A bicameral bill introduced on Wednesday by U.S. Sens. Alex Padilla (D-Calif.) and Kirsten Gillibrand (D-N.Y.), along with U.S. Rep. Ritchie Torres (D-N.Y.) would require financial institutions to collect data on access to credit and capital by LGBTQ-owned businesses.

The legislation would thereby allow regulators to better identify and potentially remedy instances of anti-LGBTQ discrimination in these areas.

CNBC reported in June that a study by the Movement Advancement Project found LGBTQ-owned businesses encountered more rejections than non-LGBTQ-owned businesses that applied for funding, amid a tightening of lending standards across the board.

Specifically, the bill would “clarify that Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) requires financial institutions to collect the self-identified sexual orientation and gender identity of the principal owners of small businesses, in addition to their sex, race, and ethnicity,” according to a press release by Padilla’s office.

The California senator said, “With anti-LGBTQ+ legislation and hate crimes on the rise, LGBTQ+ business owners continue to face persistent and unjust barriers to financial success,” adding that “LGBTQ+-owned small businesses are a cornerstone of local economies, and they deserve equitable resources to help them grow and thrive.”

Padilla’s press release notes the legislation “would also add a definition for businesses owned by lesbian, gay, bisexual, transgender, queer, and intersex individuals to the ECOA statute.”

Additionally, “The legislation also includes a Sense of Congress confirming that sexual orientation and gender identity are already covered under the ECOA (including the current data collection requirements)” while clarifying “that the sex, sexual orientation, and gender identity of the principal owners of a business should be collected as three separate forms of information.”

The Congressional Equality Caucus, Ali Forney Center, Center for American Progress, Destination Tomorrow, Drag Out The Vote, Human Rights Campaign, Immigration Equality Action Fund, InterAct, and New Pride Agenda have backed the bill.

U.S. Rep. Kevin McCarthy (R-Calif.), who was dethroned from the speakership by ultraconservative members of his party in October, announced in a Wall Street Journal op-ed Wednesday that he will resign from Congress at the end of this month.

The congressman pledged to “serve America in new ways,” writing “I will continue to recruit our country’s best and brightest to run for elected office,” adding, “The Republican Party is expanding every day, and I am committed to lending my experience to support the next generation of leaders.”

The move puts additional pressure on Speaker Mike Johnson (R-La.), who was elected following McCarthy’s ouster and who is now charged with leading a fractious GOP conference that was already operating with a razor-slim majority.

Now, House Republicans might have only three votes to spare before they must seek help from Democrats to pass measures.

Far-right U.S. Rep. Marjorie Taylor Greene (R-Ga.), a McCarthy ally who has repeatedly criticized her colleagues for toppling his speakership and, last week, for voting to expel disgraced former GOP congressman George Santos, posted about Wednesday’s news on X.

Well..

Now in 2024, we will have a 1 seat majority in the House of Representatives.

Congratulations Freedom Caucus for one and 105 Rep who expel our own for the other.

I can assure you Republican voters didn’t give us the majority to crash the ship.

Hopefully no one dies.

— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) December 6, 2023

Meanwhile U.S. Rep. Matt Gaetz (R-Fla.), the Republican firebrand congressman who filed the motion to take the speaker’s gavel from McCarthy, posted one word minutes after the news broke: “McLeavin.'”

McCarthy has served in the House since 2007.

Lawmakers on Friday voted 311-114 to expel embattled U.S. Rep. George Santos (R-N.Y.) from Congress, exceeding the two-thirds majority needed for the resolution to pass with two members voting present.

The third vote to expel the congressman comes after a 56-page report by the U.S. House Ethics Committee found Santos had siphoned campaign contributions to shop at luxury retailers like Hermes and for purchases at OnlyFans, a site used primarily by sex workers who produce pornography.

During the previous votes to expel Santos, critical numbers of members from both parties voted “nay” for fear that it would set a dangerous precedent in the absence of a guilty verdict from a court of law or the committee.

Members who debated the expulsion resolution on the House floor Friday mentioned the many scandals that have enveloped Santos from the time he began serving in January, such as the revelations that he had lied on the campaign trail about having Jewish heritage, ties to the Holocaust, and a parent who was at the World Trade Center on Sept. 11.

“George Santos is a liar — in fact, he has admitted to many of them — who has used his position of public trust to personally benefit himself from Day 1,” said U.S. Rep. Anthony D’Esposito, another Republican from New York.

The number and nature of those lies, along with the allegations of financial malfeasance, made Santos a pariah, as well as a liability for Republicans in vulnerable districts, particularly in neighboring parts of New York.

Politico congressional reporter Olivia Beavers posted a photo on X of members talking to news cameras, captioned “NY Rs taking a victory lap.”

NY Rs taking a victory lap pic.twitter.com/lVl55UmU3g

— Olivia Beavers (@Olivia_Beavers) December 1, 2023

Democratic New York Gov. Kathy Hochul will now schedule a special election to replace Santos, with her party privately lining up behind Thomas Suozzi, who held the seat from 2017 to 2023 and who last year defended Florida’s “Don’t Say Gay” law, calling the measure prohibiting classroom discussion of sexual orientation and gender identity “reasonable” and “common sense.”

Separately, Santos is facing a 23-count indictment for alleged financial crimes that was brought by the U.S. Attorney’s Office for the Eastern District of New York.

He walked out of the chamber before Friday’s vote was finalized, stepping into a waiting car as he told reporters “Why would I want to stay here?” and “To hell with this place.”