Should Congress require financial institutions to release data on credit applications for LGBTQ businesses?

Civil Rights
LGBTQ Business Equal Credit Enforcement and Investment Act (H.R. 1443)
This bill has Passed the House of Representatives
Bill Summary

H.R. 1443 requires financial institutions to report data on credit applications to the Consumer Financial Protection Bureau. Under the legislation, institutions must report data on lesbian, gay, transgender, and queer-owned businesses to facilitate the enforcement of fair lending laws. Sponsor: Rep. Ritchie Torres (Democrat, New York, District 15)
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Opponents say

•     At the time of this summary, there were no opponent statements from news articles, press releases, or issue organizations.

Proponents say

•     "The logic here is simple: Transparency will strengthen the incentive for the financial community to extend capital to LGBTQ businesses. Wall Street loves to extol the virtues of diversity, but we are asking Wall Street to put its money where its mouth is… without the kind of rigorous reporting required by my legislation, we have no enforceable means of holding the financial system accountable for serving the credit needs of LGBTQ enterprises."

Source: Rep. Ritchie Torres (Democrat, New York, District 15) 


•     "For them to succeed, LGBT business owners must have unfettered access to capital and credit, which the data gathered by this act will support. For our national economy to thrive, all business owners from every diverse community must be included, studied, and supported at every level of government as they are in private enterprise."

Source: Justin Nelson (President and Co-Founder of the National LGBT Chamber of Commerce)

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