Rep. Stevens Votes to Promote Racial and Economic Justice in Financial Services

Press Release

Today, Rep. Haley Stevens (D-MI) voted in support of legislation that takes important steps to increase equity and inclusion in financial services and support greater economic mobility for all Americans.

"Too often, underserved communities are denied access to financial services," said Rep. Haley Stevens (D-MI). "Discriminatory practices have led to borrowers of color being routinely denied access to credit at much higher rates and entrepreneurs of color being less likely to have their financing needs met. Guaranteeing equitable access to financial services will help ensure that all Americans can benefit fully from our Nation's economic success and help us advance our core value of opportunity for all. I'm thrilled by the passage of this legislation that addresses some of the systemic issues that have disadvantaged people of color in this country for far too long, and call upon the Senate to deliver H.R. 2543 to the President's desk."

H.R. 2543, the Financial Services Racial Equity, Inclusion, and Economic Justice Act, combines at least a dozen bills approved by the House Financial Services Committee or passed by the House, including provisions that would:

Require the Federal Reserve to address racial disparities in wealth, income, and employment.
Direct banking regulators to evaluate depository institutions based on their diversity practices and require companies to report on their diversity practices.
Direct lenders to collect information on credit applications from small business owners who voluntarily self-identify as LGBTQ.
Create a federal office that would deploy people posing as potential buyers to test creditors' compliance with an antidiscrimination law.
Expand language options for mortgage documents.
Allow credit unions to expand their membership fields to cover underserved areas.
Authorize $4 billion and require federal regulators to take steps to support community and minority lenders.

Source