Gov. Jeb Bush Slams CFPB's 'Unelected Bureaucrats' Over Dealer-Assisted Financing Regulations
SAN FRANCISCO (Jan. 23, 2015) – In a major policy address at NADA convention, former Florida governor outlines ways to get government out of the way of business to create fair and free opportunity for every American.
The fate of the country rests on moving government out of the way of business so "the promise of fair and free opportunity returns to America," former Florida Gov. Jeb Bush told a capacity crowd on Friday at the National Automobile Dealers Association Convention & Expo. And while the audience of nearly 4,000 attendees responded favorably to Bush's remarks, his discussion about recent legislation regarding the Consumer Finance Protection Bureau (CFPB) brought the most exuberant applause.
"Another great example sadly of this are the CFPB rules on dealer financing," he said. "They went forward with the rule without notice, without a public hearing, not knowing whether it would work. The worst part is that unelected bureaucrats have more power than Congress in this particular case, [and Congress is] trying to repeal the rules--and I hope you continue to stay involved." Bush also cited NADA research that shows regulations add $3.2 billion in costs that the auto industry must pass on to buyers. The total equates to about $2,400 per dealership, per employee, per year, he said.
"Those costs to comply, those costs of regulation, could have gone for higher pay to allow people more disposable income or they could have gone to create more jobs," he said. Bush spoke about reforming health care, revamping immigration, improving education and the pace and uneven results of the nation's economic recovery.
"I have sensed Americans are frustrated," he said. "All the polling shows it as well. We are in the fifth year of recovery ... but 60 percent of Americans believe we are in a recession. They are not dumb. It's because they are in a recession." Although a small portion of Americans are on the "up" economic escalator and portfolios are strong, the majority of Americans have weak paychecks that have led them to withdraw from building families, communities and careers, he said.
"Far from spreading opportunity, our government gets in the way each and every day. Another law, another tax, another fee or another regulation. It all stands in the way of a new business, a new invention, a new job but, most important, rising income for American families," Bush said. "The great stories that were told here today of successful dealerships, it's harder to do that today, to do exactly what you all have done to achieve earned success. I know you know what I mean, because your industry has to deal with this." Speaking to the standing-room crowd, Bush stressed that he considers leadership in Washington severely lacking and called for the next president to change that course. Yet because of what he said are legal considerations, he did not discuss his presidential aspirations. In remarks after his speech, he playfully said, "I am seriously considering the possibility of running."
Other crowd-pleasing remarks included Bush's support of fracking and following Arizona's example of requiring high school students to pass a civics-education test similar to those taken by immigrants seeking citizenship. "We are on the verge of this becoming the greatest time to be alive in this country," Bush said. "Leadership can solve some big, complex problems" that hold the country back."