A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".

Mr. President, I move to proceed to Calendar No. 398, S.J. Res. 154.

Mr. President, in 1974, Congress passed a landmark piece of legislation, the Equal Credit Opportunity Act. The ECOA was put in place to protect people from what was widespread discrimination in getting and using credit. Congress knew how vital credit is to Americans, and they worked to expand that not just to women but also to minorities.

In the five decades since, the ECOA has always protected people not only when they get a loan but from unfair treatment once they have it-- whether they can renew the loan, whether the terms change during the loan, and more.

Now, look, as recently as 2022, a study found that women in America paid an extra $40.3 million annually in higher premiums for auto loans they received at car dealers compared to men. This is wrong. We have a nation on the principle that all are created equal and deserve equality.

And so, despite these problems, the Consumer Financial Protection Bureau, our Nation's consumer watchdog, saw that banks and lenders were closing more accounts and doing more unequal things, and they acted-- again, because credit discrimination is not just about getting the credit you need; it is about making sure you have fair treatment.

These decisions to deny credit, to revoke credit, to charge unfair prices are wrong, and we all know that. We know that when people have challenges, we should be there to make sure there is equality.

In 2022, the CFPB took action to make sure the laws and the practices that are at the heart of fairness in our country were put into place. Unfortunately, the Trump administration scrapped the ruling that helped to make sure we get to equality.

I ask my colleagues to join me in supporting the restoration of fairness and equality in our country with this.

I yield the floor.

Vote on Motion to Proceed