U.S. Rep. Paul Gosar (R-AZ) said last week he was pleased the House passed his amendment requiring the Consumer Financial Protection Bureau (CFPB) to consider effects on veteran-owned enterprises prior to enacting rulings.
Gosar’s amendment, which the he attached to the Reforming CFPB Indirect Auto Financing Guidance Act, guarantees that expenses and/or negative impacts to businesses owned by veterans would be evaluated and reported in depth prior to enacting further CFPB auto financing regulations.
Specifically, CFPB must commission and consider the results of a report before enacting any requirements for auto lending.
“Veterans already face tough challenges finding work when they return from service,” Gosar said, citing post 9/11 veteran unemployment numbers that reached as high as 7.2 percent. “I’m proud that the House took action today to protect the livelihoods of American heroes from future job-killing regulations that will be put forth by a rogue agency created under Dodd-Frank.”
Gosar said he took issue with the overreaching nature of the administration’s regulations and upheld the need to support military heroes as they face hurdles transitioning to civilian employment.
“It is outrageous that our nation’s heroes are capable of surviving dangerous combat situations, but many of their small businesses are not capable of surviving overreaching new mandates from the Obama administration,” Gosar said.
Veteran-owned firms are one of three main types of businesses considered by the U.S. Small Business Administration when determining government contracts, along with women-owned and minority-owned businesses. The bill originally required that CFPB commission a report and consider any negative impacts only for minority-owned businesses and women-owned businesses.