Washington D.C., February 28, 2014—Rep. David Schweikert (R-AZ) released a statement on supporting the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193).

This bill would streamline the rule making process of the Consumer Financial Protection Bureau (CFPB).

The measure would allow the Financial Stability Oversight Council to set aside any CFPB rules that it believes undermine financial institutions. It effectively replaces the CFPB director with a bipartisan five-member panel and separates the CFPB from the Federal Reserve.

“I support this bill and the efforts the Small Business Committee is taking to consider the impacts the CFPB’s actions have on small businesses,” said Schweikert.

“Without reform to the CFPB, our community banks will see their regulatory compliance costs continue to escalate, making it even more difficult for our nation’s small businesses to expand their businesses and grow the economy.”

###