RICHMOND, VA – Today, Independent Women’s Voice applauds Virginia Governor Glenn Youngkin for his veto of Senate Bill 1252, a measure that would have subjected financial technology companies (fintechs) and other financial lenders to regulations, such as a 12 percent rate cap, that would have effectively blocked lending options for Virginians most in need. Governor Youngkin’s veto helps ensure Virginians—in particular Millennials, Gen Z, women, and racial minorities who are overwhelmingly cash-poor—can still access short-term loans needed to cover expenses in times of hardship.
Independent Women has been a leading voice in opposition to SB 1252, mobilizing its grassroots advocacy arm, Independent Women’s Network, driving over 100 letters from concerned Virginian members urging the governor to veto this bill. Moreover, Independent Women issued a formal letter to Governor Youngkin in opposing SB 1252 and outlining how it would have disproportionately harmed young people, women, and racial minorities with limited credit access.
“Governor Youngkin showed he truly cares about preserving financial opportunities for Virginia’s most vulnerable,” said Carrie Sheffield, Virginia resident, leader of Independent Women’s Network NOVA chapter, and senior policy analyst at Independent Women. “Hundreds of my fellow Virginia women voiced our concerns about this bill, and we are grateful Governor Youngkin listened. We are grateful that our governor took a stand to protect Virginia’s families away from underground, exploitative, financial black markets. Governor Youngkin proved yet again why Virginia is the country’s top-ranked state for business.”
Patrice Onwuka, director of Independent Women’s Center for Economic Opportunity, said: “Hardworking Virginian women spoke clearly that accessing credit options is important to them. Governor Youngkin, thank you for listening to your constituents and vetoing legislation that would have backfired on citizens who face unexpected expenses or are trying to make ends meet. The market is innovating, and instead of standing in the way, Virginia is clearing the way for innovation in the financial space.”
Just before Governor Youngkin vetoed SB 1252, Sheffield penned an op-ed in Townhall titled, “Governor Youngkin Can Preserve Financial Access for Vulnerable Virginians,” detailing why SB 1252 would be detrimental to Virginians and needed the Governor’s veto.
Independent Women remains dedicated to improving Americans’ lives by developing and advancing policies that enhance people’s opportunity and well-being, particularly on issues that women, as well as younger Americans, are impacted by and care deeply about.
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