Shame: Republicans Attack LGBTQ-Owned Businesses During Pride Month
From the Speaker’s Press Office
House Republicans are using Pride Month to attack LGBTQ-owned small businesses.
Republicans lined up on Tuesday to prevent Congressman Richie Torres’ LGBTQ Business Equal Credit Enforcement and Investment Act from passing on suspension. The bill would help ensure that financial institutions are providing LGBTQ-owned small businesses equal access to credit. 177 Republicans voted against the measure – meaning that 85 percent of House Republicans present voted against the bill.
Torres, the first gay Afro Latino elected to Congress, told NBC News that the LGBTQ Business Equal Credit Enforcement and Investment Act will amend part of the Equal Credit Opportunity Act, which requires financial institutions to collect data on credit applications submitted by minority- and women-owned small businesses. Torres’ bill would require data collection on LGBTQ-owned businesses as well.
The idea behind the bill is that it would help hold financial institutions accountable, he said.
“The logic here is simple: Transparency will strengthen the incentive for the financial community to extend capital to LGBTQ businesses,” Torres said. “Wall Street loves to extol the virtues of diversity, but we are asking Wall Street to put its money where its mouth is.”
Passing this uncontroversial bill to help small businesses stay afloat during a pandemic should be a no-brainer. Sadly, no attack is too low for this House Republican Conference, not even attacking LGBTQ-owned small businesses during Pride Month.