On the recordMay 13, 2021
I am not opposed to this en bloc. Mr. Speaker, these amendments will ensure that we know the true consequences of this bill before it is enacted into law. These amendments direct the Treasury Department and the GAO to separately study the impacts this bill will have on low-to-moderate income, minority, or thin-or no-credit-file consumers. Payment for services rendered is a fundamental premise of our free market system. Republicans understand this concept and work hard to ensure legislation does not cut off access to credit or price large swaths of Americans out of the consumer credit market. Moreover, we should not be limiting small businesses' ability to collect payments at any time, but especially when they are already hurting from the pandemic-related shutdowns. The point is, constraining debt collection will undermine the underwriting system and increase risk to the financial system. This ultimately makes extending credit more expensive for all borrowers, and may exclude the lowest income borrowers entirely. There is bipartisan consensus that a consumer who owes a debt should be treated with respect and dignity and not be subjected to abusive or harassing behavior. The law already upholds this notion. Mr. Speaker, I urge my colleagues to support this en bloc, and I reserve the balance of my time.
