[Congressional Record Volume 163, Number 177 (Wednesday, November 1, 2017)]
[Senate]
[Page S6937]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  CONGRESSIONAL REVIEW ACT RESOLUTION

  Mr. McCONNELL. Mr. President, after 8 years of sluggish growth and 
missed opportunities for the middle class under 8 years of the Obama 
administration, the American people elected a new President and 
Congress dedicated to getting our country moving again after so many 
years of failed leftwing policies. We are working hard on joint 
legislative initiatives on tax reform.
  We have also undertaken what has been described as ``the most 
ambitious regulatory rollback since Reagan.'' The administration has 
the ability to take serious action on its own, and it has. The Congress 
has taken important action many times as well. We have used the tools 
contained in the Congressional Review Act, which allows us to overturn 
certain regulations with a majority vote in Congress and the 
President's signature. The President signed all of the many CRA 
resolutions we passed already, which overturned regulations that 
threatened everything from job creation to economic growth.
  The President will sign another CRA resolution today, one that will 
overturn a regulation that threatened to drive up costs for millions of 
Americans who carry a credit card. It is a regulation dreamed up by a 
government agency, the CFPB, that claims to protect consumers but seems 
to have found a way to actually harm them. The Treasury Department 
released a study showing how this regulation has little to do with 
consumer protection and everything to do with lining the pockets of 
trial lawyers. This unaccountable agency ignored that study and issued 
its regulation anyway.
  We passed this Congressional Review Act resolution to protect 
consumers from wrongdoing while avoiding frivolous lawsuits that will 
only drive up costs for the millions of Americans who have a credit 
card. The CFPB continues to be one of the most unaccountable 
bureaucracies in Washington, and this Congress will continue to stand 
up for consumers even when the CFPB will not.

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