U.S. Rep. Randy Feenstra (R-Hull) voted for, and the U.S. House of Representatives passed, a resolution nullifying the Consumer Financial Protection Bureau’s expanded enforcement of Section 1071 of the Dodd-Frank Act, which would increase the cost of loans, restrict capital for businesses, and stall economic development in rural communities.
A companion resolution has been approved by the U.S. Senate.
“On my 36 County Tour, I have met with countless small business owners who are struggling from inflation, high interest rates, and economic uncertainty. Like I warned when President Biden and Democrats in Congress approved trillions in new expenditures, reckless government spending would hurt our families, farmers, and rural main streets. Those predictions have unfortunately come true,” said Rep. Feenstra. “The Consumer Financial Protection Bureau’s small-business data-collection rule would only make matters worse for our main streets. This misguided rule would inundate business owners with mountains of paperwork and violate basic privacy protections by requiring community banks to report every detail of every loan they originate – ultimately forcing businesses to close for good. I’m proud to vote to overturn this costly mandate on our small businesses because it’s a recipe for disaster for affordable lending in rural areas and the vibrancy of our main streets.”