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Buried deep inside the new “financial reform” law is a scheme to force affirmative action on small-business lending — a “reform” with ominous implications for the US economy.
Aimed at curtailing supposed discrimination, the race-based lending mandate is guaranteed to have perverse effects — just like the drive for “racial fairness” in mortgage lending paved the way for the subprime crisis and the 2008 financial meltdown.
The new Dodd-Frank banking law sets up a data-collection system to monitor small-business loans for racial bias. Lenders must report if a business that applied for a loan is minority-owned, and whether the application was rejected.