with the addition of more than 8.4 million jobs since the end of 2020…The Committee also believes that the Build Back Better Act’s proposed investments in housing and supply chain resilience are critical to addressing some of the major sources of rising prices. Additionally, witnesses who have testified before the Committee, including Federal Reserve Chair Jerome Powell, have identified child care and long-term health care investments in the BBB as critical to filling the gaps that remain in labor market recovery, particularly for women and communities of color. The Committee will be vigilant in overseeing regulators’ efforts to address macroeconomic and financial stability risks, including emerging threats like climate change, and will monitor ongoing financial stability risks, including how a changing monetary policy environment and elevated interest rate risk might hamper economic recovery or otherwise affect financial markets.”

See here for the full Budget Views and Estimates for Fiscal Year 2023.

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