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

Floor Speech

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Mr. HILL. Mr. Speaker, I thank the chairman for bringing S.J. Res. 57 to the floor today, a joint resolution to disapprove the 2013 Bureau guidance on auto finance. It has been well discussed today, why that is.

This is a very tailored, commonsense approach. It does not open up a precedent towards guidance being used for a CRA. It is a very narrow joint resolution. It is designed particularly with the GAO's ruling from last December, so I don't think that hyperbole is necessary.

We are here today to make sure that all of our constituents have access to affordable auto credit. Black, White, female, male, they need affordable auto credit. How do we get a job if we don't have an affordable car with which to go to work? So that is why we are here.

Secondly, we are here because our constituents demand that we demand accountability in our oversight function, we demand transparency. When you have a process that was not transparent and did not follow the Administrative Procedures Act and did not follow the statute, we don't have accountability and we don't have transparency. Our constituents argue for that.

Many argue laws should be based on sound data; our rules should be carefully debated in public. That was not done in this instance. So we have this surreptitious, specious display of sophistry known as the indirect auto guidance from the Bureau.

So we are correcting that today, and the beneficiaries will be our constituents. The beneficiaries will be Article I power in this House as we oversee the executive.

Mr. Speaker, I thank the chairman for bringing this bill to the floor, and I thank Mr. Zeldin for his leadership.

Ms. MAXINE WATERS of California.

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