crapo: mr. president, i rise today to offer my support for senator moran and senator toomey's resolution using the congressional review act to disapprove of the cfpb's 2013 auto finance guidance. it is important that congress disapprove this guidance because it was an attempt by the cfpb to make substantive policy changes through guidance rather than through the rule-making process governed by the administrative procedures act. it was also an attempt to regulate auto dealers who were explicitly exempted from the cfpb supervision and regulation under the endanger dodd-frank act. according to an internal cfpb memo, the cfpb rejected developing a rule using its statutory authority because, quote, the potentially unfair, deceptive, or abusive actions are ostensibly those of dealers over whom we have no regulatory authority. as "the wall street journal" editorial board noticed, that didn't stop former cfpb chief richard cordray who used the back door of auto financing to regulate dealers. make no mis

was happy to see many great provisions of the regulatory relief packing an put together by chairman crapo over in the senate -- package put together by chairman crapo over in the senate, i was extremely disappointed with the fact that the legislation didn't include this legislation or something similar to it. i don't understand how congress can justify a regulatory reform package that does so little to ease dodd-frank's cost on investors. especially when financial services committee in the house has taken -- demonstrated steps, strong record of bipartisan success in making reforms to fsoc's nonbank sifi designation authority. the financial stability oversight council improvement act amebleds the dodd-frank act to require the fsoc when determining whether to subject a u.s. or foreign nonbank financial company to supervision by the fed to considerate appropriateness of imposing heightened prudential standards. in other words, it provides these nonbanks the opportunities to adjust their business models before being subjected to supervision by the federal reserve. thereby acknowledging that t

we went to the floor on immigration, opened for debate, we called up the crapo banking bill, open for debate. and what's alexander is talking about is members would prevent other members from getting a vote. it's no way to fix that, i don't think, from a procedural point of view. it's a behavioral issue. i remember dick you saying one time if you don't want to vote don't come to the senate. >> yeah. >> nothing wrong with voting. and we will be going to these appropriation bills. we had a very constructive meeting in my office yesterday with senator shelby and leahy and minority leader. and expressed an interest in getting on appropriation bills without having to have a motion to proceed. and having open amendments. but largest point senator alexander just pointed out, anybody can prevent anybody else from getting an amendment vote. we need to quit that. that's not a rules issue. that's a behavioral issue. thank you, mr. chairman. >> and mr. leader, just so you know that was reported ba can to you at ranking members today in positive wail from leader schumer just about the meeting and

recall that the crapo banking bill up for debate. what senator alexander is talking about is they would prevent other members from getting the vote. there's no to fix that from a procedural point of view. it's a behavioral issue. i remember you saying one time if you don't want to vote, don't come to the senator something. there's nothing wrong with voting. we should be going to these appropriation bills. we had a constructive meeting with senator shelby and senator leahy and the minority leader and expect an interest in getting on appropriation bills without having to have a motion to proceed in having open amendments. i senator alexander just pointed out, anyone can prevent anyone else for getting on an amendment bill. we need to quit that. it's not a rules issue. it's a behavioral issue. thank you, mr. chairman. >> mr. leader, just another was reported back to us at our ranking members meeting today in a very positive way from leader schumer about the meeting and to explain to go forward at this appropriations process and it was p

crapo. >> aye. >> mr. tillis. >> no. >> mr. kennedy. >> aye. >> mrs. feinstein. >> no. >> mr. leahy. >> no. >> mr. durbin. >> no. >> mr. whitehouse. >> no. >> ms. klobuchar. >> no. >> mr. coons. >> no. >> mr. blumenthal. >> no. >> ms. hirono. >> no. >> mr. booker. >> no. >> ms. harris. >> no. >> mr. chairman. >> no. >> mr. chairman, the votes with six yays, 16 nays. >> the amendment is defeated and we go to final passage. >> mr. president. >> just a minute, before you speak -- mr. chairman. whatever. whatever. >> if we do vote just so when senator cornyn is done if we do vote on it i will stay in session so speak can speak as long as they want to. >> excuse me, mr. chairman. it's topics like this that make me glad i'm on the senate judiciary committee. i think this is really the important role that this committee plays and while i disagree with the remedy prescribed, i do appreciate the chairman bringing this up and letting the committee debate it and vote on it. this is an important topic. i join all my colleagues on the committee and their concern over russian interference i

crapo (r- id) the guidance threatens to raise credit costs and push marginally credit worthy consumers out of the credit market.republicans are using the congressional review act...which allows them to repeal regulations from other agencies with a simple majority.sen sherrod brown (d-oh): the tea party members of this body have found a way to weaken consumer protections through a quirk in the law. last year, republicans used the provision to roll back regulations more than a dozen times senator sherrod brown says he's worried this is just the beginning.sen sherrod brown (d-oh): there are a whole lot of things about this provision of the law that can be used as an assault on the middle class.the senate could vote to repeal the cfpb guidance this week.in washington, i'm jessica smith. coming up at eight.. north bay neighbors are furious, after trees are illegally cut down.... and their concerns are not just environmental.. but about privacy. plus. the supreme court takes up an issue that could end up having you pay more on your online purchases. and next. enter at your own risk.... a hom

crapo (r- id) the guidance threatens to raise credit costs and push marginally credit worthy consumers of the credit market.republicans are using the congressional review act...which allows them to repeal regulations from other agencies with a simple majority.sen sherrod brown (d-oh): the tea party members of this body have found a way to weaken consumer protections through a quirk in the law. last year, republicans used the provision to roll back regulations more than a dozen times senator sherrod brown says he's worried this is just the beginning.sen sherrod brown (d-oh): there are a whole lot of things about this provision of the law that can be used as an assault on the middle class.the senate could vote to repeal the cfpb guidance this week.in washington, i'm jessica smith. (robin)coming up on the kron four morning news.. the oakland unified school district has named their teacher of the year. we tell you who they selected for the top honor. no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. san mateo bridge less then 30 min from 880 to 101. ( robin )the

legislation that congressman blumenauer and i introduced here in the house nd senators booker and crapo introduced in the senate. that section of the bill, section 301, simply says the i.r.s. has to stop using a manual process involving fax machines to verify income. now, fax machine was a fantastic business product that became a consumer product in the 1980's. it's great technology but it's not modern technology, not the best technology. and so while it may seem laughable that i.r.s. employees are still sitting around using fax machines to process things that in the private sector would be done in an instant, in a second, less than a second to verify using computer technology, the not so funny part is the impact it has had on the hardworking american people that are delayed in getting lending needs or getting their family needs met for financial decisions. mortgages, small business loans, student debt, refinancing, consumer debt, generally, those loans have to get a verified -- a verification from the i.r.s. on how much income they made last year. now, all we're saying is, modernize it

encourage you to continue to push those reforms as you look at your version of the banking bill, the crapobill the senate has passed because that was the time to do. if you don't do it now my guess is it could get long time. i don't think we are in a rush i don't think we have to have built by the end of this week from the senate. i think we need to go ahead and do it right because you don't think get a chance to do it again from entente. >> i appreciate the the testimony at the think that down the road i think what to do it right this time we have an opportunity of course hoping to get the senate to act on many of the deals we have that you cited. and to make sure these things go to but we are on the road but appreciate your leadership and your willingness to come and be very honest and frank with our committee today. it was really a pleasure to listen to you. it's unusual to see someone in government that is just a honest and transparent, and we appreciate it. thank you so much for your service. i yield back. >> gentlelady used back. the chair wishes to inform all members that votes are

crapo: thank you, mr. president. in just a few minutes at noon, the senate will begin the process of two votes. the first of those votes will be a vote on a resolution brought to the senate by senator moran and senator toomey to reject a rule proposed by the consumer financial protection bureau's 2013 action in which it sought to assert jurisdiction over auto finance guidance. i use the word rule guardedly, though, because as you will see from my remarks, this was an end run by the cfpb in two ways. first, the cfpb doesn't have jurisdiction over auto finance and, second, the cnpb did not -- cfpb did not use the administrative procedures act to adopt a rule. it sought to implement a rule through a process of issuing a guidance to avoid the scrutiny and the legal challenges to its effort to assert this jurisdiction. it's important that congress disapprove this guidance because it was an attempt by the cfpb to make substantive policy changes through guidance rather than through the rule-making process governed by the ad