Waukesha Times

Congressman Scott Fitzgerald from Wisconsin's 5th District has introduced two legislative proposals aimed at addressing regulatory issues within federal agencies. The first, the Making the CFPB Accountable to Small Businesses Act, seeks to modify how the Consumer Financial Protection Bureau (CFPB) handles its regulations concerning small businesses.

This legislation mandates that the CFPB must consider size and sophistication-based tailoring of regulations during SBREFA panel reviews. If such tailoring is not applied, a justification must be provided. Congressman Fitzgerald stated, "Washington’s one-size-fits-all approach is financially suffocating small businesses," highlighting a need for genuine assessments of regulatory impacts on small businesses.

The proposal has garnered support from several industry groups. Rose Oswald Poels, President/CEO of the Wisconsin Bankers Association, expressed approval, noting that "CFPB’s actions have gone well beyond their original mission." Rebeca Romero Rainey, President and CEO of the Independent Community Bankers of America, also supported the bill, emphasizing its potential benefits for community banks and small businesses.

Carrie Hunt from America's Credit Unions remarked on the importance of holding the CFPB accountable to prevent overregulation that burdens credit unions. She stated that "America’s Credit Unions want to ensure that the CFPB operates with much-needed transparency."

The second piece of legislation introduced by Congressman Fitzgerald is the Separation of Powers Restoration Act (SOPRA). This act aims to curb what he describes as an abuse of power by unelected bureaucrats in federal agencies. He noted that "Chevron deference has given unelected bureaucrats unjustified power," and his bill seeks to ensure courts independently interpret laws without deferring to agency interpretations.

Both pieces of legislation reflect ongoing concerns about regulatory practices and aim to restore certain powers back to Congress and improve accountability within federal agencies.