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H.R. 1443: LGBTQ Business Equal Credit Enforcement and Investment Act


The text of the bill below is as of Jun 17, 2021 (Preprint (Rule)).


IB

Union Calendar No. 46

117th CONGRESS

1st Session

H. R. 1443

[Report No. 117–65]

IN THE HOUSE OF REPRESENTATIVES

February 26, 2021

(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

June 17, 2021

Additional sponsors: Ms. Chu, Ms. Davids of Kansas, Mr. Pocan, Mr. Malinowski, Ms. Williams of Georgia, and Mr. Kilmer

June 17, 2021

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on February 26, 2021


A BILL

To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.


1.

Short title

This Act may be cited as the LGBTQ Business Equal Credit Enforcement and Investment Act.

2.

Small business loan data collection

(a)

In general

Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is amended—

(1)

by inserting LGBTQ-owned, after minority-owned, each place such term appears;

(2)

in subsection (e)(2)(G), by inserting , sexual orientation, gender identity after sex; and

(3)

in subsection (h), by adding at the end the following:

(7)

LGBTQ-owned business

The term LGBTQ-owned business means a business—

(A)

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

(B)

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.

.

(b)

Sense of Congress

It is the sense of the Congress that the term sex, as used within the Equal Credit Opportunity Act, includes an individual’s sexual orientation and gender identity, and that this Act, in part, clarifies that the sex, sexual orientation, and gender identity of the principal owners of a business should be collected under section 704B of the Equal Credit Opportunity Act as three separate forms of information.

June 17, 2021

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed