Mid City Times

Congressman Roger Williams (TX-25) has expressed his condemnation of President Biden's veto of S.J. Res. 32, the Senate companion for H.J. Res. 66. This legislation, known as the Congressional Review Act, aimed to disapprove of the Consumer Financial Protection Bureau's (CFPB) Dodd Frank Section 1071 Small Business Lending Data Collection Rule.

In his statement, Congressman Williams criticized the President's decision, stating, "President Biden’s veto of S.J. Res. 32 has made it clear that he answers only to socialist unelected bureaucrats." He further emphasized the importance of protecting small businesses from the overreaching and burdensome 1071 rule, particularly during a time when they are already facing numerous challenges such as historical inflation, backlogged supply chains, and increasing borrowing costs.

Highlighting the bipartisan effort behind S.J. Res. 32, Congressman Williams urged his colleagues in both chambers to come together and override President Biden's veto. He emphasized the need to prioritize the interests of American small businesses and protect them from the adverse effects of this Administration's rule-making.

The Dodd-Frank Section 1071 Small Business Lending Data Collection Rule, published in the Federal Register on May 31, 2023, has been a subject of concern due to its extensive requirements. Lenders are required to report 81 data fields, including sensitive information such as race, sex, gender identity, and ethnicity of loan applicants. This rule places an additional compliance burden on lenders, leading to increased costs that are ultimately passed on to small business owners through higher interest rates or fees, while also potentially limiting credit availability.

Congressman Williams further highlighted the risks associated with the rule, referencing a major data breach involving unauthorized use of sensitive personal and business data by a CFPB employee in February. Disapproval of the CFPB's 1071 rule would ensure that the burdensome provisions do not take effect, protecting consumers from unnecessary costs and harms while maintaining access to affordable credit for small businesses.

It is worth noting that S.J. Res. 32, which received bipartisan support, is the Senate companion to H.J. Res. 66, introduced by Congressman Williams in the House on May 31, 2023. This demonstrates the widespread concern and determination to address the CFPB's overreach.

As Chairman of the House Small Business Committee and a member of the House Financial Services Committee, Congressman Roger Williams is a staunch advocate for the interests of Main Street and small businesses. Representing the 25th Congressional District of Texas, he continues to work tirelessly to protect small businesses from regulatory burdens and ensure their access to affordable credit to support and grow the economy.

To learn more, click on this link: https://williams.house.gov/media-center/press-releases/rep-williams-condemns-bidens-veto-stands-firm-defense-main-street