Press Releases

Yesterday, President Trump signed two resolutions of disapproval under the Congressional Review Act into law which will overturn two Biden-era rules. S.J. Res. 18 nullifies the CFPB’s disastrous rule which attempted to set government price caps on overdraft fees, and S.J. Res. 28 nullifies the CFPB’s deeply flawed rule which expanded its authority over the digital payment ecosystem. House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement:

"I applaud President Trump for signing S.J. Res 18. and S.J. Res 28 into law. Both rulemakings were rushed out the door in the darkness of night in the waning hours of the Biden-Harris Administration and are perfect examples of undemocratic and unjustified actions. Americans voted for consumer choice, not government overregulation. By overturning these two rulemakings, we are returning decision-making power where it belongs: with the American people.”

Background

S.J. Res. 18 – A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions,” passed the House 217 to 211.

S.J. Res. 28 – A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications," passed the House 219 to 211.