Sen. McConnell Issues Statement on Congressional Review Act Resolution

WASHINGTON, May 22 — Sen. Mitch McConnell, R-Kentucky, issued the following statement, which was published in the Congressional Record on May 21, on the Congressional Review Act resolution:

Mr. President, on one final matter, earlier today, President Trump signed into law a Congressional Review Act resolution that repealed a particularly egregious overreach by President Obama’s Consumer Financial Protection Bureau. Federal regulators found a loophole, skipped the standard period for review and public comment, and issued unilateral guidance that made life needlessly complicated for the American auto industry and its customers.

Thanks to Senator Toomey’s tenacity, the GAO ruled that this intrusion did indeed constitute rulemaking that ought to be subject to congressional review. So Congress got to have its say. Accountability won out in the end. Thanks to this resolution from Senator Moran, yet another onerous regulation is now headed to the wastebasket.

Our record use of CRAs is just one of the tools Republicans are using to get Washington out of the way of American workers and job creators. Republican tax reform is providing historic tax cuts for middle-class families and small businesses, and it repealed the individual mandate penalty at the heart of ObamaCare.

Tomorrow, the House will vote on the Senate-passed legislation championed by Senator Crapo, which will give community banks and credit unions relief from the crushing burden of complying with Dodd-Frank.

Of course, in the executive branch, the President’s team has turned the page on the last administration’s hostility toward American business. The result is a palpable shift that is improving the entire economy.

Back in 2013, more than three-quarters of U.S. manufacturers said that a hostile climate due to taxes and regulation was a major business obstacle. Three-quarters of the U.S. manufacturers said that in 2013. Today, 16 months into the unified Republican government, fewer than 20 percent say that. It went from 75 percent who were concerned about taxes and regulations in 2013 down to 20 percent today. Nearly 95 percent are optimistic about their future economic prospects.

Everyone is taking notice. Here is a New York Times headline from a few months ago: “The Trump Effect: Business, Anticipating Less Regulation, Loosens Purse Strings.” That is from the New York Times.

One Texas homebuilder told reporters, “It’s an overall sense that you are not going to face any new regulatory fights.”

There is more investment, more prosperity, more job openings, and higher wages all across the country. Good things happen when Republican policies get Washington out of the American people’s way.

This article provided by NewsEdge.