Dusty Johnson: “I wish to express my great high regard and respect for my colleague from California, Senator Feinstein, but I must rise…”

“I wish to express my great high regard and respect for my colleague from California, Senator Feinstein, but I must rise in opposition to the amendment she offered earlier this afternoon. I think it is important for us to keep in mind that the Fair Credit Reporting Act provided for a national preemption going back to 1996. It has been an extraordinary success story for America's consumers, particularly America's middle class and working families who previously suffered the most from a lack of access to credit but now find themselves having access to credit never before imagined and having it done in an instant fashion. The legislation before us is an enormously complex piece of legislation. It takes the 1996 preemption and builds on it, and strengthens consumer rights beyond anything we have ever known before. Chairman Shelby and ranking member Sarbanes deserve great credit for what they have been able to do. They put together a bill that had a unanimous vote out of the Senate Banking Committee--no easy feat, we all know.…”