Mike Crapo

Mr. CRAPO

Mr. CRAPO. Yes.

Mr. CRAPO

Mr. CRAPO. Mr. President, today I wish to honor Jim Grant. Describing him as a longtime, dedicated member of my staff does not adequately reflect his committed service. As of last week, Jim has worked 35 years in the U.S. Senate, in the offices of three Idaho Senators, through numerous Congresses and countless technological, State, and national changes. The people of Idaho and our Nation have been far beyond well served by this dedicated and thoughtful public servant. Jim came to my office after working for two of my predecessors, Senator Steve Symms and Senator Dirk Kempthorne. Both have, not surprisingly, praised Jim's great work and dedication. I continue to feel blessed to benefit from Jim's extensive experience and work ethic over the past more than 19 years. As a Caldwell, ID, native, Jim has a deep understanding of the State, and he has a profound sense of the pressing issues on the minds of many constituents. Jim reads and processes constituent mail. He is responsible for the timely response to the insight Idahoans have taken the time to share with me, and he carries out this responsibility with great care. This is an essential role in any congressional office, and Jim's work reflects a clear understanding of the importance of his work. He reliably ensures that their communications are wisely routed and that Idahoans are responded to effectively and promptly. As means of communication constantly change and speed up, this is no small undertaking, but Jim has taken on these developments and increased volumes with great proficiency. Thank you, Jim. You have served our State and Nation admirably for a remarkable 35 years. During this time, you have helped ensure that Idaho voices are heard in this important legislative body and that what we do here in these halls is effectively communicated into countless households. This is such an important duty, and we have greatly benefited from your careful, hard work all these years. Congratulations on this extraordinary milestone in your Senate service. I honor you, and thank you for your exceptional work.

Mr. CRAPO

Mr. CRAPO. Mr. President, I rise to speak in support of the nomination of the Honorable Randal Quarles to be a member of the Board of Governors of the Federal Reserve System. The Senate has already confirmed Mr. Quarles--this Congress--to serve as a member of the Federal Reserve with a bipartisan vote of 65 to 32, but that term expired on February 1, 2018, and he has been serving as a member of the Board in a holdover capacity since. Confirming Mr. Quarles to a new 14-year term will provide needed stability at the Board and allow for the prompt consideration of other Board nominees. Mr. Quarles has a wealth of government and private-sector experience dealing with both domestic and international financial markets. In addition to his current service on the Board, his government experience includes serving in multiple top posts in the Treasury Department. Currently, only three of the seven available Board seats are filled, and several other nominees to the Board await confirmation. I have appreciated the important work carried out by Mr. Quarles at the Board thus far, including his role in developing regulatory and supervisory policy for the Federal Reserve System. Some are arguing today he is responsible for the housing crisis. He wasn't on the Federal Reserve Board when the housing crisis occurred. Some have argued that he is trying to weaken stress tests. Yet today, in the face of that very argument, the Chairman of the Federal Reserve testified to the Banking Committee that the stress tests they applied this year, for which they are being criticized, are the strongest stress tests they have applied yet, and they have not given anybody a pass. In fact, those who did not completely pass the test are still required to maintain their capital requirements as they were last year. If confirmed, I am confident Mr. Quarles' experience and skill will continue to be effective in terms of helping the Board promote the effective operation of the U.S. economy and serving the public interest. He has previously received, as I said, bipartisan support, being confirmed last year as Vice Chairman by voice vote, and as a Board member by a vote of 65 to 32. Earlier today, the Senate's cloture vote on Mr. Quarles' nomination was 66 to 33--yet again another indication of strong bipartisan support for this nomination. I urge all my colleagues to support Mr. Quarles' nomination today and vote for his confirmation. I yield my time.

Mr. CRAPO. Mr. President, I ask for the yeas and nays.

Mr. CRAPO

Mr. CRAPO. Mr. President, in a few minutes we are going to vote on the Crapo-Whitehouse amendment. I stand to support that amendment and encourage my colleagues all to vote in favor of it. I first want to thank my colleague Senator Whitehouse. He and I have worked together on a number of issues, building bipartisan support to advance our ability to utilize nuclear energy in the United States. I also thank Senator Alexander and Senator Feinstein for their work to complete this Omnibus appropriations bill and to continue to push to bring our appropriations process to regular order. Our amendment focuses on the development of fuel sources for our advanced nuclear reactors. The United States currently lacks both the supply of high assay low-enriched uranium, called HALEU, and a process to make HALEU for advanced reactor designs. Advanced reactor startup cores require a high assay low-enriched uranium containing less than 20 percent fissile content. At the end of naval fuel's life, it contains highly enriched uranium with an average enrichment of 80 percent. Current operating naval reactors have the potential to create a total of 100,000 tons of spent nuclear fuel, and the Department of Energy estimates disposal of this spent nuclear fuel will cost about $100 billion. However, advanced nuclear reactors have the potential to reuse this spent nuclear fuel and to reduce the overall disposal cost. HEU repurposing, from materials like spent naval fuel, can be done using hybrid processes that use advanced dry head-end technologies followed by material recovery, which creates the fuel for our new advanced reactors. Repurposing this spent fuel has the potential of reducing waste that would otherwise be disposed of at taxpayer expense, and approximately 1 metric ton of HEU can create 4 useable tons for our new reactors. I encourage my colleagues to support this legislation.

Mr. CRAPO

Mr. CRAPO. Mr. President, today I wish to honor Rocky Barker for his extensive career as an Idaho journalist. Rocky is retiring from the Idaho Statesman where he worked as an environmental reporter-blogger-columnist for the past 22 years. Prior to his position at the Statesman, Rocky was a columnist and correspondent-at-large for the Post Register in Idaho Falls. He has also written and contributed to numerous books, created an Idaho news website, and received many awards and recognitions for his reporting. Over his more than 30-year career, Rocky has reported comprehensively on issues that matter deeply to Idaho. He has dug into pressing and often controversial issues, including reporting on water, public lands, fish and wildlife habitat, fires, and other related matters that no doubt have required considerable resolve. Throughout, his devotion to reporting and his deep respect for the importance of a free press to our system of governance has remained unwavering. Congratulations, Rocky, on your years of writing. ``Litera scripta manet,'' meaning the written word endures, is among the inscriptions in the Library of Congress. You can go onto the next chapter of your career and life knowing that you have been an important part of taking down that written word for our great State for decades. Thank you for your devotion to and deep personal interest in chronicling issues that matter greatly for Idahoans. I wish you and your wife, Tina, all the best in your retirement and much happiness in the years ahead.

Mr. CRAPO

Mr. CRAPO. Mr. President, I first thank Senator Alexander for the great efforts he has undergone to bring this legislation forward. The Senate is working as it should. We are processing amendments. Hopefully, we will make it through all of our appropriations bills this year and go back to regular order so that we avoid the kinds of collisions we have had all too often in the past few years as we try to accomplish the business of our government. As we have been told, the next amendment planned to be voted on in the next few minutes, we hope, is the Crapo-Whitehouse amendment. This amendment is one that focuses on our nuclear energy in the United States. Nuclear energy is a carbon-free emissions source of energy. It is becoming recognized as one of the more important parts of the energy solution in the United States, and our amendment does a very simple thing. It creates a pilot project at the Idaho National Laboratory to begin perfecting and implementing the process of processing spent naval fuel into fuel that can be utilized in our new, advanced reactors. Currently, when naval fuel from our reactors in our Navy ships is spent, it still has about 80 percent of its value or its energy in it. The new, advanced reactors need about a 20-percent level. So we can literally get about four times as much fuel out of a spent naval fuel rod for new, advanced reactors as is in the rod itself, once it is ready for processing. This is a tremendous source of new energy for the United States and one that should help us as we move forward in developing an ``all of the above'' energy policy for the United States. I encourage my colleagues, when we have the opportunity to vote for this, to support it and help us to move forward in this important part of our national energy policy.

Mr. CRAPO

Mr. CRAPO. Mr. President, I ask for the yeas and nays.

Mr. CRAPO. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. CRAPO

Mr. CRAPO. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. CRAPO. Mr. President, I rise to urge my colleagues to confirm Brian Montgomery as Federal Housing Commissioner. The Federal Housing Administration or FHA plays an important role in today's housing finance market, promoting homeownership and ensuring access to affordable mortgage credit for millions of Americans. When FHA operates in a safe, viable manner, it can help many deserving people gain a foothold in our housing market who otherwise would not have been able to do so. FHA also plays a countercyclical role in the mortgage marketplace, providing market liquidity in times when traditional sources of home financing dry up, as they did a decade ago. Since 1934, the FHA has insured mortgages for more than 40 million families. Today, the FHA is the largest mortgage insurer in the world. It is also the primary facilitator of reverse mortgages and supports a nationwide network of housing counseling agencies. Yet for nearly 4 years it has not had a Senate-confirmed leader. Fortunately, the time has finally come to fill this vacancy. I know Brian Montgomery will do a terrific job. Brian Montgomery is an ideal candidate to take up the mantle because he has done it before. Mr. Montgomery provided steadfast leadership at the helm of FHA between 2005 and 2009, under Presidents Bush and Obama, during one of the most trying times the housing markets had ever seen. His nearly unanimous support from housing stakeholders speaks to this strong track record of experience and expertise. Once confirmed, Mr. Montgomery can hit the ground running, moving FHA forward in pursuit of its continuing mission. I look forward to continued conversations with him on opportunities to improve America's housing finance system, which continues to be urgently needed. I also look forward to working with him on how we can make HUD programs more effective and more efficient, with better stewardship of taxpayer dollars. Thirteen years ago, this body confirmed Mr. Montgomery on a voice vote to serve as FHA Commissioner. I ask my colleagues to once again confirm him to this critical role. Thank you. I suggest the absence of a quorum.

Mr. CRAPO

Mr. CRAPO. Mr. President, I rise in support of the nominations of Ms. Jelena McWilliams to be Chair and a member of the Federal Deposit Insurance Corporation. As one of the three primary Federal financial regulators, the FDIC plays a critical role in the U.S. financial system, particularly for community banks. As head of the FDIC, Ms. McWilliams will be responsible for administering the Deposit Insurance Fund and ensuring the safety and soundness of the financial system while also promoting economic growth. She will also contribute to deliberations on financial stability as a member of the Financial Stability Oversight Council. In having focused extensively on financial institutions throughout her career in both the private and public sectors, Ms. McWilliams is supremely qualified for this position. She has a unique view of the U.S. regulatory system and its regulated entities, most recently serving as the chief legal officer, executive vice president, and corporate secretary for Fifth Third Bank, which is a regional bank based in Ohio. Prior to that, she served as a valuable member of the Banking Committee's staff for both Senator Shelby and me. Ms. McWilliams also worked as an attorney at the Federal Reserve during the financial crisis and on the Small Business Committee under former Senator Snowe. Many of my colleagues and I can personally attest to her qualifications, her good judgment, and her expertise, which will be an asset to the FDIC and to the country. At her nomination hearing in January, Ms. McWilliams demonstrated a deep knowledge of the issues overseen by the FDIC as well as a commitment to carrying out its mission. She discussed how her personal experience has shaped her conviction in the FDIC's unique responsibility as a deposit insurer, noting that one of the side effects of the civil war that broke apart the former Yugoslavia was a collapse of its financial system. Her parents, who still lived there, had their savings disappear overnight when a local bank closed its doors. Yugoslavia had no deposit insurance, and her then 68-year-old father returned to work as a day laborer. As she stated at her hearing, ``I can assure you that the core mission of the FDIC resonates profoundly with me and, if confirmed, I will not take its mission or my duties lightly.'' Ms. McWilliams has conveyed a strong desire to encourage economic growth and facilitate new bank creation by continuing to address the disproportionate regulatory burden that is faced by community banks. Additionally, she acknowledged the need to expand Americans' access to credit and the banking system. If confirmed as a member and Chair of the FDIC, I look forward to having the opportunity to work with Ms. McWilliams on these important issues. I strongly support her nominations today, and I urge my colleagues to do the same. I yield the floor.

Mr. CRAPO

Mr. CRAPO. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. CRAPO. Mr. President, in a few minutes, at noon, the Senate will begin the process of voting--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. Second, the CFPB did not use the Administrative Procedure 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 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 rulemaking process governed by the Administrative Procedure Act. As I said before, it is also an attempt to regulate auto dealers, who were explicitly exempted from CFPB supervision and regulation under the Dodd-Frank act. Finally, it is also a rule that has caused great difficulty and problems in the marketplace, hurting auto dealers and consumers alike. The CFPB itself, when undertaking this action, admitted what it was doing. The CFPB rejected developing a rule using its statutory authority because the actions it was seeking to regulate are ostensibly those of dealers over whom it has no regulatory authority. It is interesting that even in the CFPB's own documentation of what it was doing, it indicated that it didn't have the authority to do it. So the CFPB decided to develop a guidance, rather than a rule, as a backdoor way to regulate auto dealers. The CFPB's indirect auto bulletin represents a departure from typical Federal agency practice, as reflected in the GAO's conclusion that its rule is subject to CRA requirements. In other words, in a ruling, the GAO said: Yes, this actually is a rule even though the Administrative Procedure Act wasn't followed. That decision by the GAO gives this Congress the authority to reject the CFPB's actions. Some of my colleagues on the other side say that disapproving guidance is somehow a loophole we are using because we should only have authority to disapprove a specific rule. The GAO's ruling on the CFPB's guidance clearly puts this within the jurisdiction of this Senate. I would point my colleagues to a statement from, among others, Senator Reid in the Congressional Record from 1996 when the Congressional Review Act was passed, explaining what the authors' intent was when passing this legislation. He said: ``[T]he authors are concerned that some agencies have attempted to circumvent notice-and- comment requirements by trying to give legal effect to general statements of policy, `guidelines,' and agency policy and procedure manuals. The authors admonish the agencies that the APA's broad definition of `rule' was adopted by the authors of this legislation to discourage circumvention of the requirements'' of it. As a result of these significant concerns, this resolution has attracted substantial support, including from 14 different organizations involved with helping consumers buy a vehicle, and an endorsement via a Statement of Administration Policy from the White House. The following organizations submitted letters: the Chamber of Commerce, the Credit Union National Association, the Independent Community Bankers of America, the American Bankers Association, the American Financial Services Association, the National Automobile Dealers Association, the Alliance of Automobile Manufacturers, the National RV Dealers Association, the National Independent Automobile Dealers Association, the Recreation Vehicle Industry Association, the American International Automobile Dealers Association, the National Auto Auction Association, the Motorcycle Industry Council, and the National Federation of Independent Business. Finally, I would like to respond to the assertion that disapproving this guidance somehow allows auto dealers to discriminate. That is the issue that is at stake here. The reason that Congress did not give the CFPB jurisdiction over auto dealers is that the auto dealers are already subject to the Equal Credit Opportunity Act. If we reject this resolution, the auto dealers will continue to be subject to the Equal Credit Opportunity Act, which will continue to apply to all creditors, which means auto dealers who extend credit will be prohibited from discriminating against customers on the basis of race, sex, age, national origin, marital status, or because one receives public assistance. In other words, we are not changing the law. We are not taking away any protections in the law. We are stopping a rogue agency from continuing to be able to enforce a rule which it sought to create by avoiding the Administrative Procedure Act. I urge my colleagues to vote to support this resolution. Mr. President, I yield my time. I suggest the absence of a quorum.

Mr. CRAPO. Mr. President, I ask unanimous consent that there be 5 minutes of debate, equally divided, prior to the second vote.

Mr. CRAPO. Mr. President, I ask unanimous consent to start the first vote immediately.

Mr. CRAPO

Mr. CRAPO. Mr. President, I have 13 requests for committees to meet during today's session of the Senate. They have the approval of the Majority and Minority leaders. Pursuant to rule XXVI, paragraph 5(a), of the Standing Rules of the Senate, the following committees are authorized to meet during today's session of the Senate: Committee on Commerce, Science, and Transportation The Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 10 a.m. to conduct a hearing entitled, ``Abusive Robocalls and How We Can Stop Them.'' Committee on Environment and Public Works The Committee on Environment and Public Works is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 10 a.m. to conduct a hearing entitled ``The Appropriate Role of States and the Federal Government in Protecting Groundwater.'' Committee on Foreign Relations The Committee on Foreign Relations is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 10:30 a.m to conduct a hearing ``Treaties.'' Committee on Homeland Security and Governmental Affairs The Committee on Homeland Security and Governmental Affairs is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 10 a.m. to conduct a hearing on the following nominations: David Williams, of Illinois, Robert M. Duncan, of Kentucky, and Calvin R. Tucker, of Pennsylvania, each to be a Governor of the United States Postal Service. Committee on Indian Affairs The Committee on Indian Affairs is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 2.30 p.m. to conduct a hearing entitled ``The 30th Anniversary of Tribal Self- Governance: Successes in Self-Governance and an Outlook for the Next 30 Years''. Committee on the Judiciary The Committee on the Judiciary is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 10 a.m. to conduct a hearing entitled ``Oversight of the U.S. Patent and Trademark Office.'' Committee on Veterans' Affairs The Committee on Veterans' Affairs is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, during votes and off the Senate floor to conduct a hearing on the following nominations. Paul R. Lawrence, of Virginia, to be Under Secretary of Veterans Affairs for Benefits, and Joseph L. Falvey, Jr., of Michigan, to be a Judge of the United States Court of Appeals for Veterans Claims. Special Committee on Aging The Special Committee on Aging is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 9.30 a.m. to conduct a hearing entitled, ``Exploitation of Older Americans by Guardians and Others they Trust.'' Joint Select Committee on Solvency of Multiemployer Pension Plans The Joint Select Committee on Solvency of Multiemployer Pension Plans is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 2 p.m. to conduct a hearing entitled, ``The History of Structure of the Multiemployer Pension System.'' Subcommittee on Airland The Subcommittee on Airland of the Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 3:30 p.m. to conduct a hearing. Subcommittee on Emerging Threats and Capabilities The Subcommittee on Emerging Threats and Capabilities of the Committee on Armed Services is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 2:30 p.m. to conduct a hearing. Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security The Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security of the Committee on Commerce, Science, and Transportation is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 2:30 p.m. to conduct a hearing entitled, ``Olympic Abuse: The Role of National Governing Bodies in Protection our Athletes.'' Subcommittee on Border Security and Immigration The Subcommittee on Border Security and Immigration of the Committee on the Judiciary is authorized to meet during the session of the Senate on Wednesday, April 11, 2018, at 2.30 p.m. to conduct a hearing entitled ``Strengthening and Reforming America's Immigration Court System.''

Mr. CRAPO

Mr. CRAPO. Finally, President Trump's Statement of Administration Policy also endorses this resolution. I am going to read a few highlights from the statement. This bulletin limits the ability of auto dealers to offer auto loans to their customers and was not issued pursuant to notice-and-comment rulemaking. As a result, the CFPB failed to allow the public to comment before it made significant changes to an important sector of the economy. Dodd-Frank explicitly excludes the regulation of auto dealers from the CFPB's jurisdiction. Disapproving this bulletin, therefore, would provide consumers with more options for auto financing while ensuring that the CFPB abides by congressional limits on its jurisdiction. This rule should be disapproved, and any future action on the matter should go through the appropriate rulemaking process established by Congress. If this rule stands, banks, credit unions, and finance companies holding nearly $1.1 trillion in outstanding loans will needlessly face significant liability, and the ability of auto dealers to play a valuable role by matching buyers and lenders will be diminished. I urge my colleagues to support this resolution. I yield the floor. I suggest the absence of a quorum.

Mr. 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 rulemaking process governed by the Administrative Procedure Act. It was also an attempt to regulate auto dealers who were explicitly exempted from the CFPB's supervision and regulation under the Dodd-Frank Act. According to an internal CFPB memo, the CFPB rejected developing a rule using its statutory authority to regulate unfair, deceptive, and abusive acts and practices because ``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 noted, ``That didn't stop former CFPB chief Richard Cordray, who used the back door of auto- financing to regulate dealers.'' Make no mistake--the CFPB's decision to develop guidance instead of a rule was intentional. At Senator Toomey's request, the Government Accountability Office evaluated the bulletin to see if it should have been submitted to Congress as required by the Congressional Review Act. The GAO concluded: The Bulletin is a general statement of policy designed to assist indirect auto lenders to ensure that they are operating in compliance with ECOA and Regulation B, as applied to dealer markup and compensation practices. As such, it is a rule subject to the requirements of the CRA. Plainly, the CFPB failed to follow the law by failing to submit the bulletin to Congress. Furthermore, issuing guidance instead of formulating a rule allowed the CFPB to sidestep important aspects of the administrative rulemaking process that provide for accountability, transparency, and thorough evaluation. Federal agency rules are governed by the Administrative Procedure Act, which generally requires an agency to publish a notice of a rulemaking, take comments from the public, and establish an effective date for a rule. Notice and comment is a vital step in the process because it gives individuals and businesses subject to rulemakings the opportunity to provide feedback on the practical effect of a rule's implementation, and it allows an agency to adjust the rule as necessary to avoid any undue consumer harm. In contrast, bulletins generally do not afford the public an opportunity to lend their voice to the process and have historically been used by Federal agencies to simply restate existing law to aid covered companies' compliance. The CFPB's indirect auto bulletin represents a departure from typical Federal agency practice, as reflected in the GAO's conclusion that it is a rule subject to CRA requirements. Without the opportunity for public comment and the ability for the bulletin to be revised to avoid any unintended consequences, auto dealers' incentive to act as an intermediary has been greatly diminished. As a result, consumers will be inconvenienced and have fewer and more expensive financing options when shopping for a vehicle. Some people opposed to this resolution are concerned about what this means for regulatory guidance more generally. I would note that almost all guidance issued by agencies may qualify as a rule under the Congressional Review Act and must be submitted to Congress for potential disapproval. The CRA's definition of a rule includes, with some limited exceptions, ``the whole or a part of an agency statement of general or particular applicability and future effect designed to implement, interpret, or prescribe law or policy.'' Explaining the Congressional Review Act's definition of a rule, the GAO said: ``This definition is broad, and includes both rules requiring notice and comment rulemaking and those that do not, such as general statements of policy.'' This particular bulletin, according to GAO, ``advises the public prospectively of the manner in which the CFPB proposes to exercise its discretionary enforcement power and fits squarely within the Supreme Court's definition of a statement of policy.'' Congress has the power to overturn any agency rule. Under the Congressional Review Act, Congress has the power to overturn agency rules using an expedited procedure. There is nothing special about guidance issued by the agencies that should cause people to be concerned, especially a rule masquerading as guidance. Article I grants Congress legislative power, and by disapproving this rule, we are ensuring that the CFPB cannot issue a rule that is substantially the same as the one it just tried to issue. There have also been questions raised regarding the flawed methodology the CFPB used in its supervisory and enforcement activities based on this bulletin to allege discriminatory auto loan pricing. In November 2015, the House Financial Services Committee's majority staff issued a report exploring the CFPB's approach to enforcing the ECOA against indirect auto lenders. The report focuses on the controversial use of disparate impact theory and the CFPB's use of a flawed statistical methodology, which only takes into account an individual's last name and ZIP Code in order to determine a probability for race and ethnicity. This approach is less reliable than other, more proven methodologies. A November 2014 study estimated that only 24 percent of African Americans and 50 percent of Asians were correctly identified using this methodology. In light of such significant concerns, the House introduced legislation in 2015 to nullify the effect of the bulletin and place guardrails around the development of any future indirect auto lending guidance. That bill garnered significant bipartisan support, passing the House by a vote of 332 to 96, including 88 Democrats. This resolution has attracted substantial support, as well, including from 12 different organizations involved with helping consumers buy a vehicle and an endorsement via a Statement of Administration Policy from the White House. For example, the chamber of commerce notes that ``internal documents [at the CFPB] demonstrate that even [CFPB] Bureau staff found the data and methodology intended to support the rule `unconvincing.''' The Independent Community Bankers of America notes that ``since the issuance of the Bulletin, many community bankers have reported added difficulty in meeting the varying borrowing needs of their customers based on confusing and overly-burdensome guidance.'' The National Association of Auto Dealers notes that ``extensive bipartisan congressional engagement has identified several reasons to disapprove the CFPB rule/guidance, including a lack of due process, concerns about the CFPB's failure to adhere to Section 1029 of Dodd- Frank, and the negative impact on consumers and small business dealers.'' The American Bankers Association said that ``the regulatory and enforcement uncertainty caused by this Guidance has caused many banks to exit or to curtail their indirect auto lending, which limits consumer choice and increases the cost of credit.'' The American Financial Services Association said that ``the guidance is harmful because it pressures vehicle finance companies to limit consumers' ability to receive discounted auto loans from dealers. Furthermore, the guidance threatens to raise credit costs and push marginally creditworthy consumers out of the vehicle financing market, and has the potential to harm the vehicle industry and its associated U.S. jobs.'' Mr. President, I ask unanimous consent that the five letters I cited be printed in the Record, as well as a joint letter from the National Auto Dealers Association, the National RV Dealers Association, the American International Automobile Dealers, the Auto Alliance, the National Independent Automobile Dealers Association, the National Auto Auction Association, the American Financial Services Association, the Recreational Vehicle Industry Association, and the Motorcycle Industry Council, all expressing their strong support for S.J. Res. 57.

Mr. CRAPO

Mr. CRAPO. Mr. President, my colleague Senator Jim Risch joins me today in honoring Idaho State Representative Maxine T. Bell, of Jerome, ID, for her 30 years of serving in the Idaho House of Representatives. Maxine has been an instrumental leader through economic challenges and an excellent role model for those interested in government service. She was first elected to the Idaho House of Representatives in 1988 and has represented the people of Jerome, Cassia, Minidoka, and rural Twin Falls Counties throughout her time in the Idaho statehouse. She also operated a family farm with her husband, Jack, and was a librarian at the Jerome Junior High School. In the State legislature, she has served as vice chairman of the agricultural affairs committee, as a member of the resources-conservation committee, as chairman of the appropriations committee, and as joint chairman of the joint finance and appropriations committee. Throughout her career, she has been known as someone who brings people together, works hard, and gets things done. It is no wonder that Maxine Bell has received numerous awards for her distinguished service. These recognitions include being honored multiple times as the Farm Bureau's Friend of Agriculture, Ag All Star by farm organizations, Legislator of the Year by the Idaho Association of Soil Conservation Districts, Co-operatives Friend, Advocate of the Year from the Idaho Career Development Association, and Legislator of the Year by the Idaho Library Association. She also received Idaho State University's President's Medallion, the Idaho Professional Technical Education Distinguished Service Award, and many other honors. She is recognized as a strong, solution-driven leader who makes things happen. Her congenial demeanor, quick wit, and keen intellect are just a few of the traits that have made her so beloved and effective over the years. Idahoans have been fortunate to have Representative Bell's leadership in the legislature. We thank Maxine Bell for her outstanding service, congratulate her on her exemplary career, and wish her well as she concludes her service in the State legislature.

Mr. CRAPO

Mr. CRAPO. Madam President, I object.

Mr. CRAPO. Mr. President, I ask unanimous consent that the Senate stand in recess until 5:45 p.m. today; that when the Senate reconvenes, all postcloture time be considered expired and the Senate vote on the motion to waive; and that following the vote on the motion to waive, the bill be read a third time and the Senate vote on passage of the bill, as amended.

Mr. CRAPO. Mr. Chairman, before I yield, I withdraw my amendment No. 2152.

Mr. CRAPO

Mr. CRAPO. Mr. President, I ask unanimous consent to speak for 5 minutes before we begin voting.

Mr. CRAPO. Mr. President, we are about to witness a rare bipartisan moment in the Senate that has been years in the making. We have had the opportunity to highlight this bill over the last 2 weeks, and I have been very encouraged by my colleagues' support for its critical results. Again, I thank each of the Senators who support this bill--including many members of the Banking Committee--for their interest, involvement, and the many discussions, hearings, and personal conversations we have had to get to this point. I want to stop at this point and give a special thanks to my staff, who has spent countless hours, weeks--actually months and years-- getting us to this point on this legislation, and the staff of the other Members who have worked so closely with us as we worked to find a yes to difficult problems and solutions that we are facing. Since the bill passed out of the Banking Committee, supporters have worked in good faith to include provisions that different Members have offered, including those who do not support the bill. The substitute amendment we introduced last week reflects the additional provisions that the bill supporters were able to agree to. The final bill we are about to vote on today is the product of careful negotiations and good, old-fashioned statesmanship. The majority of us in this body recognize that our community financial institutions have been struggling to keep up with the regulatory demands coming out of Washington and that it was time to revisit current law and make changes where necessary. While there are certain provisions that I would like to have included in this bill, I believe the package on which we were able to reach consensus is an important step in the right direction and will deliver much needed relief and economic growth to Main Street America. When this bill is signed into law, it will right-size regulation for financial institutions, including community banks and credit unions, making it easier for consumers to get mortgages and to obtain credit. Those are the real victims of this regulatory overreach--individuals who find it difficult to get access to credit, to get a loan for college, to get a mortgage for a house, or small businesses seeking to start up or to expand that cannot get necessary access to capital not because they are not creditworthy but because the system we have created makes it so that our smaller financial institutions that do the relationship banking throughout so much of America don't have the ability to serve them anymore. It also increases important consumer protections for veterans, senior citizens, victims of fraud, and those who have fallen on tough financial times. This bill has received widespread support for good reason. The cycle of lending and job creation has been stifled by onerous regulation. Absent excessive regulatory burdens, local banks and credit unions will be able to focus more on lending and in turn propel economic growth and create jobs. Not to be overlooked, this is also an important moment for bipartisanship and working across the aisle to legislate. Many people are worried about the gridlocks in Congress. This bill shows that we can work together and can do big things that make a big difference in the lives of people across this country. Those who support this bill have recognized that, with the right regulation, tailored regulation, we can promote local economic growth through our Nation's smaller financial institutions. I will end with this: This bill was a bipartisan compromise. The changes are common sense, and it will allow financial institutions to better serve their customers and communities, while maintaining safety and soundness and important consumer protections. At a time of intense political polarization, we have proven that we can work together to get things done. This is good for small financial institutions, good for small businesses, and good for families across America, and I encourage my colleagues to support its passage. I yield back my time. Vote on Motion to Waive