Biden threatens to veto Kennedy proposal to cancel 'woke' small business lending rule

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Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.

President Joe Biden said he would veto a measure by Senate Republicans to cancel an administration rule requiring banks to collect data on small business owners when they seek a loan.

“This resolution would hamper the efforts to promote transparency and accountability in small business lending and create hurdles for mission-driven lenders and community organizations striving to close the most acute gaps in capital access for minority- and women-owned businesses,” the administration said.

Among the information the CFPB wants to collect are data on the race, ethnicity, and gender of the small business owner and whether the business is minority-owned, owned by women, or LGBT-owned. Kennedy had previously railed against the CFPB rule during a June hearing with CFPB Director Rohit Chopra. He questioned Chopra over the privacy concerns he said the rule brings to the fore.

 

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