A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".
3/13/2024, 10:02 PMSummary of Bill SJRES 32
Bill 118 SJRes 32 is a joint resolution that aims to disapprove of a rule submitted by the Bureau of Consumer Financial Protection regarding small business lending under the Equal Credit Opportunity Act (Regulation B). The resolution falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.The rule in question focuses on how small businesses are treated under the Equal Credit Opportunity Act, which prohibits discrimination in lending based on factors such as race, gender, and age. The Bureau of Consumer Financial Protection's rule aims to provide clarity and guidance on how lenders should comply with the Act when extending credit to small businesses.
Supporters of the resolution argue that the rule could impose unnecessary burdens on lenders and hinder access to credit for small businesses. They believe that the rule may stifle innovation and economic growth in the small business sector. Opponents of the resolution argue that the rule is necessary to ensure that small businesses are not unfairly discriminated against when seeking credit. They believe that overturning the rule could weaken protections for small business owners and potentially lead to increased discrimination in lending practices. Overall, Bill 118 SJRes 32 is a contentious issue that highlights the ongoing debate over how best to regulate small business lending under the Equal Credit Opportunity Act. It remains to be seen how Congress will ultimately decide on the resolution and its potential impact on small businesses across the country.
Congressional Summary of SJRES 32
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Small Business Lending under the Equal Credit Opportunity Act (Regulation B) and published on May 31, 2023. The rule requires financial institutions to collect and report to the bureau credit application data for small businesses. On July 31, 2023, the U.S. District Court for the Southern District of Texas ordered the bureau not to implement or enforce the rule until a related pending case is resolved.
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Current Status of Bill SJRES 32
Bill SJRES 32 is currently in the status of Bill Introduced since June 13, 2023. Bill SJRES 32 was introduced during Congress 118 and was introduced to the Senate on June 13, 2023. Bill SJRES 32's most recent activity was Failed of passage in Senate over veto by Yea-Nay Vote. 54 - 45. Record Vote Number: 5. as of January 10, 2024Bipartisan Support of Bill SJRES 32
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
90Democrat Cosponsors
0Republican Cosponsors
90Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill SJRES 32
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
Banking and financial institutions regulationCongressional-executive branch relationsConsumer Financial Protection BureauCredit and credit marketsSmall businessAlternate Title(s) of Bill SJRES 32
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".Comments
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Sponsors and Cosponsors of SJRES 32
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