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


The text of the bill below is as of Feb 26, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 1443

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

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

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 (including sexual orientation and 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.

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