1071 Repeal to Protect Small Business Lending Act

This bill would get rid of a law that requires banks and other financial institutions to collect certain information about loan applications from small businesses, including those owned by women or minorities. Right now, these institutions have to gather and report details to a government agency, such as how many applications they received, whether loans were approved or denied, how much money was requested and approved, and personal details about applicants like their race, sex, and ethnicity. If this bill passes, financial institutions would no longer be required to collect or report that information.

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