Republicans with Ties to Industry Expected to Vote to Block Efforts to End Discrimination in Small Business Loans

WASHINGTON, DC — Once again showing support for their big bank mega donors, the Republican-led U.S. House of Representatives is expected to vote in lockstep for a joint resolution opposing a Consumer Financial Protection Bureau (CFPB) rule to prevent discrimination in small business loans. A previous analysis from government watchdog Accountable.US found House Financial Services Committee Republicans have steep financial ties with the industry, including Chair Patrick McHenry who has taken over $1.8 million from commercial banks over his career. 

In October, Senate Republicans went on record against preventing discrimination in small business loans, despite the fact that the rule is needed to increase access to credit for traditionally underserved business owners such as women, people of color, and LGBTQ entrepreneurs.