Protecting Consumers' Access to Credit Act of 2017
Floor Speech
BREAK IN TRANSCRIPT
Mr. HOLLINGSWORTH. Mr. Speaker, there are many days when we stand in this Chamber and I specifically talk about the regulations, the regulations that are holding back our economy from growing, holding back consumers from getting the products that they want--we talked about them in very sweeping, hyperbolic terms--but this is not one of those days. This is a day where, in this bill, we are simply codifying what has been the law of the land for over five decades, what is currently the law of the land in 47 out of 50 States.
So not only has this historically been the case, what we are arguing for here, but it is also the case in 47 out of 50 States. And I don't think those three States, the consumers or the citizens of those States, should be disadvantaged by not being able to access affordable capital to be able to grow better futures. That is what I hear back home is they want the opportunity to get loans, to get credit, to get more chances for them to build better financial futures.
And, frankly, this bill does that. It solves the problem of uncertainty, and capital flees uncertainty. This makes clear what has been the law of the land. It doesn't change State usury laws. It doesn't impact payday. It merely restates that which we have operated under for decades before this Second Circuit decision and says the law in 47 States should be the law in 50 States.
Valid when made is an important aspect of our financial markets and ensuring that we can turn over capital more frequently, thus, get more capital out to more individuals. And, frankly, that is what we are here fighting for: making sure everybody gets the opportunity to participate in a better economy by building a financial future. H.R. 3299 goes a long way in solving that problem by a very simple, very narrow fix in ensuring those three States get to participate in the benefit of a vibrant secondary market just like the 47 other States outside of the Second Circuit.
Mr. Speaker, I rise in support of the legislation and encourage all Members here to support this legislation.
BREAK IN TRANSCRIPT
Source