H. R. 1443
IN THE HOUSE OF REPRESENTATIVES
February 26, 2021
Mr. Torres of New York (for himself, Mr. Auchincloss, Mr. Blumenauer, Ms. Bonamici, Ms. Castor of Florida, Mr. Cicilline, Ms. Clarke of New York, Ms. DelBene, Ms. Eshoo, Mr. Espaillat, Ms. Garcia of Texas, Mr. García of Illinois, Mr. Grijalva, Mr. Hastings, Mrs. Hayes, Mr. Johnson of Georgia, Mr. Jones, Mr. Khanna, Ms. Leger Fernandez, Mr. Lowenthal, Mrs. Carolyn B. Maloney of New York, Mr. McGovern, Ms. Moore of Wisconsin, Mr. Nadler, Ms. Norton, Mr. Pappas, Mr. Payne, Mr. Raskin, Ms. Scanlon, Ms. Schakowsky, Ms. Strickland, Ms. Velázquez, Mrs. Watson Coleman, Ms. Titus, Mr. Meeks, and Mr. Tonko) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.
This Act may be cited as the
LGBTQ Business Equal Credit Enforcement and Investment Act.
Small business loan data collection
Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is amended—
minority-owned, each place such term appears;
in subsection (e)(2)(G), by inserting
, sexual orientation, gender identity after
in subsection (h), by adding at the end the following:
The term LGBTQ-owned business means a business—
more than 50 percent of the ownership or control of which is held by 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer; and
more than 50 percent of the net profit or loss of which accrues to 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer.
Determination of budgetary effects
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled
Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.