Rep. Williams Introduces Bill to Block Pre-Paid Card Rule
WASHINGTON, DC – Congressman Roger Williams (R – Austin), Tuesday evening introduced a House resolution of disapproval, under the authority of the Congressional Review Act, to block an Obama Administration-era rule that would impact prepaid accounts starting this October.
Williams, who serves on the House Financial Services Committee, has authored previous legislation to chip away at the Consumer Financial Protection Bureau. The committee chairman, Congressman Jeb Hensarling (R – Dallas), praised Williams’ efforts.
“This is just another example of the unconstitutional and unaccountable CFPB making laws instead of simply enforcing them. I applaud Roger Williams for leading this important effort in the House that will help create the kind of fair, open and competitive markets that truly protect consumers,” said Hensarling.
According to the Federal Deposit Insurance Corporation, 34 million American households are either unbanked or underbanked. Roughly 68 million consumers use prepaid cards to financially manage their daily lives.
“While President Obama’s CFPB was marketed as an extra layer of protection for consumers, it has actually cornered millions of Americans who have limited or no access to the products offered by our traditional banking system,” said Williams. “It is my hope that we undo this harmful rule before it takes effect so that all families can go about their everyday lives.”
The resolution, so far, has 34 cosponsors.
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