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New bill would protect LGBTQ-owned businesses from lending discrimination
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A bicameral bill introduced on Wednesday by U.S. Sens. Alex Padilla (D-Calif.) and Kirsten Gillibrand (D-N.Y.), along with U.S.
Rep. Ritchie Torres (D-N.Y.) would require financial institutions to collect data on access to credit and capital by LGBTQ-owned businesses.
The legislation would thereby allow regulators to better identify and potentially remedy instances of anti-LGBTQ discrimination in these areas.
CNBC reported in June that a study by the Movement Advancement Project found LGBTQ-owned businesses encountered more rejections than non-LGBTQ-owned businesses that applied for funding, amid a tightening of lending standards across the board.
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