Political Quotes

“in a few minutes, at noon, the Senate will begin the process of voting--two votes. The first of those votes will be a vote on a resolution brought to the Senate by Senator Moran and Senator Toomey to reject a rule proposed by the Consumer Financial Protection Bureau's 2013 action in which it sought to assert jurisdiction over auto finance guidance. I use the word ``rule'' guardedly, though, because, as you will see from my remarks, this was an end run by the CFPB in two ways. First, the CFPB doesn't have jurisdiction over auto finance. Second, the CFPB did not use the Administrative Procedure Act to adopt a rule; it sought to implement a rule through a process of issuing a guidance to avoid the scrutiny and the legal challenges to its effort to assert this jurisdiction. It is important that Congress disapprove this guidance because it was an attempt by the CFPB to make substantive policy changes through guidance rather than through the rulemaking process governed by the Administrative Procedure Act. As I said before, it is also an attempt to regulate auto dealers, who were explicitly exempted from CFPB supervision and regulation under the Dodd-Frank act. Finally, it is also a rule that has caused great difficulty and problems in the marketplace, hurting auto dealers and consumers alike. The CFPB itself, when undertaking this action, admitted what it was doing.…”