On the recordMay 8, 2018
I thank the chairman for his patience on this issue. I want to start by thanking the Senator from Kansas, Mr. Moran, and, more specifically, also thank the gentleman from New York (Mr. Zeldin) for his hard work on the House companion legislation to S.J. Res. 57. Let me give my colleagues a brief history of the situation we are discussing today. Dodd-Frank, specifically, barred the Consumer Financial Protection Bureau from regulating all dealers. The Bureau did it anyway. In doing so, the CFPB didn't adhere to the Administrative Procedure Act, choosing instead to push this rule forward. They pushed it through based not on sound evidence or thoughtful methodology; rather, Bureau staff seem to have conducted the research backwards. They came up with the answer they wanted, and then they wrote the questions. The simple truth of the matter is that the Bureau seized an opportunity to test congressional intent and expand its jurisdiction. Today, we are exercising not just our right, but our constitutional duty, to rescind the indirect auto guidance that is blatantly unprofessional and illegal. And again, the CFPB--let me just reinforce this. CFPB does not have oversight of automobile transactions because Dodd-Frank specifically prohibited it, and they did it anyway. My colleagues and I have stood on this floor time after time and warned of the dangers of this most powerful and completely unaccountable agency.…
