Andy Barr: “The reason why we are invoking the provisions of the Congressional Review Act is that passing a resolution of…”

“The reason why we are invoking the provisions of the Congressional Review Act is that passing a resolution of disapproval under this law ensures that a substantially similar bad rule can never be reintroduced in the future without scrutiny. We obviously know that there are bad regulators from the prior administration that prevented healthy mergers that would have prevented bank failures. There is no guarantee that we are not going to have an equally bad regulator in the future. That is why we have to take out this insurance policy against bad regulators in the future. That is what the CRA is. It sends a clear message about balanced regulations that foster competition and innovation without excessive bureaucracy, and it safeguards against unchecked regulatory actions, ensuring that future rules undergo careful oversight.”