The House of Representatives will vote today on Congressman Frank Guinta’sCFPB Indirect Auto Financing Guidance Act, H.R. 1737. The New Hampshire congressman’s bipartisan legislation would “instruct the bureau to allow public comment and to publish its data and analysis online before issuing new rules on auto financing,” which threaten the ability of car dealers to offer low rates to qualified car buyers, according to the Wall Street Journal.
Rep. Guinta introduced his bill earlier this year to help consumers save millions of dollars annually, he says.“My bill would rein in overzealous CFPB bureaucrats, who in an effort to police car purchases, are costing Granite Staters good deals.”166 cosponsors, including 65 Democrats, have signed on. More below from today’s Journal.
NOTE: The House of Representatives is scheduled later today to consider H.R. 1737, the bipartisan bill mentioned in this editorial.
On Wednesday the House is expected to vote down the Consumer Financial Protection Bureau’s extralegal campaign against the nation’s auto dealers. This is an important moment. Even Democrats are beginning to push back against the regulatory agenda crafted by President Obama and Massachusetts Senator Elizabeth Warren. Let’s hope the dissident donkeys survive the experience.