Mr. REED. Mr. President, I rise today in opposition to this resolution disapproving of the CFPB's rule defining larger participants of a market for general-use digital consumer payment applications, which will make consumers more susceptible to fraud. In November, the CFPB published a rule to extend oversight over Big Tech companies that offer mobile payments and digital wallets. Companies like Cash App, Venmo, Google, and Apple now handle billions of dollars in consumer transactions per year. Everyone knows someone who has either been defrauded or scammed on one of these applications, and everyone also knows how difficult it can be to get your money back, even if your savings get wiped out.

The CFPB took a very sensible approach to update our financial regulations to address this problem. The CFPB's rule places big tech companies that handle your money under Federal oversight in order to make sure they are following the law. If these big tech companies want to act like banks, then they should be subject to similar consumer protection requirements as banks. Under the CFPB's rule, someone is making sure consumers actually get reimbursed when they are victims of fraud. It means that fraudsters are having a harder time stealing people's savings, and it means greater protection against sophisticated scammers that are hacking people's phone and email accounts.

If this resolution is adopted, there is no going back. It will preclude the CFPB from adopting substantially similar consumer protections in the future. Big Tech will operate under its own rules, and consumers will be vulnerable.

And it is no coincidence that this CRA vote comes only 1 month after Elon Musk announced that he would be starting his own digital payment company--what a coincidence. A vote in favor of this resolution is a vote to strip Federal oversight of Elon Musk's payment company. It is a vote to make it easier for Elon Musk to shirk his obligation to reimburse the American people when they are cheated out of their money on his platform. Elon Musk wins; the American people lose.

I hope my Republican colleagues will join us to protect this eminently sensible rule, and I urge my colleagues to oppose his resolution.

I yield the floor.