Rep. Ritchie Torres to introduce bill to collect LGBTQ small-business loan data

Rep. Ritchie Torres, a New York Democrat, said Monday that he plans to reintroduce a bill that will expand a data collection rule for financial institutions to include LGBTQ-owned businesses.

Torres, the first gay Afro Latino elected to Congress, told NBC News that the LGBTQ Business Equal Credit Enforcement and Investment Act will amend part of the Equal Credit Opportunity Act, which requires financial institutions to collect data on credit applications submitted by minority- and women-owned small businesses. Torres’ bill would require data collection on LGBTQ-owned businesses as well.