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Read. Follow. Verify.LGBTQI Business Equal Credit Enforcement and Investment Act
Last action · December 6, 2023: Referred to the House Committee on Financial Services.Sponsor: Ritchie Torres
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What This Bill Would Do
This bill proposes to amend the to require financial institutions to collect and report data on small business loans made to LGBTQI-owned businesses. It establishes a formal definition for LGBTQI-owned businesses based on ownership, control, and profit distribution.
If passed, this bill would require lenders to track and report lending data for LGBTQI-owned small businesses, similar to existing requirements for minority-owned and women-owned businesses, potentially impacting how federal agencies monitor equitable access to credit.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Small business owners
Business owners may be asked to provide demographic information regarding sexual orientation, gender identity, or intersex status when applying for loans.
Financial institutions
Lenders would be required to update their data collection processes to include LGBTQI-related metrics for small business loan applications.
Key Facts
- The bill amends Section 704B of the Equal Credit Opportunity Act to include LGBTQI-owned businesses in mandatory small business loan data collection.
- Financial institutions would be required to collect data on sexual orientation, gender identity, and intersex status in addition to existing demographic categories.
- An 'LGBTQI-owned business' is defined as a business where more than 50% of ownership or control is held by individuals identifying as LGBTQI.
- An 'LGBTQI-owned business' is also defined as a business where more than 50% of net profit or loss accrues to individuals identifying as LGBTQI.
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- The bill was introduced in the House of Representatives on December 6, 2023, by Representative Ritchie Torres and 36 co-sponsors.
Frequently Asked Questions
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
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Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Expansion of Demographic Data Collection
The bill represents a move to align LGBTQI-related data collection with existing minority-owned and women-owned business reporting standards.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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