Rep. Williams Statement on CFPB Lending Restrictions

AUSTIN, TEXAS – Congressman Roger Williams (R – Austin), a member of the House Financial Services Committee and a second generation small business owner, today released the following statement after the Obama Administration singlehandedly announced a proposed rule to restrict lending practices to lower income Americans.

“What we are seeing today, and what has been promoted by the Obama presidency, is the false belief that government is simply smarter,” said Williams. “This latest proposal from President Obama’s Consumer Financial Protection Bureau (CFPB) will take away hardworking Americans’ choice to access quick, reliable cash so they can, at minimum, afford rent, car payments and day to day expenses. Even though President Obama and his endless team of unelected Washington bureaucrats will never find themselves in a financial struggle, they are again hurting the very people they claim to be helping.”

The proposed rule sets an arbitrary and vague financial standard that lenders must prove before issuing short-term, small dollar lending.

This proposal is among a host of recent rulings by the Obama Administration that have bypassed the lawmaking branch of government in the U.S. Congress.

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