Today, 23 free market groups led by the Competitive Enterprise Institute (CEI) sent a letter to Congress asking lawmakers to stop the Consumer Financial Protection Bureau’s (CFPB) rule against short-term “payday” loans.
“The CFPB’s rule will make it harder for millions of struggling Americans to cover emergency expenses between paychecks,” said Daniel Press, a CEI policy analyst and author of a recent report on the rule. “Congress must take action now to protect these vulnerable consumers’ access to credit.”
The rule also deprives citizens and lawmakers in every state from deciding for themselves how to regulate small dollar loans and fails to take into consideration the impact the rule will have on small businesses, the letter explains.
Time is running out for Congress to disapprove the rule using the Congressional Review Act, with an estimated deadline of March 5. The letter asks Congress to vote now on House Joint Resolution 122, introduced by Rep. Dennis Ross (R-FL) and co-sponsored by Reps. Alcee Hastings (D-FL), Henry Cuellar (D-TX), Collin Peterson (D-MN), Steve Stivers (R-OH), and Tom Graves (R-GA).
Letter signatories include representatives of: Competitive Enterprise Institute, 60 Plus Association, ALEC Action, American Commitment, Americans for Prosperity, Americans for Tax Reform, Campaign for Liberty, Center for Freedom and Prosperity, Center for Individual Freedom, Consumer Action for a Strong Economy, Council for Citizens Against Government Waste, FreedomWorks, Generation Opportunity, Heritage Action for America, Independent Women's Forum, Independent Women's Voice, Institute for Liberty, Less Government, Log Cabin Republicans, National Black Chamber of Commerce, National Taxpayers Union, Small Business & Entrepreneurship Council, Taxpayers Protection Alliance