Mid City Times

WASHINGTON, D.C. – Congressman Roger Williams (TX-25) expressed his support for the House's passage of S.J. Res. 32, a Congressional Review Act disapproving of the Consumer Financial Protection Bureau's (CFPB) Dodd Frank Section 1071 Small Business Lending Data Collection Rule. The resolution was passed by a vote count of 221 to 202.

In his statement, Congressman Williams commended the House for condemning the CFPB's "relentless attack on Main Street America." He emphasized the importance of small businesses in the American economy and the need for them to access affordable credit to support and grow communities. Williams criticized the CFPB's rulemaking, describing it as broad, burdensome, and difficult to implement. He called on President Biden to sign the bill into law and listen to the American people instead of bowing down to unelected bureaucrats.

The concerns raised by Congressman Williams were echoed by Kennedy, who highlighted the risks small business owners face in having their private financial affairs exposed to the public due to the CFPB's collection and publication of personal demographic information. Kennedy referred to this reporting as an invasion of privacy and a waste of resources in service of the CFPB's "woke agenda." He expressed hope that President Biden would quickly sign the legislation to protect Americans' privacy and job creators.

The passage of S.J. Res. 32 was hailed as a victory for small business owners and common sense by Chris Furlow, President and CEO of the Texas Bankers Association. Furlow praised Congressman Williams' leadership in fighting against the CFPB's regulatory behemoth and assault on small business lending. He urged President Biden not to veto the bipartisan legislation for the sake of small businesses and the community banks that serve them.

S.J. Res. 32 is a Congressional Review Act disapproving of the CFPB's Dodd Frank Section 1071 Small Business Lending Data Collection Rule. The rule, published in the Federal Register on May 31, 2023, requires lenders to report 81 data fields, including race, sex, gender identity, and ethnicity of loan applicants. Critics argue that this burdensome rule would increase compliance costs for lenders and potentially lead to higher interest rates or fees for small business owners. Additionally, concerns have been raised about the risk of data leaks following a major data breach involving unauthorized use of sensitive personal and business data by a CFPB employee. Disapproval of the CFPB's 1071 rule ensures that unnecessary costs and harms to consumers are avoided, and that small businesses can maintain access to affordable credit.

S.J. Res. 32, which received bipartisan support in the Senate, is the Senate companion to H.J. Res. 66 introduced by Congressman Williams in the House. However, President Biden has indicated his intention to veto this bipartisan legislation.

Congressman Roger Williams, Chairman of the House Small Business Committee and member of the House Financial Services Committee, represents the 25th Congressional District of Texas.

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