'A Textbook Case Of Regulatory Overreach': Tim Moore Advocates To Overturn CFPB Rule

In remarks on the House floor before the Congressional recess, Rep. Tim Moore (R-NC) spoke about overturning a CFPB rule.

Transcript

00:00The gentleman from North Carolina is recognized for one minute.

00:02Thank you, Mr. Chairman. Thank you, Mr. Speaker.

00:04I rise today in support of Joint Resolution 28, a joint resolution to overturn the CFPB's final rule

00:12targeting larger participants in general-use digital consumer payment applications.

00:18This rule is a textbook case of regulatory overreach.

00:22It stems from a flawed process and applies an overly broad approach that blurs important distinctions

00:27between very different products and services in the digital economy.

00:32Rather than taking a thoughtful and tailored approach, the CFPB opted for a sweeping rule

00:38that treats all digital payment services as if they are the same,

00:43ignoring critical differences, that matter, for both consumers as well as providers.

00:48When regulators fail to distinguish fundamentally different products,

00:52they don't just risk getting it wrong, they guarantee it.

00:54The digital economy is too important and involving to quickly blanket policies

00:59built on vague definitions and rough processes.

01:02We need thoughtful, targeted oversight that reflects reality,

01:06not a one-size-all mandate that will do more harm than good.

01:10I want to thank Congressman Flood and Chairman Hill for their work

01:13and urge my colleagues to support this resolution.

01:15With that, Mr. Speaker, I yield back on reserve.

01:18Thank you very much.

01:19Thank you very much.