“From the beginning, Dodd-Frank has suppressed economic growth by placing regulatory obstacles between borrowers and lenders. Its overregulation has even prevented new businesses from emerging. However, today the House of Representatives took a major step in rolling back another overreach by the CFPB, by nullifying its backdoor, illegal attempts to regulate automobile dealers.
“In spite of the fact that Dodd-Frank explicitly prohibited the CFPB from regulating auto dealers, the CFPB enacted harmful rules regulating this industry without even allowing for public input.”
Summary of S.J.Res. 57:
The Congressional Review Act of 1996 allows Congress to disapprove of regulations issued by federal agencies. S.J.Res. 57 nullifies the CFPB’s 2013 auto lending guidance as the CFPB is explicitly prohibited by the Dodd-Frank Act from regulating automotive dealers.