A bicameral bill introduced by U.S. Sens. Alex Padilla (D-Calif.) and Kirsten Gillibrand (D-N.Y.), along with U.S. Rep. Ritchie Torres (D-N.Y.) would require financial institutions to collect data on access to credit and capital by LGBTQ+ owned businesses. The bill would also clarify that Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) requires financial institutions to collect the self-identified sexual orientation and gender identity of the principal owners of small businesses, in addition to their sex, race, and ethnicity. The California senator, Padilla, acknowledged that LGBTQ+-owned small businesses are a cornerstone of local economies, and they deserve equitable resources to grow. His press release noted the legislation would add a definition for businesses owned by LGBTQ+ individuals to the ECOA statute.
New Bill Would Protect LGBTQ+ owned Businesses from Lending Discrimination
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