On the recordNovember 8, 2023
Mr. Chairman, my amendment prohibits funds to implement or enforce the Consumer Financial Protection Bureau's rule titled: ``Small Business Lending Under the Equal Credit Opportunity Act.'' Mr. Chairman, that is a mouthful. Mr. Chairman, I would argue the CFPB is unconstitutional and should not exist. They should not be making this rule. The CFPB's final rule implementing section 1071 of the Dodd-Frank Act, requires lenders to report data on small business loan applications, including applications from minority-owned, women-owned and LGBTQ-owned small businesses. This is information that is private to them and should have no bearing on creditworthiness, but rather is an intrusion into their privacy. There is no reason why the government should be requiring the collection and disclosure of this information. There is no reason why money should be allocated to enforce this rule. Mr. Chairman, I reserve the balance of my time.
