Mid City Times

WASHINGTON, D.C. – Congressman Roger Williams (TX-25) expressed his support for the Senate's passage of S.J. Res. 32, the Senate companion bill for H.J. Res. 66, a Congressional Review Act disapproving of the Consumer Financial Protection Bureau's (CFPB) 1071 Small Business Lending Data Collection Rule. The resolution, which received a vote count of 53-44, condemns the CFPB's actions and aims to protect Main Street America.

In a statement, Congressman Williams commended the Senate for taking a stand against the CFPB's "continued attack on Main Street America." He emphasized the challenges faced by small business owners, including increased borrowing costs and rising inflation due to the Federal Reserve's interest rate hikes. Congressman Williams highlighted how the 1071 rule would further exacerbate these difficulties by making it more challenging for existing business owners and entrepreneurs to access the necessary capital.

"I thank my colleagues for their bipartisan work to put an end to this overbearing rulemaking and protect Main Street America," said Congressman Williams. He expressed his anticipation for the legislation to be brought to the House floor for a vote in the near future.

Congressman Roger Williams, who proudly represents the 25th Congressional District of Texas, serves as the Chairman of the House Small Business Committee and is a member of the House Financial Services Committee.

The passage of the resolution in the Senate demonstrates a growing concern among lawmakers regarding the impact of the CFPB's 1071 Small Business Lending Data Collection Rule. This rule, if implemented, would have far-reaching consequences for small businesses across the country. By disapproving of this rule, Congress aims to protect the interests of small business owners and entrepreneurs who are already grappling with economic challenges.

The CFPB's 1071 rule has been met with criticism due to the potential burden it would place on small businesses. The rule would require financial institutions to collect and report data on small business loans, including information on race, gender, and other factors. Critics argue that this level of data collection is unnecessary and could result in increased compliance costs for lenders, ultimately limiting their ability to provide loans to small businesses.

With the Senate's passage of the resolution, attention now turns to the House of Representatives, where the legislation will undergo further consideration. Congressman Williams and his colleagues will continue their efforts to protect Main Street America by advocating for the disapproval of the CFPB's 1071 rule.

As the Chairman of the House Small Business Committee, Congressman Williams holds a position of influence in shaping policies that directly impact small businesses. His support for the resolution reflects the concerns shared by many small business owners and entrepreneurs who are counting on lawmakers to alleviate the burdens they face in accessing capital.

The Senate's bipartisan vote in favor of the resolution sends a strong message to the CFPB and the broader financial industry. It serves as a reminder that protecting the interests of small businesses remains a priority for Congress, especially in light of the economic challenges they currently face.

With the resolution now making its way through the legislative process, small business owners and entrepreneurs across the country will be watching closely. They are hopeful that Congress will ultimately disapprove of the CFPB's 1071 rule, providing them with the support they need to thrive and contribute to the nation's economic recovery.

To find out more, go to this link: https://williams.house.gov/media-center/press-releases/rep-williams-applauds-senate-passage-resolution-disapproving-final-cfpb