Biden Vetoes Repeal of ‘Woke’ Lending Rule

Contact Your Elected Officials
The Epoch Times Header

The joint resolution would have nullified a new small business lending rule that critics say politicizes the lending process.

A controversial Consumer Financial Protection Bureau (CFPB) small-business lending rule will remain in effect after President Joe Biden vetoed a joint resolution of disapproval that would have repealed the measure.

The rule in question requires lenders to annually collect and report to the CFPB certain credit application data from the small-business owners they lend to, including personal demographics such as race, sexual orientation, and gender identity. The rule, which took effect in August, also enables the creation of a publicly accessible database of small-business credit applications.

Republicans have criticized the rule as a move to make the lending process more “woke.”

But in issuing his Dec. 19 veto, President Biden defended the rule, holding that it would increase transparency in small-business lending and allow lenders and organizations to better meet the needs of small businesses.

“This Republican-led resolution would hinder the government’s ability to conduct oversight of abusive and predatory lenders, make it harder for 33 million small businesses across the country to assess lending opportunities and access capital, and make it more difficult for lenders and community groups to address the most acute gaps in capital access for minority- and women-owned businesses,” he wrote.

“By hampering efforts to promote transparency and accountability in small business lending, Republicans are siding with big banks and corporations over the needs of small business owners. Small businesses are the engines of our economy, and my administration will not support policies that hurt their ability to thrive and grow.”

‘None of Their Business’

Sen. John Kennedy (R-La.) led the charge to repeal the rule as the joint resolution’s sponsor, slamming the new demographic reporting requirements as intrusive on the Senate floor.

“The bank has to ask the small businessperson if that person is a lesbian. The bank has to ask the small businessperson if that person is gay,” he noted on Oct. 18, rattling off examples.

“It is none of their business—none of their business—what a private American does with another private, adult American in the privacy of their bedroom.”

The National Federation of Independent Business (NFIB) has also expressed concern that the lending rule would impose a substantial burden on both small banks and small businesses to collect and report the required information.

By Samantha Flom

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

ChatGPT Goes Biblical about End Times!

There are some truly outstanding internet content creators, or...

Bangkok Indians: ‘You Are Lucky Man’

In Bangkok, friendly prostitutes outside “massage” shops tell me I’m “so handsome man.” Indian men prowling those streets tell me I’m “lucky man.”

Epstein’s Niece Exposes the Illuminati!

There is a shocking interview by the podcaster Shaun Attwood, an English former ecstasy trafficker turned YouTube podcaster, speaker, activist, and author.

When Gynocrats Attack: Innocent Locker Room Talk Interrupted By Rabid Karen

The question posed: “Who do you think has a...

Obama’s Treason is a Betrayal of American Democracy and Demands Real Accountability

Few scandals have cast a longer shadow than the 2016 Russia investigation—the manufactured crisis by President Obama designed to cripple Trump's presidency.

Trumps America: Welp… that backfired.

The official @TheDemocrats account posted chart with the caption “Trump’s America” — but didn’t seem to notice how their own graph actually works.

Education Department to Release Billions in Withheld Grant Money for Schools

Dept. of Education said OMB completed a review of 2025 public education allocations “and will begin dispersing funds to the states next week.”

Judge Maintains Nationwide Block on Trump’s Birthright Citizenship Order

A federal judge in Massachusetts has maintained his nationwide block on President Donald Trump’s policy restricting birthright citizenship.

COVID-19 Pandemic Accelerated Brain Aging Even in People Who Didn’t Get Virus: Study

Brain aging appears to have accelerated by months during COVID-19 pandemic, even in people who did not get sick from the virus, according to study.

Ex-DOJ Officials File Lawsuit Against Bondi Over Terminations

Former DOJ officials filed lawsuit against AG Bondi and the fed. govt, saying they were terminated for work on cases related to Jan. 6 Capitol breach.

Odds of U.S.-EU Trade Deal Are 50–50 Ahead of Tariff Deadline: Trump

President Donald Trump said there’s a 50–50 chance that the United States will finalize a trade deal with the European Union before an Aug. 1 deadline.

Trump Pulls Habba’s Nomination for New Jersey’s Top Prosecutor, Making Her Acting US Attorney

President Trump withdrew his nomination of Alina Habba to serve as NJ’s top federal prosecutor, making her Acting US Attorney.

Trump Says He Wants Musk’s Companies to ‘Thrive Like Never Before’

On Thursday, President Trump said, “I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”
spot_img

Related Articles