John Rice Carter: “I thank the gentleman for yielding. Madam Chairman, I rise in support of H.R. 5485, the Financial Services and General…”

“I thank the gentleman for yielding. Madam Chairman, I rise in support of H.R. 5485, the Financial Services and General Government Appropriations Act, 2017. Not only does this bill provide necessary funding for many needed programs, it also helps stop the administration from pushing burdensome and harmful regulations on the American people. For example, the CFPB recently announced its intent to severely limit the availability of short-term loans, vehicle title loans, and similar financial products. H.R. 5485 contains language that would prevent CFPB from implementing this proposed regulation. While my colleagues on the other side of the aisle say that CFPB's new proposal is an important step for consumer protection, they are wrong to think that CFPB's actions will have a positive impact on the underserved. The CFPB's proposal would eliminate a vital source of emergency funding for those who are unable to obtain loans from traditional lending institutions. While I will be the first to promote increased access to financial services for the underserved, eliminating short-term lending products is not the answer. Madam Chairman, I urge all of my colleagues to support this bill.”