U.S. President Joe Biden hands Speaker of the House Nancy Pelosi the pen after signing S.J.Res.14, relating to "Oil and Natural Gas Sector: Emission Standards for New, Reconstructed and Modified Sources Review" at the White House in Washington, U.S. June 30, 2021. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY

Ben Burke Producer

Politics

Changing course: Biden rolls back more Trump era rules

Jul 01, 2021

Ben Burke Producer

By Ben Burke (Producer)

President Joe Biden signed three bills into law Wednesday, all of which roll back rules set in place during the Trump administration.

The House of Representatives and Senate passed the bills through the Congressional Review Act, which allows Congress to overturn certain regulations that have been in place for a short time.

The new laws block payday lenders from avoiding caps on interest rates, restrict greenhouse gas emissions from oil and gas drilling and end rules on how the Equal Employment Opportunity Commission settles claims.

“Each of these rules reflects a return to common sense and a commitment to the common good,” President Biden said.

Under former President Donald Trump, the Office of the Comptroller of the Currency had allowed payday lenders to charge interest rates higher than what was allowed by the state. The lenders partnered with banks to make high-cost loans and avoid state usury laws.

“I didn’t know that I was unaware they could pull that off,” Biden said. “These are so-called rent-a-bank schemes. They allow lenders to prey on veterans, seniors and other unsuspecting borrowers, tapping and trapping them into a cycle of debt.”

The Trump administration had also loosened rules on methane emissions from leaks and flares in oil and gas wells.

“Since then, we’ve learned that methane is even more dangerous to the climate than we knew back then in 2016, trapping much more heat, up to 80 times more heat,” Biden said. “Our bipartisan infrastructure plan will include 21 billion dollars in environmental remediation to capping millions of abandoned wells, leaking wells and oil and gas wells.”

Meanwhile, The Biden administration said in a statement the EEOC claims process had increased “the risk of retaliation by making it easier for employers to demand the identities of those with information about unlawful discrimination.”

“We’re going to move in the direction of greater accountability, fairness and justice,” Biden said Wednesday.

Tags: Joe Biden

President Joe Biden: “I’m about to sign into law three bills, which you all have written and passed, protecting our planet from climate disturbing greenhouse gas, particularly methane, which is devastating; protecting consumers from predatory lenders and protecting workers from employment discrimination. Each of these bills, each of these bills reflects a return to common sense and commitment to the common good. Back with President Obama in 2016 and I put in place a rule that required that companies capture methane leaks from the wells they were digging. Well, guess what? They didn’t. And so since then, we’ve learned that methane is even more dangerous to the climate than we knew back then in 2016, trapping much more heat, up to 80 times more heat, methane does and carbon than carbon dioxide in its first 20 years in the atmosphere. And look, this is an important first step of cutting methane pollution. Our bipartisan infrastructure plan will include 21 billion dollars in environmental remediation to capping millions of abandoned wells, leaking wells and oil and gas wells. And so be a good step forward. Some loan sharks and online lenders have figured out how to get around these limits and by using a partnership with a bank to avoid the state cap and charging outrageous interest. And I’m, you all have pointed out some as high as 100% interest, which is astounding. And I must admit to you, I didn’t know that I was unaware they could pull that off. These are so-called rent-a-bank schemes. They allow lenders to prey on veterans, seniors and other unsuspecting borrowers, tapping and trapping them into a cycle of debt. The last administration put in place a rule that makes it harder, makes it harder for those seeking redress for job discrimination to get justice with this law, we’re going to move in the direction of greater accountability, fairness and justice.”