Rep. Williams Condemns Biden's Veto, Stands Firm in Defense of Main Street Against CFPB Overreach
WASHINGTON, D.C. – Congressman Roger Williams (TX-25) released the following statement on Wednesday following President Biden’s veto of S.J. Res. 32, Senate companion for H.J. Res. 66, a Congressional Review Act disapproving of the Consumer Financial Protection Bureau’s (CFPB) Dodd Frank Section 1071 Small Business Lending Data Collection Rule:
“President Biden’s veto of S.J. Res. 32 has made it clear that he answers only to socialist unelected bureaucrats," said Congressman Williams. “During a time when small businesses are facing historical inflation, backlogged supply chains, and increasing borrowing costs, the House and the Senate came together in a bipartisan fashion to protect Main Street from the CFPB’s overreaching and burdensome 1071 rule. American small businesses continue to pay the price of this Administration’s disastrous rule-making. I urge my colleagues in both chambers to come together to override Biden’s America-last veto and protect small businesses.”
Background:
S.J.Res.32 is a Congressional Review Act disapproving of the Consumer Financial Protection Bureau’s Dodd-Frank Section 1071 Small Business Lending Data Collection Rule. This legislation would bar the CFPB from enforcing the 1071 rule.
The rule, published in the Federal Register on May 31, 2023, is more than 900 pages long and requires lenders to report 81 data fields, including race, sex, gender identity, and ethnicity of loan applicants. Section 1071 forces lenders to pass increased compliance costs onto small business owners through higher interest rates or fees and less credit availability. Among concerns on compliance costs, the February CFPB major data breach involving unauthorized use of sensitive personal and business data by a CFPB employee makes the risk of data leaks clear. Disapproval of the CFPB’s 1071 rule ensures that this burdensome rule does not take effect, unnecessary costs and harms to consumers are avoided, and that small businesses can maintain access to affordable credit, including from community banks, to support and grow our economy.
S.J. Res. 32, which passed the Senate with bipartisan support, is the Senate companion to H.J. Res. 66, which was introduced by Congressman Williams in the House on May 31, 2023.
Read Biden’s veto of this bipartisan legislation here.
Read the bill text here.
###
Congressman Roger Williams is the Chairman of the House Small Business Committee and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas