Ritchie Torres: “In the United States, there are 1.4 million LGBTQ businesses contributing more than $1.7 trillion to the American…”

“In the United States, there are 1.4 million LGBTQ businesses contributing more than $1.7 trillion to the American economy. We have a vested interest in sustaining and strengthening these businesses with equal access to credit, which is the beating heart of the American economy. As a former New York City Council Member, I partnered with the National LGBTQ Chamber of Commerce to establish the nation's largest municipal certification program for LGBTQ business enterprises, enabling those businesses to enjoy equal access to a $25 billion pool of government procurement. The legislation before us, H.R. 1443, builds on a foundation laid by several statutes and regulations. The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination, including but not limited to sex discrimination. A new interpretive rule from the Consumer Financial Protection Bureau (CFPB) clarifies that the ECOA's prohibition against sex discrimination applies to sexual orientation and gender identity. Section 1071 of the Dodd-Frank Act, which exists to enable and enhance the enforcement of the ECOA, requires financial institutions to report information about the race, ethnicity, and sex of credit applicants who serve as principal owners of small businesses. My legislation would expand the 1071 reporting requirements to include not only sex but also sexual orientation and gender identity. It would enable anti- discrimination enforcement where none might exist.…”