May 08, 2018

Freedom Partners Commends Vote to Scrap Onerous Auto Lending Restriction

Post by Freedom Partners

Arlington, VA – Freedom Partners today applauded a vote in the House of Representatives to approve S.J. Res. 57, which utilizes the Congressional Review Act (CRA) to repeal a controversial policy adopted in 2013 by the Consumer Financial Protection Bureau to limit auto lending arrangements.

Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:

“When Washington imposes one-size-fits-all restrictions, both consumers and businesses lose. The regulatory overreach into auto lending is a case in point. As a result, auto dealers and their customers had fewer financing options and loans became more expensive. We commend members of Congress for voting to restore consumer choice and cut red tape. The Congressional Review Act was enacted into law to address regulatory abuses such as this and we strongly encourage lawmakers to make more aggressive use of it going forward.”

Background

A major priority for Freedom Partners is rolling back excessive federal regulations which undermine economic growth and prosperity.