[Congressional Record Volume 169, Number 209 (Tuesday, December 19, 2023)]
[Senate]
[Pages S6056-S6057]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          PRESIDENTIAL MESSAGE

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   REPORT OF THE VETO OF S.J. RES. 32, A JOINT RESOLUTION THAT WOULD 
  DISAPPROVE OF THE CONSUMER FINANCIAL PROTECTION BUREAU'S FINAL RULE 
TITLED ``SMALL BUSINESS LENDING UNDER THE EQUAL CREDIT OPPORTUNITY ACT 
                        (REGULATION B)''--PM 34

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States which was ordered to be printed 
in the Record, spread in full upon the Journal, and held at the desk:
To the Senate of the United States:
  I am returning herewith without my approval S.J. Res. 32, a 
resolution that would disapprove of the Consumer Financial Protection 
Bureau's (CFPB) final rule titled ``Small Business Lending Under the 
Equal Credit Opportunity Act (Regulation B).''

[[Page S6057]]

   The CFPB's final rule would provide small business owners, lenders, 
and the public with critical information about the $1.7 trillion small 
business financing market. It would bring much needed transparency to 
small business lending and improve the ability of lenders and community 
organizations to meet the most critical needs of America's small 
businesses. This rule implements a long-overdue piece of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act. It is also central to 
the effective implementation of the Community Reinvestment Act, which 
helps ensure that the needs of all borrowers--including low- and 
moderate-income borrowers--are met. But this Republican-led resolution 
would hinder the Government's ability to conduct oversight of abusive 
and predatory lenders, make it harder for 33 million small businesses 
across the country to assess lending opportunities and access capital, 
and make it more difficult for lenders and community groups to address 
the most acute gaps in capital access for minority- and women-owned 
businesses.
  If enacted, this resolution would harm all those that stand to 
benefit from expanded transparency and accountability. By hampering 
efforts to promote transparency and accountability in small business 
lending, Republicans are siding with big banks and corporations over 
the needs of small business owners. Small businesses are the engines of 
our economy, and my Administration will not support policies that hurt 
their ability to thrive and grow.
  Therefore, I am vetoing this resolution.
                                                 Joseph R. Biden, Jr.  
The White House, December 19, 2023.

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