Us Congress Senate Bill SJR32

Us Congress 2023-2024 Regular Session

• Introduced: 6/13/23
• Refer: 6/13/23
• Engrossed: 10/25/23
• Enrolled: 12/14/23
• Vetoed: 12/19/23

Caption

A joint resolution 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 passing of SJR32 would significantly impact the regulatory framework surrounding small business lending. It essentially aims to rescind rules that are intended to ensure fair lending practices and consumer protection. If successful, this resolution would prevent certain protections from taking effect, thereby altering the balance of oversight in the lending industry. This disapproval reflects a broader legislative trend towards reducing regulations under the belief that fewer regulations will facilitate business growth and innovation.

Summary

SJR32 is a joint resolution that provides congressional disapproval of a rule established by the Bureau of Consumer Financial Protection regarding 'Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)'. The resolution seeks to nullify the specific regulation that was aimed at enhancing protections for small businesses in terms of their access to lending and credit. The intent behind the resolution appears to be a push against regulatory measures deemed unnecessarily burdensome for financial institutions serving small businesses.

Sentiment

The sentiment surrounding SJR32 is mixed and reflects a broader ideological divide. Supporters view the resolution as a necessary step to reduce regulatory burdens on small lenders, allowing them to operate more freely and expand access to credit for small businesses. Conversely, opponents express concerns that such disapproval may undermine protections for vulnerable small business owners, potentially leading to discriminatory lending practices and reduced access to financial services that are equitable and fair.

Contention

Notable points of contention include the debate over whether the existing regulations are indeed burdensome or whether they serve as crucial protections for small businesses. Proponents of SJR32 argue that the regulations could stifle innovation in the lending sector, while opponents fear that removing regulatory safeguards would lead to a return to practices that disadvantage small business owners, particularly those from historically marginalized communities. This discussion highlights the ongoing conflict between regulatory oversight and the pursuit of economic growth.