Floor SpeechNeutral2026-05-13

PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE...

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On 2026-05-13, Senator Peter Welch (D-VT) delivered a floor speech titled "PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUR" in the Senate.

Full Text

PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE...

Congressional Record, Volume 172 Issue 81 (Wednesday, May 13, 2026) [Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)] [Senate] [Page S2272] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE RELATING TO ``TRUTH IN LENDING (REGULATION Z); USE OF DIGITAL USER ACCOUNTS TO ACCESS BUY NOW, PAY LATER LOANS''--Motion to Proceed Mr. WELCH. Mr. President, I move to proceed to S.J. Res. 134, which would restore the CFPB's rule to ensure that consumers are granted critical protections when they are using ``buy now, pay later'' loans. The PRESIDING OFFICER. The clerk will report the motion. The senior assistant legislative clerk read as follows: Motion to proceed to Calendar No. 390, S.J. Res. 134, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. Mr. WELCH. Mr. President, there is now widespread and growing use of ``buy now, pay later.'' The reason families are doing that is to buy things like school clothing, not some incidental that is a discretionary expense. The reason ``buy now, pay later'' is so much increasing in demand is because people are really broke. They are struggling with the high gas prices, they are struggling with record inflation, and at the end of the month, there are more bills than there is money. The people using ``buy now, pay later'' are in every single State of the Union--in West Virginia, in Vermont--and they are good people that we care about and are concerned that the economy is not working for them, and they are struggling with very severe shortages of income. These products can be risky. You know, most of us wouldn't recommend ``buy now, pay later.'' It is much better if you have the money to pay cash and you don't get in a risky situation. But the fact is, this is a necessary tool for some families. Why in the world would we all not want to take the necessary action to protect those vulnerable families from abusive practices? That is what the CFPB did with its rule. I am absolutely mystified--absolutely mystified--that the administration would rescind that because, as I mentioned and as we all know, this is a protection that helps people that each and every one of us represents. I know there is every bit as much concern on the Republican side of the aisle as there is on the Democratic side of the aisle to protect people from getting ripped off, particularly vulnerable people who work full time but can't pay their bills. So the Trump CFPB withdrew this rule, and it obviously sends a clear signal to ``buy now, pay later'' that they can get away with what they want. Vote with us to rescind this rule. I yield the floor. Vote on Motion to Proceed The PRESIDING OFFICER. The question is on agreeing to the motion to proceed. In the opinion of the Chair, the noes have it. The motion was rejected. The PRESIDING OFFICER. The Senator from Vermont. ____________________

Referenced legislation: SJRES134, SJRES134

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PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE... Congressional Record, Volume 172 Issue 81 (Wednesday, May 13, 2026) [Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)] [Senate] [Page S2272] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE RELATING TO ``TRUTH IN LENDING (REGULATION Z); USE OF DIGITAL USER ACCOUNTS TO ACCESS BUY NOW, PAY LATER LOANS''--Motion to Proceed Mr. WELCH. Mr. President, I move to proceed to S.J. Res. 134, which would restore the CFPB's rule to ensure that consumers are granted critical protections when they are using ``buy now, pay later'' loans. The PRESIDING OFFICER. The clerk will report the motion. The senior assistant legislative clerk read as follows: Motion to proceed to Calendar No. 390, S.J. Res. 134, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. Mr. WELCH. Mr. President, there is now widespread and growing use of ``buy now, pay later.'' The reason families are doing that is to buy things like school clothing, not some incidental that is a discretionary expense. The reason ``buy now, pay later'' is so much increasing in demand is because people are really broke. They are struggling with the high gas prices, they are struggling with record inflation, and at the end of the month, there are more bills than there is money. The people using ``buy now, pay later'' are in every single State of the Union--in West Virginia, in Vermont--and they are good people that we care about and are concerned that the economy is not working for them, and they are struggling with very severe shortages of income. These products can be risky. You know, most of us wouldn't recommend ``buy now, pay later.'' It is much better if you have the money to pay cash and you don't get in a risky situation. But the fact is, this is a necessary tool for some families. Why in the world would we all not want to take the necessary action to protect those vulnerable families from abusive practices? That is what the CFPB did with its rule. I am absolutely mystified--absolutely mystified--that the administration would rescind that because, as I mentioned and as we all know, this is a protection that helps people that each and every one of us represents. I know there is every bit as much concern on the Republican side of the aisle as there is on the Democratic side of the aisle to protect people from getting ripped off, particularly vulnerable people who work full time but can't pay their bills. So the Trump CFPB withdrew this rule, and it obviously sends a clear signal to ``buy now, pay later'' that they can get away with what they want. Vote with us to rescind this rule. I yield the floor. Vote on Motion to Proceed The PRESIDING OFFICER. The question is on agreeing to the motion to proceed. In the opinion of the Chair, the noes have it. The motion was rejected. The PRESIDING OFFICER. The Senator from Vermont. ____________________ Referenced legislation: SJRES134, SJRES134