[Congressional Record (Bound Edition), Volume 147 (2001), Part 17]
[Extensions of Remarks]
[Page 23607]
[From the U.S. Government Publishing Office, www.gpo.gov]



         THE ACCESS AND OPENNESS IN SMALL BUSINESS LENDING ACT

                                 ______
                                 

                       HON. CONSTANCE A. MORELLA

                              of maryland

                    in the house of representatives

                      Thursday, November 29, 2001

  Mrs. MORELLA. Mr. Speaker, I am proud to Join my good friend and 
colleague Jim McGovern in introducing this legislation that will help 
minority and women entrepreneurs in securing small business loans from 
private lending institutions. The Access and Openness in Small Business 
Lending Act will ensure that lending institutions are providing 
minorities and women opportunities to obtain small business loans.
  This legislation is similar to the 1990 amendment to the Home 
Mortgage Disclosure Act (HMDA) that holds financial institutions 
publicly accountable for their lending practices to applicants. Like 
HMDA, the Access and Openness in Small Business Lending Act will allow 
applicants, for small business and non-mortgage loans, to voluntarily 
and anonymously provide their race and gender information to banks and 
other institutions. Lending institutions under this legislation will be 
required to disclose the collected data to the public. These 
institutions already maintain databases on the geographic and loan size 
of applicant requests. The additional information collected on lending 
practices will help identify small business owners that remain under-
served and expose additional profitable lending opportunities for 
lending institutions.
  Minorities and women contribute greatly to our nation's economy and 
communities. Over the past decade they have expanded their ownership of 
small businesses. However, minorities and women continue to have 
difficulty gaining access to the resources they need to succeed in 
business. If granted greater access to private funds more minority and 
women small business owners could help revitalize their neighborhoods 
and expand their commercial base.
  Mr. Speaker, the Access and Openness in Small Business Lending Act 
would greatly increase access to private credit for minority and women-
owned businesses. This legislation is a much needed step in the night 
direction that allows minorities and women an opportunity to succeed as 
small business entrepreneurs and contribute to their communities and 
the nation. Thank you.

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