Providing for Congressional Disapproval of A Rule Submitted By Bureau of Consumer Financial Protection

Floor Speech

BREAK IN TRANSCRIPT

Ms. MOORE. Mr. Speaker, I thank the gentlewoman from California. I rise in opposition to S.J. Res. 57. This is a resolution to disapprove of the CFPB auto lending rules. I oppose this, Mr. Speaker, because I believe U.S. markets should be free from fraud and from schemes like the auto lending scheme to which we have been subjected as Americans. I oppose because I don't think Americans should be discriminated against; and then, when they are discriminated against, the guilty parties have no consequences. I think they need to be caught, punished, and the victims made whole.

The gentleman from Texas talked about the research that went into cross-matching ZIP Codes and surnames as if these technologies don't benefit all of us. We know down to the block where our voters are, who they are, what race they are, what gender they are, and who they are likely to vote for. So it is no great technological feat that these auto dealers could figure out who to discriminate against.

I oppose this because I, too, was one of those Black people who lived in one of those ZIP Codes, and I was discriminated against in my car loan. The CFPB thankfully pursued justice and got my money back, which I needed.

This resolution is everything wrong with the GOP agenda: rewarding fraudsters, hooksters, charlatans, and donors while ignoring the needs and the will of Americans.

We are seeing a buildup of subprime auto loans. Haven't we learned our lesson? Why would an entrepreneur go into inventing something or innovating something when they can just make their money with these predatory lending practices. Why invest in infrastructure and transportation when you can use opaque financial markets and dirty practices to turn people's desperation into misery-fueled profits.

They say history rhymes, Mr. Speaker. And it will be like the housing crisis but with cars. Voting for this resolution is a vote against good financial market practices, fairness, and against Americans.

BREAK IN TRANSCRIPT

Source