Kennedy: Senate should override Biden veto and reverse woke CFPB rule
On 1/10/2024, The Senate attempted to overcome President Joe Biden’s veto of Sen. John Kennedy’s (R-La.) Congressional Review Act (CRA) resolution of disapproval. The resolution would prohibit the Biden administration’s Consumer Financial Protection Bureau (CFPB) from enforcing its Dodd Frank Section 1071 small business data collection rule. The attempted veto-override earned 54 votes, failing to reach the two-thirds majority needed to advance.

The Senate originally passed Kennedy’s resolution of disapproval in October, and the House of Representatives passed it in December.

“Common sense is illegal at the CFPB, yet some of my colleagues failed to protect the privacy of small business owners across America from the Biden administration’s woke, invasive rule. Congress has already passed this common-sense resolution to safeguard the personal information of small business owners, and it’s wrong for a minority of senators to allow Pres. Biden to keep putting sensitive personal information at risk,” said Kennedy.

Section 1071 requires covered financial institutions to collect certain personal information on small business loan applicants and report that to the CFPB. This information includes an applicant’s race, ethnicity and sex and whether the business is minority-owned, woman-owned or LGBT-owned. The CFPB may then make certain parts of that information public, including data that could be used to publicly identify the small business credit applicant.

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Kennedy: it is none of your business what I do in my bedroom, override veto & reverse woke CFPB rule