OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Disapproving the Rule Submitted By the Bureau of Consumer Financial Protection Relating to ``Overdraft Lending: Very Large Financial Institutions''

Floor Speech

Date: April 9, 2025
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. McDOWELL. Mr. Speaker, I rise in support of this resolution to overturn a ludicrous rule which imposes government price controls on financial institutions across the country.

The Biden administration's CFPB issued this rule right before they left town, and they sold it as a defense of consumers. Mr. Speaker, you can say something a million times, and it still won't make it true.

Instead of helping consumers, government price controls will simply lead to more denied transactions and less consumer freedom.

Here is the reality, Mr. Speaker: Many local banks across the country already offer overdraft services that provide Americans a safety net on their financial services, and it is exactly these types of services that foster competition, giving consumers a choice in where to bank.

This resolution would repeal the Biden administration's government price control scheme. I urge my colleagues to vote ``yes'' on this resolution.

BREAK IN TRANSCRIPT


Source
arrow_upward