Providing for Congressional Disapproval of the Rule Submitted By the Bureau of Consumer Financial Protection Relating to ``Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)''

Floor Speech

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Mr. McHENRY. Madam Speaker, small businesses are the lifeblood of the American economy. When you burden small business, you limit job growth, economic gain, economic opportunity, and American growth. With more regulation on businesses, it drives up the cost of doing business.

I commend the chair of the Small Business Committee for this resolution that we have on the House floor today that is in support of American small business. This resolution would stop the CFPB's small business data collection rule, which is onerous, overly complex, and difficult to implement. All American businesses would be burdened by it--disproportionately, the small businesses that create most of the jobs in America.

This rule would stifle American businesses' access to affordable credit, and it will facilitate the naming and shaming of lenders whose business practices are legal, nondiscriminatory, and safe and sound.

The progressive activists on the left want to use that database so they can call out the things that they don't like for political activism. I don't think that is responsible. I don't think that is in the interest of the American economy, and it surely is not in the interest of consumer protection.

Madam Speaker, let's support this resolution. Let's oppose the rule. Let's support small business.

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