[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Extensions of Remarks]
[Pages E269-E270]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               H.R. 4607

                                 ______
                                 

                         HON. PETER A. DeFAZIO

                               of oregon

                    in the house of representatives

                        Wednesday, March 7, 2018

  Mr. DeFAZIO. Mr. Speaker, due to flight delays, I was unable to vote 
on H.R. 4607, the Comprehensive Regulatory Review Act. I would have 
voted against this legislation. Changing the Economic Growth and 
Regulatory Paperwork Reduction Act (EGRPRA) review process timeline 
from every ten years to every seven will drive up the deficit, and 
gives financial regulators little time to implement recommendations. I 
was especially appalled with

[[Page E270]]

the Rules Committee's adoption of an amendment to allow Congress to 
raid the Federal Reserve to pay for this legislation.
  I also disagreed with the provision that includes the CFPB in the 
EGRPRA review. This is unnecessary and duplicative, as the CFPB is 
already subject to a review of its rules every five years.
  Most importantly, I have serious concerns with shifting the mandate 
that regulators identify ``outdated and unnecessary'' regulations to a 
mandate that regulators limit regulatory burdens. Directing regulators 
to prioritize limiting ``cost, liability risk, and other burdens,'' 
would further reduce regulations for large banks, payday lenders, and 
thousands of other financial services companies without consideration 
for how these rules safeguard consumers.

                          ____________________