This week, the House will move forward with our efforts to protect consumers from burdensome Obama-era regulations that hurt jobs, stifle growth, and diminish opportunity. Yes, it's another repeal through the Congressional Review Act (CRA). Lucky number 16.
“Can Harm the Very Consumers They Intend to Protect”
The House will take action on S.J.Res. 57, which would restore competition and fair lending for auto dealers that enable customers to indirectly finance their car payments. Specifically, the resolution would rescind a Consumer Financial Protection Bureau (CFPB) guidance that was based on a flawed assessment and written without examining how meddling in the auto lending marketplace could potentially raise borrowing costs for consumers.
As a report from the House Financial Services Committee examining the guidance’s approach found, the rule is “a textbook example of how regulators that don’t understand business and economics can harm the very consumers they intend to protect.”
The Congressional Review Act
This type of relief is a meaningful component of our jobs and economic growth agenda. So far, the House has used the CRA to strike down 15 Obama-era regulations that were adding unnecessary layers of bureaucracy, hindering growth and competition. American Action Forum data shows that “projected savings from these resolutions will save $3.7 billion in total regulatory costs ($1.1 billion annually) and eliminate 4.2 million hours of paperwork.”
Before this Congress, the CRA had been used just once. Now, we are fully employing all the tools we have to keep the economy growing and relieve Americans of overregulation.
Our Economy Is Thriving
We have worked hard this Congress to jumpstart the economy—and it’s working. Joblessness is at a 17-year low; Americans, on average, claiming unemployment benefits is at the lowest level in 45 years; and confidence among businesses large and small is up, spurring investment and expansion.
The House is focused on continuing to create a regulatory environment that allows economic growth to reach its full potential. And with the passage of S.J.Res. 57, there will be one less costly regulation standing in the way.