Us Congress House Bill HJR50

Us Congress 2023-2024 Regular Session

• Introduced: 4/3/23
• Refer: 4/3/23

Caption

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)".

Impact

The passage of HJR50 would effectively negate the regulations put in place by the Bureau of Consumer Financial Protection regarding small business lending. This could significantly impact the framework within which financial institutions operate when it comes to providing loans to small businesses. Supporters of the resolution argue that these regulations could impose unnecessary restrictions that limit access to credit for small business owners, while opponents may contend that they are essential for protecting consumers and ensuring fair lending practices.

Summary

HJR50 is a joint resolution that aims to disapprove a rule set forth by the Bureau of Consumer Financial Protection concerning small business lending under the Equal Credit Opportunity Act (Regulation B). This resolution reflects congressional authority to reject federal rules that may be viewed as overreaching or burdensome. The mechanism for disapproval is outlined under chapter 8 of title 5 of the United States Code, which allows Congress to overturn certain regulatory provisions through a specific process.

Contention

The discussions surrounding HJR50 highlight a notable contention between regulatory oversight intended to protect consumers and the desire among some legislators to remove perceived regulatory burdens on businesses. Proponents of the resolution often argue that reducing regulations could stimulate the economy by encouraging lending, while critics raise concerns that eliminating such protections might lead to unfair lending practices and potential discrimination against minority-owned or underserved small businesses.