Williams Statement on CFPB’s Pre-Paid Accounts Rule Delay
WASHINGTON, DC – Congressman Roger Williams (R – Austin), a member of the Financial Services Committee and author of legislation to scrap the Consumer Financial Protection Bureau’s (CFPB) pre-paid accounts rule, released the following statement Thursday evening after the CFPB announced it would delay implementation of the rule:
“As far as choking small businesses and unnecessarily inserting federal regulators into the lives of everyday Americans, the CFPB is the most egregious example of big government knows best philosophy. Anything short of a full repeal of this rule does nothing for hardworking Americans who cannot afford to participate in our traditional banking system. I urge my colleagues to support my legislation, H.J.Res.73, that will use Congress’ authority under the Congressional Review Act to repeal this rule before it takes effect.”
The CFPB, created during the Obama Administration, was declared unconstitutionally structured by a federal court last year.
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