Central ND News

WASHINGTON – Senator John Hoeven has voted in favor of overriding President Biden's veto of a Congressional Review Act (CRA) resolution aimed at rescinding the Consumer Financial Protection Bureau (CFPB) Small Business Lending Data Collection Rule. This rule, which has been cosponsored by Hoeven, is seen as detrimental to small businesses as it would raise costs and impose burdensome data collection requirements. Additionally, the rule would make the collected data public, potentially compromising the privacy of small business owners.

In October, a bipartisan majority in the Senate approved the CRA resolution to repeal the costly CFPB rule. However, President Biden subsequently vetoed the resolution, and today's motion to override the veto was blocked by Senate Democrats.

Senator Hoeven expressed his concerns about the impact of the CFPB rule on small businesses, stating, "Small businesses, including farmers and ranchers, rely on access to credit to invest in their operations and ensure they have working capital on hand when needed. This rule impacts the availability of credit, while representing a real privacy risk for business owners."

The Small Business Lending Data Collection Rule has drawn criticism for its potential to hinder small businesses' access to credit and increase the financial burden they face. By rescinding this rule, lawmakers hope to alleviate these concerns and create a more favorable environment for small businesses to thrive.

Although the motion to override President Biden's veto was unsuccessful, Senator Hoeven's support for the CRA resolution highlights his commitment to protecting small businesses and their economic interests. The senator's actions reflect the concerns raised by numerous business owners and advocates who believe that the CFPB rule would have hindered the growth and success of small businesses across the country.

Moving forward, it remains to be seen whether alternative measures will be proposed to address the concerns raised by the Small Business Lending Data Collection Rule. However, Senator Hoeven's vote to override the veto demonstrates his dedication to promoting the growth and prosperity of small businesses in the United States.

Click this link to access more information: https://www.hoeven.senate.gov/news/news-releases/hoeven-votes-to-override-biden-veto-rescind-burdensome-cfpb-rule-impacting-small-businesses