The US House voted Dec, 1 to cancel the Biden administration rule requiring banks to collect data on small business owners when they seek a loan, a rule that Republican critics contend is a "woke" invasion of privacy.
The resolution passed in a 221-202 vote. Six Democrats joined Republicans in the rollback.
President Joe Biden has said he would veto the measure, which already cleared the Democratic-controlled Senate in a bipartisan vote.
The legislation would stop the Consumer Financial Protection Bureau plan to implementing a section of the Dodd-Frank Act. The rule in question requires covered financial institutions to collect and report certain personal information to the CFPB on small businesses that apply for credit, including those that are owned by women or minorities.
Republicans have blasted the measure as overly onerous and intrusive and have branded it a “woke” rule.
Sen. John Kennedy (R-LA) led the effort to dial back the CFPB’s implementation of the rule. (Wahington Examiner 12/01/23) House votes to axe 'woke' small-business lending rule, lining up Biden veto (msn.com)
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