WASHINGTON, D.C. – Wednesday, U.S. Senator Pete Ricketts (R-NE) celebrated House passage of his bicameral Congressional Review Act. The resolution overturns the Consumer Financial Protection Bureau (CFPB)’s latest overreach in the digital consumer payment market. U.S. Representative Mike Flood (R-NE-01) led the legislation in the House. The Senate passed the CRA on March 5. The resolution now heads to President Trump’s desk.
The legislation, introduced in February, would nullify the CFPB’s burdensome “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” rule. The rule took effect on January 9, 2025.
“This is an early victory for President Trump,” said Senator Ricketts. “Our legislation overturns Biden-Harris overreach and eliminates barriers to innovation. It supports our job-creators. By cutting red tape, we’re helping President Trump deliver on his campaign promises. Thank you, Congressman Flood, for leading this in the House. I look forward to President Trump signing this common-sense legislation.”
Bill text can be found here.
