LGBTQ Business Equal Credit Enforcement and Investment Act

Floor Speech

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Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume.

We can all agree data is important. But we need to recognize, particularly as it relates to obtaining data on companies, that each one is unique. Mandatory reporting metrics do not accurately measure progress.

Just look at the mandatory disclosure bills on the floor this week. They are a mess. The only outcome we can expect to see with those bills is a higher compliance cost on companies, leaving fewer resources to build out a workforce and invest in research and development.

Simply put, one size does not fit all, and one-size-fits-all doesn't work.

However, the bill we have in front of us today does not impose a new mandatory reporting regime. It adds on a list of voluntary data and adds a new item to that voluntary data. Data is collected on a voluntary basis under ECOA, under this law that is being amended. Any loan applicant who does not wish to provide information can decline to provide it, meaning there are fewer concerns over privacy or a one- size-fits-all reporting regime.

These are the things I have raised about this bill. I want to commend the sponsor for being willing to work with Republicans on getting back to the essence of the bill. I appreciate that my Democrat colleagues have offered a solution to promote diversity and inclusion without imposing new requirements on businesses or business owners that do not effectively measure their success.

I support this bill. I will vote for this bill. And I want to commend my Democrat colleagues for working with us on a number of concerns that we had with the various drafts of the bill.

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Mr. McHENRY. Madam Speaker, I yield back the balance of my time.

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