Rep. Ritchie Torres to introduce bill to collect LGBTQ small business loan data

Rep. Ritchie Torres to introduce bill to collect LGBTQ small business loan data

Rep. Ritchie Torres, a Democrat from New York, said Monday he plans to reintroduce a bill that will expand a data collection rule for financial institutions to include LGBTQ-owned businesses.

Torres, the first gay Afro Latino elected to Congress, told NBC News that the LGBTQ Business Equal Credit Enforcement and Investment Act will amend part of the Equal Credit Opportunity Act, which requires financial institutions to collect data on credit applications submitted by small businesses owned by minorities and women. Torres’ bill would require data collection on LGBTQ-owned businesses as well.

Former Rep. Harley Rouda, a Democrat from California who lost her race for re-election in November, introduced a version of the bill last year, but it was never put to a vote.

Torres said he would introduce …

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