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