Job Creators Network Supports House Resolution to Provide Congressional Disapproval for CFBP’s Demographic Reporting Rule

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement supporting House Resolution S.J. Res. 32, which provides Congressional disapproval for a new Consumer Financial Protection Bureau rule that burdens small businesses with new demographic reporting requirements:

“Small businesses are already starved for credit due to Bidenflation causing the Federal Reserve to aggressively raise interest rates. The CFPB’s burdensome new demographic reporting rule for loan applications will only exacerbate the problem. The Biden administration will almost surely use this demographic information to make charges of racism and implicitly or explicitly control which businesses get loans and which don’t. Congress is correct to disapprove of this rule that injects political considerations into the loan process which should be a purely economic consideration.”