Bill Foster: “The bill that the majority is bringing to the floor this week will preclude the reissuance of that necessary guidance…”

“The bill that the majority is bringing to the floor this week will preclude the reissuance of that necessary guidance instructive of how to comply with the Equal Credit Opportunity Act of 1974, which will remain in place. Lenders will still be, rightly, required to comply with the law, but they will not have any guidance on how to do so, leading at least one analyst to call S.J. Res. 57 a ``long-term negative for lenders,'' which, as a businessman, I agree with. S.J. Res. 57 is bad for both consumers and for lenders. Mr. Speaker, I urge my colleagues to oppose S.J. Res. 57 and preserve the opportunity to promulgate guidance intended to curtail discrimination.”