[Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)]
[Senate]
[Page S2272]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, 
  UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER 
FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE RELATING TO 
  ``TRUTH IN LENDING (REGULATION Z); USE OF DIGITAL USER ACCOUNTS TO 
          ACCESS BUY NOW, PAY LATER LOANS''--Motion to Proceed

  Mr. WELCH. Mr. President, I move to proceed to S.J. Res. 134, which 
would restore the CFPB's rule to ensure that consumers are granted 
critical protections when they are using ``buy now, pay later'' loans.
  The PRESIDING OFFICER. The clerk will report the motion.
  The senior assistant legislative clerk read as follows:

       Motion to proceed to Calendar No. 390, S.J. Res. 134, a 
     joint resolution providing for congressional disapproval 
     under chapter 8 of title 5, United States Code, of the rule 
     submitted by the Bureau of Consumer Financial Protection 
     relating to the withdrawal of the rule relating to ``Truth in 
     Lending (Regulation Z); Use of Digital User Accounts To 
     Access Buy Now, Pay Later Loans''.

  Mr. WELCH. Mr. President, there is now widespread and growing use of 
``buy now, pay later.'' The reason families are doing that is to buy 
things like school clothing, not some incidental that is a 
discretionary expense.
  The reason ``buy now, pay later'' is so much increasing in demand is 
because people are really broke. They are struggling with the high gas 
prices, they are struggling with record inflation, and at the end of 
the month, there are more bills than there is money.
  The people using ``buy now, pay later'' are in every single State of 
the Union--in West Virginia, in Vermont--and they are good people that 
we care about and are concerned that the economy is not working for 
them, and they are struggling with very severe shortages of income.
  These products can be risky. You know, most of us wouldn't recommend 
``buy now, pay later.'' It is much better if you have the money to pay 
cash and you don't get in a risky situation. But the fact is, this is a 
necessary tool for some families.
  Why in the world would we all not want to take the necessary action 
to protect those vulnerable families from abusive practices? That is 
what the CFPB did with its rule. I am absolutely mystified--absolutely 
mystified--that the administration would rescind that because, as I 
mentioned and as we all know, this is a protection that helps people 
that each and every one of us represents.
  I know there is every bit as much concern on the Republican side of 
the aisle as there is on the Democratic side of the aisle to protect 
people from getting ripped off, particularly vulnerable people who work 
full time but can't pay their bills.
  So the Trump CFPB withdrew this rule, and it obviously sends a clear 
signal to ``buy now, pay later'' that they can get away with what they 
want.
  Vote with us to rescind this rule.
  I yield the floor.


                       Vote on Motion to Proceed

  The PRESIDING OFFICER. The question is on agreeing to the motion to 
proceed.
  In the opinion of the Chair, the noes have it.
  The motion was rejected.
  The PRESIDING OFFICER. The Senator from Vermont.

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