Congress Continues To Stand Up For Consumers When CFPB Will Not
‘The president has signed all of the many CRA resolutions we’ve passed already, which overturned regulations that threatened everything from job creation to economic growth. The president will sign another CRA resolution today, one that will overturn a regulation that threatened to drive up costs for the millions of Americans who carry a credit card. It’s a regulation dreamed up by a government agency, the CFPB, that claims to protect consumers but seems to have found a way to actually harm them
WASHINGTON, D.C. – Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the Congressional Review Act resolution to hold the Consumer Financial Protection Bureau (CFPB) accountable that the president will sign today:
“After eight years of sluggish growth and missed opportunities for the middle class under the Obama Administration, the American people elected a new president and a Congress dedicated to getting our country moving again after so many years of failed left-wing policies. We’re working hard on joint legislative initiatives like tax reform. We’ve also undertaken what has been described as ‘the most ambitious regulatory rollback since Reagan.’
“The administration has the ability to take serious action on its own, and it has. The Congress has taken important action many times too. We’ve used the tools contained in the Congressional Review Act, which allows us to overturn certain regulations with a majority vote in Congress and the president’s signature.
“The president has signed all of the many CRA resolutions we’ve passed already, which overturned regulations that threatened everything from job creation to economic growth. The president will sign another CRA resolution today, one that will overturn a regulation that threatened to drive up costs for the millions of Americans who carry a credit card.
“It’s a regulation dreamed up by a government agency, the CFPB, that claims to protect consumers but seems to have found a way to actually harm them more. The Treasury Department released a study showing how this regulation has little to do with consumer protection and everything to do with lining the pockets of trial lawyers. This unaccountable agency ignored that study and issued its regulation anyway.
“We passed this Congressional Review Act resolution to protect consumers from wrong doing, while avoiding frivolous lawsuits that will only drive up costs for the millions of Americans with a credit card. The CFPB continues to be one of the most unaccountable bureaucracies in Washington and this Congress will continue to stand up for consumers even when the CFPB will not.”
Related Issues: Economy, Congressional Review Act
Next Previous
