“Real consumer protection requires that we shift power from bureaucrats in Washington who implement one size fits all regulations to those who are most affected – our small businesses, community banks, credit unions, and their customers. Unfortunately, the CFPB, created by the Dodd-Frank Act, is an agency equipped with unprecedented authority over America’s financial system and structured in a way that undermines transparency and accountability. It is using its power to adopt policies that harm, rather than help, the very Americans it is tasked with protecting. Small businesses are not able to access the capital they need to create jobs if their community banks are fighting bureaucratic red tape instead of providing loans. This legislation is a crucial step to ensuring that the CFPB considers the broad reaching negative effects on our most dynamic job creators.
“This bill is critical in ensuring those most affected by these regulations have a say in their implementation so that we can continue to free our Main Street businesses and grow our economy. I was pleased to see it pass the House with bipartisan support, and I urge our colleagues in the Senate to continue working with us to promote success for our small businesses. I remain committed to promoting commonsense policies that will ensure the CFPB’s actions do not come at the expense of Fifth District small businesses and their employees.”