Political Quotes

“Madam Speaker, I rise today in support of my good friend and colleague, the small business owner from Texas, Congressman Williams, and I support his resolution under the Congressional Review Act to nullify the CFPB Small Business Lending Rule, or section 1071 of the Dodd-Frank Act. The small business lending rule that was finalized in March is incredibly onerous. It imposes massive burdens on financial institutions. It will be misleading and confusing for borrowers. It will ultimately harm the very small business owners, the minority- and women-owned small business owners, that they say they want to help because those are the businesses that will not have access to capital-- certainly not affordable capital. While the Dodd-Frank Act does charge the Bureau with adopting rules regarding small business lending, Director Chopra's rule goes far beyond Congressional intent. By requiring the collection of 81 data fields, it greatly exceeds what is mandated by statute. As has been said very eloquently, it will be extremely burdensome on financial institutions, leading to increased costs and less availability of credit for millions of Main Street borrowers and entrepreneurs. I have to address this absurd argument about the voluntary nature of the disclosures here. If this is really voluntary--and I want the CFPB to hear this, the advocate of this rule, I want them to hear.…”