NCRC Statement: House Majority’s Doomed Vote Against Section 1071 Rules Is An Attack On Small Business

House Republicans today passed a resolution to repeal vital small business data lending rules known as Section 1071, a resolution President Biden has pledged to veto. National Community Reinvestment Coalition President and CEO Jesse Van Tol released the following statement:

Today’s vote for a move President Biden will veto was a pointless show put on for bank industry donors who still don’t know how to say yes to a good idea. The public, the banking industry and the economy will all benefit from the implementation of a Section 1071 final rule which gave banks some of what they asked for. All the House majority accomplished today was to make their next phone call with a bank lobbyist go a little smoother.