Toomey, Schumer, Moran

The Auto Lending CRA Resolution of Disapproval (S. J. Res. 57)

Senator Toomey: (9:46 a.m.)

  • Spoke on the auto lending rule.
    • "I understand people might like the CFPB's rule, which I don't, but to suggest that somehow because they issued it through a guidance rather than through the appropriate rule making process, that we somehow shouldn't be using the congressional review act I think is completely mistaken. First of all, there is the C.R.A.'s definition of a rule. It's very broad and intentionally so. I will quote in part that definition. It says the whole or a part of an agency's statement of general or particular applicability. The text says nothing about limiting the Congressional Review Act procedural device to formal rule makings that followed from the Administrative Procedures Act. It's much broader than that. Instead it says whole or part of an agency's statement."


Senator Schumer: (10:18 a.m.)

  • Spoke in tribute to former First Lady Barbara Bush.
    • "First, Mr. President, I'd like to send my heartfelt condolences to the bush family for the passing of the former first lady Barbara Bush. Simply put, Mrs. Bush was the personification of grace and class, as first lady and as a human being throughout her life. She will be missed by people on both sides of the aisle and by all Americans."
  • Spoke on the Trump Administration's foreign policy.
    • "Does anyone at the White House talk to each other? Is there a coordinated strategy? Or is our foreign policy completely subject to the president's fleeting whims, changing as they do day to day, moment to moment, often guided by what some commentator say says on television? Unfortunately, that's what it looks like from the outside. And it's going to put America and our interests abroad in danger. Predictability, consistency is not boring. It lets our allies know that we'll support them and our adversaries know that we cannot get away with violating international norms. The erratic nature of this administration's foreign policy exemplified by the abrupt reversal of Nikki Haley's announcement is something all Americans should be worried about."
  • Spoke on China.
    • "Now, on another matter, trade -- the president and I don't agree on a whole lot but on the issue of China's rapacious trading policies, we see eye to eye. Presidents from both parties, in my estimation, have failed to act strongly enough against the threat posed by China. President Trump, unlike both Presidents Bush and Obama, is finally doing something about it. I remain disappointed, however, that the president passed up the opportunity once again to label China a currency manipulator. Nonetheless, yesterday a really good thing happened."
  • Spoke on the pending legislative items.
    • "President Trump during his campaign would often wonder aloud about what these folks had to lose by voting for him. Now we know. The Republican majority seems intent on putting forward heavily partisan bills that have no chance of passing or little practical impact but are simply designed to be divisive. That's not going to get us anywhere. And it's turning the Senate, which all of us want to be a deliberative, bipartisan body, into a bit of a farce this week. No debate, no amendments. So I'd suggest to my colleagues on the other side, let's get back to pursuing bipartisan accomplishments that actually advance the interests of the American worker, the American consumer, and the middle class."


Senator Moran: (10:37 a.m.)

  • Spoke on the auto lending rule.
    • "I want to make certain that my colleagues understand that agencies and departments still would be encouraged to put out guidance to ensure appropriate compliance with the law. This ought not have any chilling effect, this C.R.A. resolution ought not have a chilling effect on guidance because guidance is a useful tool. It can be helpful to those who are being regulated, but it needs to be issued for traditional purposes. Guidelines for complying with federal law. One of the CFPB's errors was in issuing this guidance in this instance, and then they proceeded down the path of an aggressive enforcement action in search of, quote, market-tipping settlements."