Political Quotes

“Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, let me say that, again, we are talking about unelected bureaucrats in an agency that is not following the strict direction of Congress and have overreached in how they have proposed this rule at the last minute at the end of the Biden administration. It is truly a midnight rule with limited comment period. Mr. Speaker, 30 days is the minimum under anybody's consideration of a fair-minded Administrative Procedure Act comment period. Yet, everything you read says that it should be extended if market participants feel like they haven't been heard, and 30 days at the end of an administration over the holiday period at the end of the year is not sufficient time for Members of Congress, market participants, consumers, and others to weigh in. I do have process concerns about how the former director of the CFPB carried on this particular proposal. Secondly, my colleagues have talked about the substance of it and how it is confusing and steps beyond, again, the mission and the direction by Congress to the CFPB. My good friend from California (Ms. Waters), the ranking member of the full committee, referenced several other large participant-type rules that had been proposed by the CFPB, but they were in discrete market segments. Mr. Speaker, this is actually one of the biggest concerns about this proposal.…”