{"id":2071628,"date":"2023-10-18T12:17:02","date_gmt":"2023-10-18T16:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-threatens-to-veto-kennedy-proposal-to-cancel-woke-small-business-lending-rule\/"},"modified":"2023-10-18T12:18:51","modified_gmt":"2023-10-18T16:18:51","slug":"biden-threatens-to-veto-kennedy-proposal-to-cancel-woke-small-business-lending-rule","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-threatens-to-veto-kennedy-proposal-to-cancel-woke-small-business-lending-rule\/","title":{"rendered":"Biden vows to veto Kennedy&#8217;s plan to scrap &#8216;woke&#8217; small business lending rule."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-threatens-to-veto-kennedy-proposal-to-cancel-woke-small-business-lending-rule%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2071628&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>President Biden \u200cVows to Veto Republican Measure on Small Business Data Collection<\/h2>\n<p>President Joe\u2063 Biden has taken a firm stance against Senate Republicans&#8217; \u200bproposal \u2064to cancel a\u200c rule that requires banks to collect data on small business owners when they apply for\u2063 loans. The measure in \u200cquestion aims\u200c to roll back the implementation of Section 1071 \u2062of \u200cthe \u2064Dodd-Frank Act\u2063 by the Consumer\u200c Financial Protection \u2063Bureau (CFPB). This rule mandates financial\u2064 institutions to\u2063 gather \u2064and report \u200dspecific \u2064personal information to \u2063the CFPB regarding small businesses seeking credit,\u2064 including those owned by \u2063women or minorities. Critics, particularly\u200d Republicans, argue\u200b that the rule is burdensome,\u2062 intrusive, and part \u200bof a &#8220;woke&#8221; agenda.<\/p>\n<h2>Biden \u2063Prioritizes International Affairs Amid\u200d Escalating Israel Conflict<\/h2>\n<p>The resolution, led by Senator John Kennedy (R-LA), has been \u2062advanced through the \u2064Congressional Review Act, which expedites\u2062 the \u200dprocess of canceling administrative rules by bringing them to \u2064the floors of the\u200c House and Senate.\u200d Ahead of the vote, the White House has strongly opposed Kennedy&#8217;s proposal, emphasizing that \u2063the rule\u200d provides crucial information about the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-threatens-to-veto-kennedy-proposal-to-cancel-woke-small-business-lending-rule\/\" title=\"Biden vows to veto Kennedy's plan to scrap 'woke' small business lending rule.\">vast\u200b small \u2063business financing market<\/a> to owners, lenders, \u2062and the public. The White\u2064 House has made it\u2062 clear that President\u200b Biden intends to veto the measure if it reaches his \u200bdesk.<\/p>\n<blockquote>\n<h3>White House: Transparency and Accountability at Stake<\/h3>\n<p>The administration argues that the resolution\u2063 would hinder efforts to promote transparency and accountability in small business lending. \u200dIt would \u2063also create obstacles for\u200c mission-driven lenders and community organizations striving to address the capital\u200c access gaps faced by minority- and women-owned \u200bbusinesses.<\/p>\n<\/blockquote>\n<blockquote>\n<h3>Republicans: Privacy Invasion and\u200b Wasted Resources<\/h3>\n<p>Senator Kennedy\u200c and his \u200dRepublican allies contend that the CFPB&#8217;s pursuit of personal\u200d demographic and other information poses a risk to small business owners&#8217; privacy and is part of the Biden\u2062 administration&#8217;s broader attempt to exert control over businesses. They argue that reporting such personal details is\u2062 an \u2063invasion \u2063of privacy and a wasteful \u200bendeavor driven by a &#8220;woke&#8221; agenda, potentially hampering lending to Main Street.<\/p>\n<\/blockquote>\n<p>The \u200dCFPB aims to collect data \u2064on \u200cthe race, ethnicity, gender, and minority, women, or LGBT\u2063 ownership status of small business owners. \u200dThe rule applies to financial institutions that have provided\u2064 100 or more \u2064small business loans in each of the past two calendar\u200b years. \u2064A small business, within the\u2063 context of this rule,\u200b is defined as a company with revenue of $5 million or \u200cless.<\/p>\n<p>The rule\u2064 is \u200bscheduled to take effect for \u2063financial institutions with the\u2062 highest volume \u200cof covered credit transactions as \u200dearly as October next year. However, institutions with the \u200clowest transaction \u200bvolume have until 2026\u200d to comply, according to the final rule.<\/p>\n<p>Senator\u200b Kennedy previously expressed concerns about privacy during a June hearing with CFPB Director Rohit\u2063 Chopra, questioning why the CFPB needs to know personal \u200ddetails about\u200d small\u200c business owners, \u200bincluding their sexual \u2063preferences.<\/p>\n<blockquote>\n<h3>Republicans \u2062Challenge Biden&#8217;s Regulatory Expansion<\/h3>\n<p>This is not \u200cthe first time congressional Republicans have used the Congressional Review Act to push back against the Biden administration&#8217;s rulemaking, which has significantly increased the pace of federal regulations \u200dcompared to previous administrations.\u2064 Earlier this year, two Democratic senators joined \u200cthe GOP in canceling\u2062 a Labor \u2063Department rule that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-slams-maga-republicans-for-bill-he-vetoed-and-democrats-helped-pass\/\" title=\"Biden slams 'MAGA Republicans' for bill he vetoed and Democrats helped pass\">allowed retirement plan managers<\/a> to\u200d consider environmental and social issues when making \u200binvestments. The House also passed \u200bthe measure, resulting in Biden&#8217;s\u200b first veto as president. Republicans have made curbing the administrative state a top priority in\u2064 response\u200b to the \u200bmultitude of new Biden rules.<\/p>\n<\/blockquote>\n<p>In June, the House passed\u2063 legislation that \u200ctargets executive branch rulemaking.\u2064 If enacted, the Regulations from\u200c the Executive In Need of Scrutiny Act would require House and Senate\u2063 approval\u2064 for every\u2064 new &#8220;major rule&#8221; proposed by federal agencies before\u200c it can take effect. This act would fundamentally \u200bchange\u200d how presidential administrations utilize the federal bureaucracy, \u2062subjecting major changes to congressional oversight.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> \u200b to read more from The Washington Examiner.<\/p>\n<p> <\/p>\n<h2> What disparities\u2064 in\u2063 access to small business credit exist\u2063 for historically disadvantaged groups in calendar years?<\/h2>\n<p><span>  Calendar years. The purpose of this data collection is to \u200dhelp identify and address disparities in \u2064access to small business credit, particularly for historically disadvantaged groups.<\/p>\n<p>The Biden administration believes that this\u200b data is critical \u2062in understanding the barriers that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/veronique-de-rugy-are-more-progressives-coming-around-on-overregulation\/\" title=\"Veronique de Rugy: Are More Progressives Coming Around on Overregulation?\">small business owners face<\/a> when seeking financing. By collecting\u2064 information on race, ethnicity, and gender, policymakers\u200c can better \u200dtailor programs and policies to \u200csupport minority\u2063 and women-owned businesses. This data will provide valuable insights into the lending patterns and practices \u200cof financial institutions, allowing for targeted interventions to \u2063address any \u2064disparities that exist.<\/p>\n<p>However, Republicans argue that the\u2064 collection\u200d of this data is an\u200c unnecessary\u2063 intrusion into the privacy of small \u200dbusiness owners. They claim that it undermines the \u200bprinciples of free market capitalism and \u200cfurther empowers government bureaucracy. According to their\u200b perspective, the government should not \u200bhave the authority to collect such personal \u200dinformation, as it infringes upon\u2063 individuals&#8217; rights to privacy\u2062 and poses a \u2062potential risk to their businesses.<\/p>\n<p>The debate \u200bover\u200b this measure reflects a broader ideological\u2063 divide between the two\u2062 parties. Democrats\u200d see the government as playing a proactive\u200b role \u2063in promoting \u2064equality and fairness, whereas \u2062Republicans emphasize\u200d smaller government and individual freedoms. While both sides agree that fostering small business\u200b growth\u2063 is important, they differ in their proposed approaches \u200dand the role that data collection plays in achieving this objective.<\/p>\n<p>Given President Biden&#8217;s explicit vow \u200cto veto \u2062the Republican measure, \u2062it appears that the \u200ddata collection requirement will \u200cremain in place. \u200bThe administration firmly believes that transparency and accountability in small business lending are at stake, and that\u2063 collecting this data is instrumental in \u200caddressing the disparities that exist \u2062in access to credit.\u2064 Going forward, the implementation and enforcement of Section\u2063 1071 will\u200d continue to be a point of contention and debate between the two parties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden has stated his intention to veto a Senate Republican measure that aims to eliminate a rule mandating banks to gather information on small business owners during loan applications. This proposal seeks to reverse the Consumer Financial Protection Bureau&#8217;s plan to enforce Section 1071 of the Dodd-Frank Act.<\/p>\n","protected":false},"author":1,"featured_media":2071629,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2071628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2071628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2071628"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2071628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2071629"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2071628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2071628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2071628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}