FreedomWorks Statement in Response to Senate Democrats Ending Free Market Lending Rule

WASHINGTON, D.C. – In response to the Senate passing legislation to end the Office of the Comptroller of the Currency’s (OCC) True Lender Rule, S.J.Res. 15, Adam Brandon, FreedomWorks President, commented:

“The OCC’s True Lender Rule allows banks to partner with fintechs so that they can compete in the market and expand lending options to hardworking Americans. These loans are a lifeline for millions of Americans as well as a much-needed resource for underserved communities. Nullification of the True Lender Rule will hurt these communities and push them to worse options and government handouts.

“The best way to help struggling Americans gain access to sound credit and stabilize their finances is to let them borrow freely and stop imposing harsh controls on banks’ lending abilities. The government should not have the right to act as arbiter of free market relationships. Sadly, that is the precedent set by the vote today.”

In opposition to nullification of the free market lending rule, our activists drove over 16,000 comments to Senate offices.