Proposed Credit Reporting Requirement May Be a Precursor to Discriminatory Lending Quotas
24th June 2021
No one should be denied credit because of their sexual orientation or gender identity.
Ostensibly to deter such discrimination, a proposal in Congress (HR 1443) would require small-business lenders to furnish data to the federal Consumer Financial Protection Bureau detailing the LGBTQ business-ownership status of credit applicants.
That mirrors current law imposing similar reporting on female or minority business ownership. But regardless of the supposed intent of the bill’s proponents, reporting requirements serve as a next step in bringing quotas to the credit markets.
Ironically, such quotas enshrine discrimination by making success in the marketplace partially contingent on membership in a politically favored category. That conflicts with the American ideal of equality under the law and equal protection of the law.
The fact that this legislation attempts to prevent discrimination against politically fashionable groups in the name of ‘equality under the law’, an obviously corrupt practice, is just a dance around the basic issue that is still unaddressed: What business is it of the government to prevent ‘discrimination’? ‘Equality under the law’ and ‘equal protection of the law’ are TWO DIFFERENT THINGS. They deal with how the government treats individuals with respect to the government — an important thing, no doubt about it, but not the most important thing … which is, how is it the government’s job to decide who I do business with? We used to have something in this country called ‘freedom of association’, which means that it was up to the individual to decide with whom he would associate, either socially or commercially. That freedom has been stomped into the dirt, and people walk over its grave daily without a glance. Even a news organization like The Foundry, which I’m sure describes itself as conservative, has given up the fight about basics and is just squabbling over the details.
Nowadays THE GOVERNMENT decides with whom you are allowed to associate, and in extreme cases CAN FORCE YOU TO ASSOCIATE WITH PEOPLE YOU DISLIKE. That is the essence of tyranny.
The future socialist dictatorship is already here; it’s just not equally distributed.
June 27th, 2021 at 19:46
The other problem with this is that every small lender will have a ton of extra work land on their already stressed staff. No one in the government stops to think that people already *have* a full time job and that things like this add hours of unnecessary work to their job. A 45 hour a week job becomes a 50 hour a week job, until the next mandate adds still more hours.