Press Releases

Rep. Loudermilk (R-GA) issued the following statement today after co-sponsoring H.R. 3118, the CFPB Repeal Act. This legislation would eliminate the Consumer Financial Protection Bureau created under the Dodd-Frank Act.

“The CFPB and Dodd-Frank are like a malware virus to our economy. They were installed under false pretenses, infiltrated unintended areas, and have slowed the entire system. Together, they are directly responsible for the gradual disappearance of America’s community banks and, with them; millions of jobs have gone away or have not been created at all.

“Small businesses are the drivers of job creation in our country, and they rely heavily on a strong banking system to thrive and grow. Because of CFPB’s overbearing regulatory environment, businesses are being forced to spend excessive amounts of time complying with endless layers of paperwork. Additionally, many financial institutions have stopped providing basic financial services out of fear of CFPB retaliation.

“Funded through the Federal Reserve System, the CFPB is not subject to Congressional oversight or accountability through the annual Congressional appropriations process. What’s more, Dodd-Frank gave the CFPB unilateral discretion to interpret federal consumer finance law, giving the CFPB the ability to avoid checks and balances established by the Constitution. To make matters worse, the Bureau spent more than $215 million in taxpayer money to renovate its headquarters, and the agency has also been linked to the collection of large amounts of personal data on hardworking American citizens.

“It’s time to begin rolling-back the burdensome regulations found within Dodd-Frank and revive the spirit of innovation and vision responsible for so many great advancements throughout our history. A strong, free financial system is essential to once again unleashing American exceptionalism.”

H.R. 3118, the CFPB Repeal Act, can be viewed here.