[Congressional Record Volume 161, Number 93 (Thursday, June 11, 2015)]
[House]
[Pages H4170-H4171]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                HELPING CONSUMERS ACHIEVE CAR OWNERSHIP

  (Mr. GUINTA asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. GUINTA. Mr. Speaker, I rise today in support of cutting the 
bureaucratic red tape strangling our Nation's small businesses.
  In 2013, the Consumer Financial Protection Bureau implemented 
guidance that would prevent families and individuals from obtaining 
auto financing discounts. The CFPB issued this guidance without a 
public comment period for consumers, small businesses, or stakeholders.

[[Page H4171]]

  This guidance not only affects the American auto industry and the 
hundreds of hard-working auto dealers in the Granite State; but it also 
affects Granite State families and individuals, for example, the young 
couple in Manchester struggling to afford a new minivan to accommodate 
their growing family or the startup logistics company in Conway wishing 
to add another truck to their fleet to grow their business.
  The detrimental aspects of this onerous regulation are felt 
throughout our State and our Nation. That is why I introduced H.R. 
1737, a bipartisan bill to rein in the CFPB's overreach and merely 
bring more transparency, accountability, and clarity to the formal 
rulemaking process. It will reverse the CFPB's indirect auto financing 
guidance and allow the public's voice to be heard.
  This bill has 49 Republican cosponsors and 40 Democrat cosponsors. I 
look forward to working with all those interested in continuing to 
reverse this rule.

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