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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".

Mr. President, I move to proceed to Calendar No. 395, S.J. Res. 147.

Mr. President, I was proud in 2008 during the financial crisis facing this country to join a majority of Senators in creating the Consumer Financial Protection Bureau. This Bureau has been a watchdog for consumers ever since.

Congress took steps to strengthen consumer protection laws after this crisis which centered on mortgage lenders profiting on loans doomed to fail. Millions of Americans lost their homes. The unemployment rate was 10 percent.

Shortly after, Congress passed this Consumer Financial Protection Act to address consumer protection failures and to ban abusive financial conduct to ensure fair dealing and protect consumers.

The CFPB issued guidance on what constitutes financial abuse, warning bad actors, and making it easy to enforce the law.

In 2023, the Biden CFPB issued a policy statement that spelled out by legal definition the abusive conduct and provided summaries and explanations as how to analyze the abusers. For example, the CFPB explained that abusive practices include obscuring or withholding information on mortgages in a

way that makes it difficult for consumers to understand them--same thing for credit card agreements, same thing for financial contracts and for student loans. The guidance warned bad actors about engaging in these practices and deterring abusive conduct, making it easier to bring enforcement actions when it occurs. The Trump administration withdrew this guidance and protection, and this JRD seeks to restore it.

Now, I ask those who want to stand up for families that are struggling with their expenses today to vote yes and those who want to approve of low-rent, bottom-feeder, sleazy conduct by cheaters to vote no.

Vote on Motion to Proceed