Rep. Ritchie
Torres (D-NY), the first out gay Afro-Latinx member of Congress, is introducing
legislation that will explicitly include LGBTQ-owned businesses in federal
regulations for financial institutions regarding data and other information
they compile.
The LGBTQ
Business Equal Credit Enforcement and Investment Act seeks to amend section
1071 of the Equal Credit Opportunity Act, which requires financial institutions
to maintain information on credit applications submitted by minority and
women-owned small businesses to the Consumer Financial Protection Bureau
(CFPB). This is how the Bureau and other government entities enforce fair
lending rules and track business and community development.
If Torres’
proposal passes, the bureau will extend those uses for LGBTQ-owned businesses
as well.
Torres told NBC
News, “I partnered with the LGBT Chamber of Commerce to persuade
America’s largest city to adopt a certification program for LGBTQ enterprises,”
referring to the recent
change enacted in New York City earlier this year.
He pushed the
Big Apple to include LGBTQ businesses, and he introduced a legislative proposal
in 2019 as a member of the New York City Council to that effect. Now, the city
officially recognizes businesses owned by LGBTQ people as part of their
minority & women-owned business enterprise (MWBE) programs, allowing them
to access billions of dollars in city contracts, contract procurements and
opportunities, in addition to accessing priceless resources for
historically-disadvantaged enterprises.
This
legislation he is preparing to introduce serves as “a natural complement to
the Equality Act,” the landmark pro-LGBTQ legislation that will include
gender identity and sexual orientation in anti-discrimination laws if adopted
into law, such as those that outlaw discrimination in credit and financial
services.
Torres says
“that’s a floor, rather than a ceiling.”
“We have to
see to it that LGBTQ enterprises have their fair share of access to capital.”
Similar
legislation was proposed by former Rep. Harley Rouda (D-CA) in 2019, amidst the
last session of Congress, but he lost reelection and the proposal was not
bought to the floor.
Torres is
happy to pick up the battle.
“Without the
kind of rigorous reporting required by my legislation, we have no enforceable
means of holding the financial system accountable for serving the credit needs
of LGBTQ enterprises,” he explained.
“The logic
here is simple: Transparency will strengthen the incentive for the financial
community to extend capital to LGBTQ businesses.”
Torres won
the election to represent New York state’s 15th Congressional
District, which encompasses the South Bronx, in November. He was sworn in as
one of the first Black LGBTQ members of Congress, along
with Mondaire Jones.
Torres
overcame homophobic and anti-LGBTQ attacks both during the competitive
Democratic primary and the general election.
“It’s one
thing to have a representative in the gayborhoods of New York City and the
United States. It’s another thing to have an LGBTQ representative in the places
you might least expect it,” Torres told LGBTQ
Nation in an interview last spring.
SOURCE: LGBTQ NATION
Another feather in his cap. How nice to have someone so thoughtful and intelligent in office. It's like... he's there to do his job! Unlike most of the others... who only line their pockets and try to maintain their power.
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