Mitchell Attends White House Signing of S.J.Res.57
WASHINGTON – This afternoon, Congressman Paul Mitchell (MI-10) joined President Donald Trump at the White House for the signing of S.J.Res.57, A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” This law, passed under the Congressional Review Act, repeals the Consumer Financial Protection Bureau’s (CFPB) 2013 indirect auto lending guidance, which was put in place in violation of the Dodd-Frank Act, which forbids the CFPB from regulating auto dealers.
“I was glad to stand with President Trump this afternoon as he repealed the Consumer Financial Protection Bureau’s guidance that attempted to regulate indirect auto lending despite not having the regulatory authority,” said Mitchell. “This overreaching regulation hurt consumers, who were forced to bear the increased costs of government bureaucracy in their auto loans. Congress and President Trump repealing the CFPB’s illegitimate guidance protects consumers from unelected, overreaching government bureaucrats instituting rules that hurt more than they help.”