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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Mrs. BEATTY. Madam Speaker, I rise today in fierce opposition to this resolution of disapproval.

For the record, I was a former small business owner for decades. Let me also thank Ranking Member Waters for clearly clarifying the language.

The CFPB rule seeks to increase transparency in small business lending to increase competition, to lower borrowing costs for small businesses, and to detect and deter lending discrimination and create new lending opportunities, particularly for small businesses owned by women, by people of color, LGBTQ individuals, and rural businessowners.

This rulemaking is long overdue, as we heard. By requiring lenders to provide information about loan applications, including whether they were approved or denied, as well as pricing data in applicant demographics, the rule will enhance accountability, which we talked about, and ensure financial institutions are meeting the needs of the entire community.

Wouldn't we want to know if we had a loan that was denied?

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Mrs. BEATTY. Madam Speaker, I think it is very important. I can't imagine any one of us applying for a loan and getting it denied that would not call that lender and say, tell me why my loan was denied. That is a part of this, Madam Speaker.

Lastly, this transparency will not only benefit small businesses but also family farms, financial institutions, and the economy overall. I strongly recommend that we support this and go back and re-read the language.

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