WASHINGTON, D.C. - Today, U.S. Congressman Paul A. Gosar, D.D.S. (AZ-04) released the following statement after the House successfully adopted the Congressman’s amendment requiring the Consumer Financial Protection Bureau (CFPB) to analyze the costs and potential negative impacts to veteran-owned businesses before putting forth future overreaching mandates and attached the amendment to H.R. 1737, the Reforming CFPB Indirect Auto Financing Guidance Act:
Today, U.S. Congressman Paul A. Gosar, D.D.S. (AZ-04) released the following statement after the House successfully adopted the Congressman’s amendment requiring the Consumer Financial Protection Bureau (CFPB) to analyze the costs and potential negative impacts to veteran-owned businesses before putting forth future overreaching mandates and attached the amendment to H.R. 1737, the Reforming CFPB Indirect Auto Financing Guidance Act:
“Exactly one week ago, we celebrated Veterans Day and the patriotic service that so many men and women have heroically given to this great nation. While kind words of support are nice, our veterans need and deserve bold action from Congress, including protecting their businesses from unnecessary regulations that threaten their livelihoods. It is outrageous that our nation’s heroes are capable of surviving dangerous combat situations, but many of their small businesses are not capable of surviving overreaching new mandates from the Obama Administration.
“Veterans already face tough challenges finding work when they return from service and earlier this year, post-9/11 veterans unemployment numbers were as high as 7.2%. In recent years, veteran’s unemployment numbers have been some of the highest in the country and at times have even been in double digits. I’m proud that the House took action today to protect the livelihoods of American heroes from future job-killing regulations that will be put forth by a rogue agency created under Dodd-Frank.”
Background:
Congressman Gosar’s amendment ensures that any costs and negative impacts to veteran-owned business are analyzed and included in the study required by this bill before any future auto financing guidance can be put forth by the Consumer Financial Protection Bureau.
The three main categories that the SBA utilizes for set-aside government contracts are women-owned, minority-owned and veteran-owned business. The base bill requires that CFPB commission a report and consider any costs or negative impacts for minority-owned businesses and women-owned businesses before putting forth new mandates for auto lending guidance. It only makes sense to also require that the agency consider any negative repercussions for our nation’s heroes and veteran-owned businesses before putting forth new regulatory-like mandates that will cause them harm.
From the Republican Study Committee:
H.R. 1737, the Reforming CFPB Indirect Auto Financing Guidance Act, would nullify the CFPB bulletin 2013-02, the Indirect Auto Lending and Compliance with Equal Credit Opportunity Act, and would amend the Consumer Financial Protection Act of 2010 to provide requirements for guidance issued by the CFPB pertaining to indirect auto lending.
