Ed Royce: “I was here during the debates that we had on Dodd-Frank and involved in much of the discussion. On the Democratic side…”

“I was here during the debates that we had on Dodd-Frank and involved in much of the discussion. On the Democratic side and on the Republican side, there were a number of things we debated, but through all of that debate, there was a bipartisan belief that auto dealers and lenders were certainly not at the heart of the crisis and should not be the focus of new regulation. With that in mind, as the chairman has noted, section 1029 of Dodd- Frank explicitly exempted auto dealers from CFPB supervision and regulation. If that is the case, Mr. Speaker, why are we here today? We are here because the auto dealers are the focus of a CFPB action that ends the consumers' ability to receive discounted car loans. Why are consumers facing higher, not lower, costs when going to buy a car? The answer is regulatory overreach. CFPB ignored the will of Congress, ignored the law as written. As The Wall Street Journal noted, Congress' explicit exemption ``didn't stop former CFPB chief Richard Cordray, who used the back door of auto financing to regulate dealers.'' And while Mr. Cordray may have been able to suspend this belief, we do not have the same luxury here. We are not here by choice, frankly. We must act to pass this resolution today. And, Mr.…”