2022: Schweikert Effectively Voted Against The Financial Services Racial Equity, Inclusion, And Economic Justice Act. In June 2022, according to Congressional Quarterly, Schweikert voted for the "Hill, R-Ark., motion to recommit the bill to the House Financial Services Committee." The vote was on a motion to recommit. The House rejected the motion by a vote of 202-219. [House Vote 274, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.R. 2543]
2022: Schweikert Missed a vote on The Financial Services Racial Equity, Inclusion, And Economic Justice Act. In June 2022, according to Congressional Quarterly, Schweikert missed a vote on the "adoption of the rule (H Res 1170) for [...] the Financial Services Racial Equity, Inclusion, and Economic Justice Act (HR 2543)." The vote was on the adoption of the rule. The House adopted the rule by a vote of 218-204. [House Vote 260, 6/14/22; Congressional Quarterly, 6/14/22; Congressional Actions, H.R. 2543; Congressional Actions, H.Res. 1170]
2022: Schweikert Effectively Voted Against The Financial Services Racial Equity, Inclusion, And Economic Justice Act. In June 2022, according to Congressional Quarterly, Schweikert voted against the "motion to order the previous question (thus ending debate and possibility of amendment) on the rule (H Res 1170) for [...] the Financial Services Racial Equity, Inclusion, and Economic Justice Act (HR 2543)." The vote was on a motion to order the previous question. The House agreed to the motion by a vote of 216-199. [House Vote 259, 6/14/22; Congressional Quarterly, 6/14/22; Congressional Actions, H.R. 2543; Congressional Actions, H.Res. 1170]
2022: Schweikert Voted Against An Amendment That Would Require Retailers To Accept Cash Payments For Transactions Up To $2,000 And Prohibit Vendors From Charging More For Goods And Services Paid In Cash. In June 2022, according to Congressional Quarterly, Schweikert voted against an amendment to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "require retailers accepting in-person payments to accept cash as a form of payment for transactions up to $2,000. It also would prohibit vendors from charging more for goods or services paid for in cash." The vote was on the adoption of an amendment. The House adopted the amendment by a vote of 224-198. [House Vote 273, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 227; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against An Amendment That Would Ensure The Financial Services Equity Bill Would Not Impede With The Ability Of Insured Depository Institutions To Provide Services In Underbanked Areas. In June 2022, according to Congressional Quarterly, Schweikert voted against an amendment to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "add language to ensure that nothing in the bill is used to impede the ability of insured depository institutions to provide services in underbanked areas." The vote was on the adoption of an amendment. The House adopted the amendment by a vote of 297-123. [House Vote 272, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 226; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Supporting Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs) And Local Financial Services And Authorizing $4 Billion For The Emergency Capital Investment Fund To Help CDFIs And MDIs In Low-Income Communities. In June 2022, according to Congressional Quarterly, Schweikert voted against the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which "Among provisions to support community development financial institutions, minority depository institutions and other local financial services, it would require federal agencies to prioritize the use of MDIs for their deposits; require the Treasury Department to maintain a public list of MDIs; require the Fed to establish a process for CDFIs and MDIs to access the discount window, which provides short-term loans to support bank liquidity; reserve 40 percent of CDFI funding for minority-lending institutions; reauthorize the CDFI Bond Guarantee Program for four years; allow depository institutions that have less than $10 billion in assets and make loans to low-income borrowers equal to at least half their assets to apply to be designated as 'impact banks' eligible for certain federal support; and authorize $4 billion for the Emergency Capital Investment Fund to assist CDFIs and MDIs in low-income areas." The vote was on passage. The House passed the bill by a vote of 215-207, thus the bill was sent to the Senate. [House Vote 275, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Amendments That Would Require The Semiannual Federal Reserve Report On Labor Trends To Include Demographic Comparisons By Age And Individuals With Dependent Minors. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "add demographic comparisons by age and regarding individuals with dependent minor children to a requirement for reporting on labor trends in a semiannual Federal Reserve Board report to Congress." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Amendments That Would Require Securities Issuers To Include Disability Status Of The Board Of Directors And Executive Officers In Diversity Disclosures. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "require securities issuers to include disability status, based on voluntary self-identification, of the board of directors and any executive officer in their disclosures related to diversity." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]
2022: Schweikert Voted For Amendments That Would Remove A Current Requirement For Financial Institutions To Inquire Whether Businesses Are Owned By Women Or Minorities Or Are Small Businesses And Strike A Provision That Would Require Institutions To Inquire Whether Businesses Are LGBTQ-Owned. In June 2022, according to Congressional Quarterly, Schweikert voted for the en bloc amendments no. 2 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "strike language to require financial institutions to inquire and record whether businesses applying for credit are LGBTQ-owned, replacing it with language to strike current law that requires such institutions to inquire and record whether such businesses are women-owned, minority-owned or a small business." The vote was on the adoption of amendments. The House rejected the amendments by a vote of 202-217. [House Vote 271, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 225; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Prohibiting Discrimination Based On Zip Code, Census Tract, Sexual Orientation, Gender Identity Or Disability During Credit Transactions And Creating Criminal Penalties For Violations Of The 1974 Equal Credit Opportunity Act. In June 2022, according to Congressional Quarterly, Schweikert voted against the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which "Among provisions related to federal fair lending protections under the 1974 Equal Credit Opportunity Act, it would prohibit discrimination in any aspect of a credit transaction based on zip code, census tract, sexual orientation, gender identity or disability status; establish a CFPB office to test ECOA compliance through the use of undercover credit applicants; establish criminal penalties for ECOA violations, with a maximum penalty of a $50,000 fine, one-year imprisonment or both, and increased penalties for repeat violations; and require financial institutions to collect and maintain information on loan applications from LGBTQ-owned businesses to help facilitate fair lending enforcement and opportunities." The vote was on passage. The House passed the bill by a vote of 215-207, thus the bill was sent to the Senate. [House Vote 275, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.R. 2543]
The Federal Reserve Concluded That Over Half Of Black-Owned Businesses That Applied For Loans Were Denied In 2017, An During The COVID-19 Pandemic, Many Black-Owned Businesses Were Denied Paycheck Protection Program Loans. According to The Hill, "In 2017, the Federal Reserve found that more than half of Black-owned firms that applied for loans were turned down. And during the pandemic, many Black-owned firms were denied Paycheck Protection Program loans from banks, forcing them instead to turn to financial tech loans." [The Hill, 6/16/22]
According To An August 2021 Report By The Associated Press, Lenders Were 80% More Likely To Deny Black Applicants For Personal Loans Than White Applicants. According to The Hill, "Similar trends follow applicants of color when it comes to applying for personal loans, like mortgages. The Associated Press reported last August that lenders were 80 percent more likely to reject Black applicants than white applicants." [The Hill, 6/16/22]
2022: Schweikert Voted Against Amendments That Would Require Federal Reserve Banks, When Appointing A President, To Interview At Least One Gender-Diverse Candidate And One Racially-Diverse Candidate. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "require federal reserve banks, in appointing a president, to interview at least one person reflective of gender diversity and one person reflective of racial diversity, and to report to Congress on applicant pool demographics for any such positions." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Promoting The Establishment Of Banks In Underserved Areas, Requiring The Federal Reserve To Strive To Eliminate Racial And Ethnic Disparities, And Requiring Agencies To Provide Translation Services During Residential Mortgage Transactions. In June 2022, according to Congressional Quarterly, Schweikert voted against the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "include a number of provisions intended to increase access to and promote racial equity with respect to financial services. Among provisions related to increasing access to financial services, it would require federal banking regulators to develop a plan to promote the creation of new depository institutions, particularly in underserved geographic areas; require the Federal Reserve to carry out its duties and functions in a manner that fosters the elimination of racial and ethnic disparities in employment, income, wealth and credit access and include related demographic information in its semiannual report to Congress; establish a process for federal credit unions to add underserved areas to their membership; and require the Consumer Financial Protection Bureau, Federal Housing Finance Agency and mortgage lenders to take various actions to provide translated documents and oral translation services with respect to residential mortgage loan transactions." The vote was on passage. The House passed the bill by a vote of 215-207, thus the bill was sent to the Senate. [House Vote 275, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.R. 2543]
The Bill Addressed "Racial Disparities In Employment, Income And Access To Affordable Credit." According to The Hill, "The House on Wednesday passed a package that addresses racial disparities in employment, income and access to affordable credit." [The Hill, 6/16/22]
The Bill Would Increase Access To Federal Credit Unions In Underserved Areas And "Promote Access To Fair Housing." According to The Hill, "The package intends to combat inequities by increasing access to federal credit unions in underserved communities and promote access to fair housing." [The Hill, 6/16/22]
2022: Schweikert Voted Against Amendments That Would Require Depository Institution To Also Categorize Mortgage Loan Data By Disability And Veteran Status. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "require depository institutions to also group mortgage loan data by disability and veteran status." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Requiring Federal Banking Regulators To Consider Diversity And Inclusion When Rating Banks, Establishing Diversity Reporting Requirements For Publicly Traded Companies, And Requiring The Securities And Exchange Commission To Make Recommendations On Increasing Diversity On Public Company Boards. In June 2022, according to Congressional Quarterly, Schweikert voted against the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which "Among provisions to promote personnel diversity in the finance sector, the bill would require federal banking regulators to consider diversity and inclusion when rating depository institutions under the Uniform Financial Institutions Rating System; establish personnel diversity reporting requirements for publicly traded companies, financial institutions and financial regulatory agencies; and require the Securities and Exchange Commission to report on and recommend strategies to increase diversity on boards of public companies. As amended, it would require retailers accepting in-person payments to accept cash for transactions up to $2,000 and prohibit them from charging more for items paid for in cash." The vote was on passage. The House passed the bill by a vote of 215-207, thus the bill was sent to the Senate. [House Vote 275, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Amendments That Would Prohibit Creditors From Discriminating On The Basis Of Disability. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "prohibit creditors from discriminating against any individual, with respect to any aspect of a credit transaction, on the basis of disability." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]
2022: Schweikert Voted For Amendments That Would Strike Provisions Related To Equity In Monetary Policy, Collection And Reporting Of Diversity Data, Diversity And Inclusion In Banking, And Financial Access Expansion For Underserved Communities. In June 2022, according to Congressional Quarterly, Schweikert voted for the en bloc amendments no. 2 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "strike from the bill provisions related to equity in monetary policy, diversity data collection and reporting, diversity and inclusion in banking and expanding financial access for underserved communities." The vote was on the adoption of amendments. The House rejected the amendments by a vote of 202-217. [House Vote 271, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 225; Congressional Actions, H.R. 2543]
2022: Schweikert Voted Against Amendments That Would Require The Young Entrepreneurs Program To Focus On Supporting Young Entrepreneurs From Minority Communities. In June 2022, according to Congressional Quarterly, Schweikert voted against the en bloc amendments no. 1 to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, which would "require the Young Entrepreneurs Program authorized by the bill to focus on supporting young entrepreneurs from historically underrepresented groups." The vote was on the adoption of amendments. The House adopted the amendments by a vote of 217-192. [House Vote 270, 6/15/22; Congressional Quarterly, 6/15/22; Congressional Actions, H.Amdt. 224; Congressional Actions, H.R. 2543]