Providing for Congressional Disapproval of the Rule Submitted By the Office of the Comptroller of Currency Relating to ``National Banks and Federal Savings Associations As Lenders''

Floor Speech

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Mr. DONALDS. Madam Speaker, I thank the gentleman for yielding to allow me to speak on this matter.

It is important to understand, Madam Speaker, that having access to financial products is critical for not only the innovation of our markets but for the future expansion of our markets. It is time to take the pettiness out of politics and actually prioritize policy that puts Americans first and puts America first.

True lender is not being discussed in a way that considers people. If that were the case, we would be recognizing the incredible ways it has spurred innovation in our markets and has provided more access to credit and other financial products for Americans.

Instead of Congress working together to create financial equity in a sustainable way or ensuring that the United States remains a global leader, Democrats are working to undo anything accomplished under the Trump administration, even if it means sacrificing the good of the people.

I support assessing harmful financial policies of the past and working to undo some of the mistakes that have been made. In fact, we could benefit from assessing legislation like Dodd-Frank, which has put tremendous downward pressure on community banks being formed in the United States. But that is not what is being done here.

We are not having honest conversations. My peers across the aisle are undoing good policy without an objective view to determine how it helps or hurts Americans.

Fintech has played a significant role in transforming our markets, helping smaller banks become more competitive, and creating more products and access for Americans. The true lender rule has supported that because it clarifies the legal framework that allows these bank and nonbank partnerships to be successful for consumers.

We should be prioritizing fair access to financial services for Americans and work to protect and promote innovation in our markets so that consumers have as many pathways as possible to prosperity and achieving the American Dream.

If we scrap the true lender rule, we will disrupt our market, stifle innovation, and hinder access to accountable and affordable credit for consumers and small businesses. This is not the precedent we should set in this body. It is a gross abuse of power and a knife in the back of consumers.

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