Facing what could be his final months in Congress, U.S. Rep. Al Green said there is zero doubt about the number one issue holding back communities of color in America.
A lack of access to lending.
The Houston Democrat said for decades, discrimination against Black borrowers has prevented communities of color from building capital. That means less generational wealth to pass along than communities with easier access.
“We have difficulty acquiring the capitalization to start businesses, to get homes, borrowing money,” Green said in an interview with the Rev. Al Sharpton.
Not only have Black borrowers had a harder time getting loans, but when they get them, they’ve been subjected to worse terms and conditions.
“Much of what is wrong in Black America has to do more with the lack of money than a lot of other things that we have to face,” Green said. “Just can’t get the money that other people get.”
Discriminating against Black borrowers is technically illegal. But Green said the laws need to have tougher enforcement to make sure banks and other lenders are truly making decisions on merit and not based on where borrowers are from or what they look like.
It’s why he’s trying to pass H.R. 166, a bill to create a lending oversight division in the Consumer Financial Protection Bureau, to ensure banks and other lenders comply with anti-discrimination laws. Green said the bill passed the House before, but never became law. He said if Democrats retake the House next year, it will be a priority to get that legislation through.
Green said Texas Republicans, led by Gov. Greg Abbott, have intentionally reduced the number of Black people who will represent Houston on Capitol Hill next year.
“Very, very sinister behavior on behalf of the governor and the president of the United States of America,” Green said.