Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Internal Revenue Service Relating to ``Gross Proceeds Reporting By Brokers That Regularly Provide Services Effectuating Digital Asset Sales''--

Floor Speech

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Mr. RICKETTS. Mr. President, following their election loss, the Biden-Harris administration rushed an eleventh-hour rule through the Federal Government to allow the Consumer Financial Protection Bureau to start regulating nonbank entities, specifically, around digital consumer payment systems.

These payment systems are applications--think about it--like PayPal or Zelle. Consumers have widely had positive experiences with these payment systems. According to the CFPB's own database, only about 1 percent of the 1.3 million complaints last year involved these payment systems. These payment system companies, actually, are already being regulated at the State or Federal level. In other words, this eleventh- hour regulation the Biden administration rushed through is pointless. The Biden-Harris rule is a regulation in search of a problem. It is a rule without a reason. Furthermore, the cost-benefit analysis that the CFPB did--an audit by the CFPB--said that it would only cost $25,000. Now, having come from the business sector myself, that probably is the first day of outside attorneys' fees at $25,000. It is widely off the mark.

This one-size-fits-all solution in search of a problem expands the Consumer Financial Protection Bureau's authority unnecessarily. In fact, I would argue that this is in a way that was unintended by Congress. The CFPB is supposed to be looking over the financial services sector with regard to banking, not over these nonbank payment systems.

The CFPB even failed to define the market they are seeking to supervise, much like how the Biden EPA and Obama before that tried to expand the EPA's authority under the waters of the United States rule. This is an expansion of the CFPB's authority that is beyond what we want to allow.

I am proud to be able to lead the pushback with the Congressional Review Act to stop this unnecessary rule. I am also honored to work with my fellow Nebraskan, Congressman Mike Flood, who is leading the same effort over in the House. This is an opportunity for us to ease the regulatory burden the previous administration put upon the American people.

Thank you to Leader Thune for bringing this resolution to the floor for a vote.

I urge my colleagues in the Senate to vote yes to overturn and stop this unnecessary rule that is expanding the authority of the Consumer Financial Protection Bureau unnecessarily and despite the intent of Congress. The CFPB's overregulation of nonbank digital consumer payment applications should stop. We can do it here.

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