Rep. Flood Celebrates Repeal of Onerous Biden-Era Regulation on Payment Providers

LINCOLN, NEBRASKA – Today, U.S. Congressman Mike Flood issued a statement following news that President Donald J. Trump had signed S.J. Res. 28 into law. Using a process defined by the Congressional Review Act, S.J. Res. 28 overturns the CFPB rule relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications."

“With his signature, President Trump has now ended another Biden-era attempt to use federal power to squash private sector innovation in America,” said Rep. Flood. “During the Biden administration, progressives used rulemaking at the Consumer Financial Protection Bureau to attempt to leverage the agency’s examination authority to regulate non-bank consumer payments firms. Rolling back this onerous regulation ensures that the CFPB doesn’t squash innovation and job growth with unnecessary red tape. Thank you to President Trump, Senator Ricketts, and all our colleagues who helped deliver this significant win for consumers and job creators across America.”

U.S. Senator Pete Ricketts introduced S.J. Res. 28 in the U.S. Senate, and Rep. Flood introduced companion legislation in the House. The Senate passed S.J. Res. 28 on March 5, 2025. The House passed the same measure on April 9, 2025. President Trump is expected to sign the measure in the coming days.

 During floor debate on S.J. Res. 28, Rep. Flood delivered remarks. Video of the remarks can be found here.