McHenry Opposes Democrats’ H.R. 2547: Another Attempt to Socialize Our Financial System

Cmte Financial Services (R)
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McHenry Opposes Democrats’ H.R. 2547: Another Attempt to Socialize Our Financial System

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), spoke on the House floor in opposition to Democrats’ bill to socialize the credit industry, H.R. 2547, the Comprehensive Debt Collection Improvement Act. This legislation will hurt small businesses, increase risk to the financial system, and drive up the cost of credit for all borrowers.

Read excerpts from Republican Leader McHenry’s floor remarks as prepared for delivery:

“Let’s just call this bill what it is, another attempt by Democrats to socialize our financial system.

“Once again, under the guise of “consumer support” Democrats are trying to implement their long-held partisan priorities.

“Democrats will try to sell H.R. 2547 to the American people as necessary action to help families and small businesses hardest hit by the economic impacts of COVID-19.

“But the truth is, this bill is just a redo of several partisan bills from last Congress.

“First, it’s clear progressives want to eliminate a fundamental part of our free market system—the belief that you should be paid for services provided in a timely manner.

“The fact is, limiting the ability of businesses and individuals to be repaid for these services already provided will not benefit anyone. This is especially true for small businesses who have been hit hardest by pandemic shutdowns.

“If enacted, this bill will also drive up the cost of credit for all borrowers, especially the lowest-income borrowers, as well as limit their credit options.

“I have a bill that allows medical debt that results from a non-elective service and is repaid to be eliminated from a consumer’s credit report.

“This makes sense. Accurate reporting and full repayment allows the credit markets to work smoothly and to accurately account for risk. This in turn allows the financial system to continue to provide low-cost credit to those who need it most.

“We all agree, consumers who owe a debt should be treated with respect and dignity and not be subjected to abusive or harassing behavior. The law already upholds this.

“This bill is a big government, anti-consumer, and anti-small business solution in search of a problem.”