Political Quotes

“I yield myself such time as I may consume. Mr. Chairman, in March of 2013, the Consumer Financial Protection Bureau issued flawed and inaccurate guidance that would threaten to eliminate auto dealers' flexibility to discount the interest rate offered to consumers financing vehicle purchases. Whether a person seeks to buy an automobile, an RV, or a motorcycle, consumers rely heavily on their neighborhood auto dealer to provide them the best possible rate. However, this faulty and unstudied guidance could increase the cost for consumers, ultimately making it more difficult to obtain an automobile. Roughly 6 months ago, my good friend across the aisle, Mr. Perlmutter, and I, introduced H.R. 1737, which passed the House with an overwhelming bipartisan and veto-proof vote, 332-96. My bill, along with 13 bipartisan letters sent by Congress over the last 3 years, gave the CFPB a chance to fix the faulty guidance and reissue it, but, unfortunately, they still insist on an anticonsumer policy and chose to keep their faulty bulletin in place. In fact, the CFPB has refused to change course even with a solution modeled on the Department of Justice consent order that is supported by auto dealers and lenders and do not resort to eliminating dealer discounts. Congress has given the CFPB an opportunity to correct and reissue their guidance, and that would take into account consumers and bring clarity to the market. Mr.…”