Thank you, Mr. Chairman, and Ranking Member. Ms. Klein, can you explain how underserved small businesses are susceptible to predatory lending practices, and why legislation is needed to ensure all small business loans contain fair and accurate disclosures about costs and terms?
Velazquez questions the need for legislation to protect small businesses from predatory lending.
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I commend Mr. Phillips and Mr. Meuser for their bipartisan work on H.R. 1651, the Small Business 7(a) Loan Agent Transparency Act.
As policymakers, we must make our decisions based on complete and accurate data.
Of particular concern to me are the barriers that women, minority, and rural entrepreneurs face each and every day.
I don’t trust Elon Musk with this information, and I know the American people don’t, either.
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