LGBTQ Business Equal Credit Enforcement and Investment Act

I 116TH CONGRESS 1ST SESSION H. R. 3374 To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses. IN THE HOUSE OF REPRESENTATIVES JUNE 20, 2019 Mr. ROUDA (for himself, Ms. JACKSON LEE, Ms. WILSON of Florida, Ms. HAALAND, and Mr. COX of California) 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘LGBTQ Business 4 Equal Credit Enforcement and Investment Act’’. 5 SEC. 2. SMALL BUSINESS LOAN DATA COLLECTION. 6 Section 704B of the Equal Credit Opportunity Act 7 (15 U.S.C. 1691c–2) is amended— 8 VerDate Sep 11 2014 21:23 Jun 25, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3374.IH H3374 khammond on DSKBBV9HB2PROD with BILLS 2 •HR 3374 IH (1) by inserting ‘‘LGBTQ-owned,’’ after ‘‘mi- 1 nority-owned,’’ each place such term appears; 2 (2) in subsection (e)(2)(G), by inserting ‘‘(in- 3 cluding sexual orientation and gender identity),’’ 4 after ‘‘sex’’; and 5 (3) in subsection (h), by adding at the end the 6 following: 7 ‘‘(7) LGBTQ-OWNED BUSINESS.—The term 8 ‘LGBTQ-owned business’ means a business— 9 ‘‘(A) more than 50 percent of the owner- 10 ship or control of which is held by 1 or more 11 individuals self-identifying as lesbian, gay, bi- 12 sexual, transgender, or queer; and 13 ‘‘(B) more than 50 percent of the net prof- 14 it or loss of which accrues to 1 or more individ- 15 uals self-identifying as lesbian, gay, bisexual, 16 transgender, or queer.’’. 17 Æ VerDate Sep 11 2014 21:23 Jun 25, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3374.IH H3374 khammond on DSKBBV9HB2PROD with BILLS