1071 Repeal to Protect Small Business Lending Act

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Feb 12, 2025

1071 Repeal to Protect Small Business Lending Act

This bill repeals the statute that requires financial institutions to collect data regarding applications for women-owned, minority-owned, or small business loans. Currently, financial institutions must collect and report to the Consumer Financial Protection Bureau information on (1) how many applications were received; (2) the disposition of each application; (3) the type of loan; (4) the amount applied for; (5) the amount approved; and (6) each applicant’s census tract, revenue, race, sex, and ethnicity.

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People & committees

Who introduced it

Sen. Kennedy, John [R-LA] · R–LA

Committees

Banking, Housing, and Urban Affairs Committee

15 cosponsorship records, including any withdrawals

Legislative record

Actions

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Feb 12, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 12, 2025
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Feb 12, 2025 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

HR 976 · 1071 Repeal to Protect Small Business Lending Act

Source last updated: Dec 6, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.557 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.557, 119th Congress: 1071 Repeal to Protect Small Business Lending Act

Official record: https://www.congress.gov/bill/119th-congress/senate-bill/557

Text version to examine: Introduced in Senate · 2025-02-12.

Official full text: https://www.congress.gov/119/bills/s557/BILLS-119s557is.htm

Imported record last updated by the source: 2025-12-06T07:05:17Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.557 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.557 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.557, 119th Congress: 1071 Repeal to Protect Small Business Lending Act

Official record: https://www.congress.gov/bill/119th-congress/senate-bill/557

Text version to examine: Introduced in Senate · 2025-02-12.

Official full text: https://www.congress.gov/119/bills/s557/BILLS-119s557is.htm

Imported record last updated by the source: 2025-12-06T07:05:17Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.557 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.557 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.557, 119th Congress: 1071 Repeal to Protect Small Business Lending Act

Official record: https://www.congress.gov/bill/119th-congress/senate-bill/557

Text version to examine: Introduced in Senate · 2025-02-12.

Official full text: https://www.congress.gov/119/bills/s557/BILLS-119s557is.htm

Imported record last updated by the source: 2025-12-06T07:05:17Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.557 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.557 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.557, 119th Congress: 1071 Repeal to Protect Small Business Lending Act

Official record: https://www.congress.gov/bill/119th-congress/senate-bill/557

Text version to examine: Introduced in Senate · 2025-02-12.

Official full text: https://www.congress.gov/119/bills/s557/BILLS-119s557is.htm

Imported record last updated by the source: 2025-12-06T07:05:17Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.557 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.