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 those 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. I am continuing in the United States Congress the advocacy that I began years ago in the New York City Council. My legislation, the LGBTQ Business Equal Credit Enforcement and Investment Act, 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 clarifies that ECOA's prohibition against sex discrimination applies to sexual orientation and gender identity. Section 1071 of Dodd-Frank, which exists to enable and enhance the enforcement of ECOA, requires financial institutions to report information about the race, ethnicity, and sex of credit applicants who serve as the principal owners of small businesses.…”