Regulatory Relief for Consumers, Auto Industry Jobs
‘[T]he Senate will consider yet another chance to use the Congressional Review Act and repeal yet another of the last administration's runway regulations. Thanks to Senator Moran and Senator Toomey, today’s effort will protect consumers from a brazen attempt by the past director of the Consumer Financial Protection Bureau to stretch his authority and interfere in the auto industry.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the repeal of a harmful, Obama-era regulation for the auto industry:
“Yesterday afternoon, I filed cloture on S. 1129, the Coast Guard Authorization Act, a comprehensive package that equips an adaptable force to meet a variety of important missions. I hope my colleagues will join me in ensuring its swift consideration and passage this week.
“But first, the Senate will consider yet another chance to use the Congressional Review Act and repeal yet another of the last administration's runway regulations. Thanks to Senator Moran and Senator Toomey, today’s effort will protect consumers from a brazen attempt by the past director of the Consumer Financial Protection Bureau to stretch his authority and interfere in the auto industry.
“Now, the Dodd-Frank Act of 2010 got a lot of things wrong. But one thing Dodd-Frank got right was protecting auto dealers from meddling by the CFPB. Our Democratic colleagues are usually fans of federal regulations. I guess even they had a hunch that, left unchecked, the federal bureaucracy would find a way to put the brakes on this key industry. And how right they were.
“In 2013, federal regulators concocted a loophole. They bypassed standard review and public comment periods for federal regulations, and instead issued guidance that would regulate auto dealers’ ability to negotiate loan terms with their customers. Dodd-Frank already gave the CFPB unprecedented insulation from the American people’s elected representatives. But apparently that wasn’t enough.
“Because they still attempted an end-run around the express prohibition on the regulation of auto dealers with guidance they assumed wouldn’t be subject to the Congressional Review Act. Well, Senator Toomey foiled that plan when he asked GAO for an opinion on whether this guidance was in fact intrusive rulemaking that should be subject to congressional review. GAO decided it was, and now, Congress will have its say.
“Republicans are chopping away at the tangled mess of regulations the last administration left behind. Our whole economy is getting a tune-up. And now it’s time for the front end of the auto industry to come along for the ride. We used the Congressional Review Act a record 15 times last year. Let’s join with our colleagues from Pennsylvania and Kansas, and add another victory to that list.”
Related Issues: Congressional Review Act
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