Comprehensive Regulatory Review Act
Floor Speech
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Mr. BUDD. Mr. Speaker, I thank my friend from Georgia for leading on this issue.
I rise today in strong support of his bipartisan bill, the Comprehensive Regulatory Review Act.
It strikes me as common sense that Federal regulators should review their regulations and rules on a consistent basis. They should also seek comment from the people whom these rules actually affect. Mr. Loudermilk's bill helps accomplish this goal by requiring the CFPB and National Credit Union Administration do so every 7 years.
Mr. Speaker, since the implementation of Dodd-Frank, community banks and credit unions have had a more difficult time serving their customers. The red tape and additional burden brought on by Dodd-Frank has increased costs for the consumer and reduced their choices in the market for financial products.
One agency in particular that is guilty for this additional burden is the CFPB, which has finalized over 60 rules since their creation. Many of their rules are duplicative and unnecessary. I think, at the very least, they should review and study how their regulations are affecting real folks in the real world.
I hear from financial institutions back home how the CFPB has done nothing but harm their community bank or their credit union. They are being overwhelmed by the volume and complexity of regulations, and that is just not okay.
Harmonization is the goal of this bill, and that should not be partisan or even controversial. We simply want less people buried in paperwork and more people starting businesses through their local financial institution.
This bill is supported by folks across the political spectrum, and I am excited about the good it will do for our financial institutions back home and consumers in my district.
I want to again thank Mr. Loudermilk for introducing this important piece of legislation that will ensure our financial system is functioning efficiently for hardworking Americans.
Ms. MAXINE WATERS of California. Mr. Speaker, I continue to reserve the balance of my time.
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