Appropriations Committee Fiscal 2026 Bill Leaves EBSA Funding Untouched

Both houses of Congress released appropriations bills that maintain the Employee Benefits Security Administration’s funding at last year’s level, as Congress aims to pass the bill before a January 30 deadline that would trigger a government shutdown. With no appetite among representatives or senators for a repeat of October and November 2025’s record-breaking shutdown, the bills are expected to pass.

While earlier proposals sought to cut EBSA’s budget from $191 million to $181 million for fiscal 2026, the current proposal maintains the agency’s funding at $191.1 million.

The legislation also earmarked approximately $494.3 million for the Pension Benefit Guaranty Corporation and $42.1 million in funding to implement the No Suprises Act of 2022.

The massive funding bill would also increase oversight of pharmacy benefit managers. The bill mandates federal oversight of Medicare Part D contracts, requiring the Centers for Medicare & Medicaid Services to ensure all PBM agreements contain only “reasonable and relevant” terms. Pharmacies would gain new appeal rights to challenge unfair contract provisions, while PBMs would be barred from linking their compensation to a drug’s list price—a practice critics say incentivizes higher costs.

To support these reforms, Congress would allocate $188 million to the Centers for Medicare & Medicaid Services—an agency within the Department of Health and Human Services—for implementation.