Before Pride Month wraps up, the ultra-progressive House of Representatives is making moves to include “pride” into legislation and consequently, federal law.
Last week, the Democratic-led chamber attempted to shove H.R. 1443 or the LGBTQ Business Equal Credit Enforcement and Investment Act via suspension or voice vote. When this happens, members do not vote “yes” or “no,” and do not have to leave a record of the vote. In doing so, they are unaccountable to their vote! Thankfully, H.R. 1443 failed suspension. But the legislation is scheduled for a vote this week.
If enacted, H.R. 1443 would amend a Dodd-Frank law that requires financial institutions to collect, maintain, and disclose records related to small business loan applications to add “LGBTQ-owned” businesses to their records. This relatively “small” change hurts women and other minorities by equating LGBTQ businesses to these companies and potentially takes opportunities away from women or minority-owned businesses in favor of LGBTQ businesses. In addition, the bill expands the definition of “sex” in data collection to include sexual orientation and gender identity (SOGI).
In an industry that requires some semblance of stability, adding “LGBTQ” and SOGI definitions will only serve to destabilize and confuse the financial community. These terms are not defined and are fluid. Make no mistake, this legislation is a piecemeal attempt of adding the Equality Act into federal law. For these reasons, we ask your help in asking your Representative to vote “NO” on H.R. 1443.
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