Hill, Kelly applaud newly signed law repealing Obama-era consumer car-buying rule

U.S. Rep. French Hill (R-AR), Majority Whip on the U.S. House Financial Services Committee, and U.S. Rep. Mike Kelly (R-PA), chairman of the bipartisan House Automotive Caucus, both gave President Donald Trump a thumbs up for repealing another Obama-era rule.

The president on May 21 signed into law Senate Joint Resolution (S.J.Res.) 57, the Congressional Review Act Joint Resolution Disapproving of the Consumer Financial Protection Bureau’s (CFPB) Indirect Auto Financing Guidance, which Reps. Kelly and Hill said could have cost American auto buyers big bucks.

“I’m pleased to see President Trump join Congress in sending a clear message of disapproval of a burdensome rule issued by the CFPB – this time making it harder and more expensive for American families to purchase a car – something critical for getting to work and for providing for their families,” Rep. Hill said on May 21.

Rep. Kelly tweeted he was honored to join Trump in the Oval Office earlier on Monday when the president signed the “common sense regulatory repeal bill” into law.

“It’s the record 16th time this Congress & @POTUS have fully repealed a harmful & unnecessary federal rule under the Congressional Review Act,” the congressman tweeted.

S.J.Res. 57, introduced on March 22 by U.S. Sen. Jerry Moran (R-KS), calls for congressional disapproval under Chapter 8 of Title 5 of the United States Code of the rule submitted by the CFPB relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act,” according to the congressional record.

Among the 24 Republican cosponsors of S.J.Res. 57 were U.S. Sens. Mike Rounds (R-SD), Orrin Hatch (R-UT), Roger Wicker (R-MS), John Hoeven (R-ND), Roy Blunt (R-MO), Shelley Moore Capito (R-WV), Pat Roberts (R-KS), Steve Daines (R-MT), and Joni Ernst (R-IA). The U.S. Senate approved the resolution on April 18, 51-47.

The identical House Joint Resolution 132 was introduced on April 10 by U.S. Rep. Lee Zeldin (R-NY), along with seven Republican cosponsors, including U.S. Reps. Lynn Jenkins (R-KS), Barbara Comstock (R-VA), Bill Huizenga (R-MI), Jim Renacci (R-OH), and Randy Hultgren (R-IL). The House approved the Senate’s version on May 8, 234-175, and it was presented to the president on May 10.

Rep. Kelly, in fact, tweeted on May 8 following the House’s approval of the resolution that he “was proud to help repeal an offensive Obama-era CFPB rule that unfairly threatened car buyers while attacking the integrity of local auto dealers.”

Rep. Hill agreed following the president’s signature, too.

“This will benefit all Americans because they will have access to improved and cheaper auto lending allowing them to retain more of their hard-earned money,” according to Rep. Hill’s statement.

The congressman explained that the CFPB had “circumvented Congress by issuing” its guidance; then tried to justify it by using “poorly crafted discriminatory procedures;” and intended to “undermine the consumer and deny companies’ due process rights.”

Rep. Hill added that the actions taken by President Trump and Congress kept the nation from adhering to CFPB’s flawed guidance, which he said would have damaged the U.S. economy.

“I am proud to have supported this measure and that President Trump took action to protect the rights of hard-working Americans to continue to hold this unchecked agency accountable for its actions,” said Rep. Hill.