Two resolutions impacting the Consumer Financial Protection Bureau (CFPB) have been signed into law by President Donald Trump.
The CFPB has been a controversial agency since its inception. A pet project of certain left-wing policymakers, the Trump administration has effectively crippled the agency and its activities to the point of irrelevance.
The two resolutions, approved by the legislative branch under the Congressional Review Act, overturn S.J. Res. 18 and S.J. Res. 28. The first reverses the CFPB’s ability to price-fix overdraft fees, and the second blocks an “expanded” authority on the digital payment industry.
The Chairman of the House Financial Services Committee welcomed the president’s approval, stating that the rules were “rushed to the door in the darkness of the night in the waning days of the Biden administration.
“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.
