Congressman David Scott Statement on House passage of the LGBTQ Business Equal Credit Enforcement and Investment Act
Washington, June 24, 2021
Congressman David Scott (GA-13), chairman of the House Agriculture Committee, today issued the below statement following House passage of the LGBTQ Business Equal Credit Enforcement and Investment Act, legislation he co-sponsored to ensure effective fair lending protections for LGBTQ credit applicants:
“Too often, when applying for a mortgage or other forms of credit, LGBTQ individuals experience undue discrimination for who they are or whom they love,” said Congressman David Scott. “As we celebrate Pride Month this June, it is fitting that Congress take up long-overdue measures to root out discriminatory lending practices against LGBTQ people and improve transparency for all American businesses."
There are approximately 1.4 million LGBTQ-owned businesses across the nation, yet there is a lack of official data on the LGBTQ business community and related lending practices. This data is needed to ensure that LGBTQ-owned businesses are treated fairly and to enable communities, government agencies, and lenders to identify the economic development needs of the LGBTQ community.
The LGBTQ Business Equal Credit Enforcement and Investment Act would ensure that specific data on loan applications from LGBTQ-owned businesses are collected by financial institutions to help root out discrimination and identify capital and financing opportunities for the LGBTQ business community.