Waukesha Times

WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) has expressed his support for overturning a burdensome and overly complex final rule implemented by the Consumer Financial Protection Bureau (CFPB). The rule in question implements Section 1071 of the Dodd-Frank Act and has raised concerns about its impact on small businesses' ability to access affordable credit.

In a statement, Rep. Fitzgerald said, "I was proud to vote in support of S.J.Res. 32 today to safeguard small businesses' ability to access affordable credit that supports and grows our economy." He further emphasized the need to address the rule's overreach, stating, "To be clear, the rule that the CFPB proposed goes well beyond the agency's authority."

Rep. Fitzgerald believes that overturning the rule would compel the CFPB to develop a more tailored approach that promotes small business lending and protects against the release of sensitive data. He stated, "By overturning it, we would force the CFPB to better tailor the rule, to increase rather than decrease, small business lending, and protect against the release of their data."

This move to overturn the CFPB rule comes as part of ongoing efforts to reduce regulatory burdens on small businesses and foster an environment conducive to economic growth. By ensuring that the rules and regulations are appropriate, targeted, and properly aligned with the needs of small businesses, policymakers aim to support their ability to thrive and contribute to the overall economy.

The CFPB rule has sparked considerable debate, with critics arguing that it goes beyond the CFPB's authority and imposes unnecessary burdens on small businesses. The concerns raised about the release of sensitive data have also been a significant point of contention.

The passage of S.J.Res. 32 reflects the commitment of lawmakers like Rep. Fitzgerald to address these concerns and protect the interests of small businesses. By overturning the burdensome CFPB rule, there is hope that a more balanced and effective approach can be developed, promoting access to credit and fostering economic growth for small businesses across the nation.

To learn more, click on this link: https://fitzgerald.house.gov/media/press-releases/fitzgerald-statement-overturning-burdensome-cfpb-rule