With the stroke of a pen and a crowd of legislators to watch, President Donald Trump became the first president to repeal a piece of regulatory guidance.
On May 21 the president signed the Congressional Review Act (CRA) repeal of a 2013 bulletin from the Consumer Financial Protection Bureau providing guidance on indirect auto lending.
The bulletin had been determined by the Government Accountability Office to be subject to CRA review by Congress, and the House and Senate both passed resolutions to get the bill to the president’s desk.
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