Hoeven Votes to Override Biden Veto, Rescind Burdensome CFPB Rule Impacting Small Businesses

WASHINGTON – Senator John Hoeven today voted to override President Biden’s veto of a Congressional Review Act (CRA) resolution of disapproval that Hoeven cosponsored to rescind the Consumer Financial Protection Bureau (CFPB) Small Business Lending Data Collection Rule, which will raise costs for small businesses, impose burdensome data collection requirements and make the data public, potentially risking the privacy of small business owners. In October, a bipartisan majority of the Senate approved the CRA to rescind the costly CFPB rule, but it was subsequently vetoed by President Biden, with Senate Democrats blocking today’s motion to override the veto.

“Small businesses, including farmers and ranchers, rely on access to credit to invest in their operations and ensure they have working capital on hand when needed. This rule impacts the availability of credit, while representing a real privacy risk for business owners,” said Hoeven.