The Freedom from Discrimination in Credit Act (FDCA) would amend the Equal Credit Opportunity Act (ECOA) to prohibit discrimination in the provision of credit based on sexual orientation or gender identity. ECOA already protects against discrimination based on race and sex — FDCA extends that basic protection to the LGBT community as well.

Although more than 10 heavily Democratic states already have laws prohibiting this kind of discrimination, the lawmakers said some LGBT citizens are still being denied a mortgage, credit card, student loan or other types of credit simply because of who they are.

Israel touted the bill, saying it would help stimulate the economy if LGBT small-business owners are able to get more credit.

“The ability to secure credit is essential to keeping our economy moving and ensuring that everyone from small business owners to middle-class families can grow and prosper,” Israel said. “However, there are currently no federal protections in place for LGBT Americans who face discrimination when applying for credit. It’s time for us to change this.”