The U.S. Chamber of Commerce, in a release, touted its support for a bill that would strike down a new anti-arbitration rule from the Consumer Financial Protection Bureau (CFPB).
Per the Chamber’s statement, “The CFPB promulgated an anti-arbitration rule that subjects millions of consumer contracts to regulations that degrade consumer protection. Even though this regulation is directed at financial firms, the CFPB’s rule impacts businesses of all types that the Bureau believes touch consumer finance – even mobile telephone service providers and website operators.”
The Senate passed a bill yesterday that will stop the CFPB’s new rule in its tracks. The vote was 50-50, with Vice President Mike Pence breaking the tie. The House has already passed H.J. Res. 111.
The House revokes new CFPB arbitration rule by a vote of vote 231-190. The president has promised to reign in the CFPB, so the Senate passage sealed the fate of this particular anti-arbitration rule.
This was the CFPB’s latest anti-business, job killing rule, per the Chamber.
The House Financial Services Committee, in a release to MHProNews said, “This is a victory for consumers, a defeat for the wealthy trial lawyers lobby and a rejection of the unchecked, unconstitutional and unaccountable CFPB. Instead of carrying water for the Democrats’ favored special interests, the CFPB should actually work to protect consumers.
Financial Services Committee Chairman Jeb Hensarling (R-TX) added, “I commend the Senate for joining the House in fighting for consumers and for draining the bureaucratic swamp of yet another political regulation. Laws that Americans live under must be written by their elected representatives, not unelected and unaccountable bureaucrats. It’s good to see Congress reclaim its legislative authority and operate as our Constitution requires.”
Smaller banks, lenders, and thousands of others in business have also opposed the ever greater encroachment of the agency on American business Life.
One respected manufacturd home industry example, follows.
“It’s my personal opinion that they we have incrementally given up every bit of financial freedom we have lost. Dodd Frank was a big increment along with Obamacare,” industry veteran and prior Texas Manufactured Housing Association Chairman, Lance Inderman has said to MHProNews.
“I’m of the opinion that giving up key parts of the reform to get a “win” for posterity makes no sense. We need to keep educating the populace and congress on the facts that we compete on a different price point and therefore a different finance scale with their multi million dollar ocean front homes paid for by their donors.”
In a posted comment on MHProNews, Inderman has also said that, “I started at the bottom working for minimum wage washing dishes, flipping burgers, mopping floors and learning how to deal with the public. I have become successful because of hard work, perseverance and delayed gratification.”
“People that produce wealth in the private sector despise government and its tax arm while the wealthy that deal in the public sector despise the true private sector that refuses to be enslaved by government contracts and connections because they don’t know how to do it,” Inderman has said to MHProNews.
The Next In a Periodic Series on Dodd-Frank, CFPB
Nothing changes until it’s challenged.
The Daily Business News will be doing another finance focused report, perhaps as soon as later this week, that impact on manufactured housing. Stay tuned. ## (News, Analysis.)
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.