The Consolidated Appropriations Act of 2012 (CAA) was an omnibus spending bill that changed Pell grant funding in response to a budgetary shortfall after a four-year investment in student financial aid. The CAA occurred at a time of state disinvestment coupled with increasing tuition and fees. Through the lens of resource dependence and academic capitalism as a conceptual framework, I used panel data in an ordinary least squares (OLS) regression to explore the impact of the CAA on Pell grant revenues. I included an interaction term to specifically address the impact of the CAA on public regional universities (PRUs) versus other institutions. Results indicated that the interaction effect between CAA and PRU was jointly significant. The average Pell award per student at PRUs was $13 less than other institutions before the implementation of the CAA. The average Pell award per student at PRUs increased after the implementation of the CAA; however, the average Pell award per student at PRUs was still $20 less than other institutions. Results indicated that the percentage of students receiving Pell awards was a significant and positive predictor of an average Pell award. Interestingly, institutions designated as minority-serving institutions (MSIs) were also significant and positive predictors of an average Pell award. Admission rate was a significant and negative predictor of an average Pell award but offered little practical meaning. The results highlighted the ongoing fiscal disparities between PRUs and other institutions, particularly as a growing number of MSIs educate students who rely on Pell grants to attend college.