IN THE SENATE OF THE UNITED STATES
April 5, 2022
Mrs. Gillibrand (for herself and Mr. Padilla) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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 the 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.