Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Ballotpedia
Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Ballotpedia
U.S. Congressman Mike Flood has expressed his approval following the signing of S.J. Res. 28 into law by President Donald J. Trump. This legislative action, facilitated through the Congressional Review Act, overturns a Consumer Financial Protection Bureau (CFPB) rule that defined larger participants in the market for general-use digital consumer payment applications.
Rep. Flood commented on the development, stating, "With his signature, President Trump has now ended another Biden-era attempt to use federal power to squash private sector innovation in America." He further explained that during President Biden's administration, there were efforts by progressives to regulate non-bank consumer payments firms through CFPB rulemaking. According to Rep. Flood, reversing this regulation prevents unnecessary red tape from hindering innovation and job growth.
The legislation was introduced in the U.S. Senate by Senator Pete Ricketts and had a companion bill in the House presented by Rep. Flood himself. The Senate approved S.J. Res. 28 on March 5, 2025, followed by passage in the House on April 9, 2025.
During discussions on S.J. Res. 28, Rep. Flood delivered remarks supporting the measure.
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