[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1981 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 1981
To modify the unconditional ownership requirement for women-owned and
minority-owned small business concerns for purposes of procurement
contracts with the Small Business Administration, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 26, 2019
Ms. Cantwell (for herself and Mr. Rubio) introduced the following bill;
which was read twice and referred to the Committee on Small Business
and Entrepreneurship
_______________________________________________________________________
A BILL
To modify the unconditional ownership requirement for women-owned and
minority-owned small business concerns for purposes of procurement
contracts with the Small Business Administration, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Women and Minority Equity Investment
Act of 2019''.
SEC. 2. MODIFYING UNCONDITIONAL OWNERSHIP REQUIREMENT FOR WOMEN-OWNED
AND MINORITY-OWNED SMALL BUSINESS CONCERNS.
(a) In General.--Section 8 of the Small Business Act (15 U.S.C.
637) is amended--
(1) in subsection (a)(4)--
(A) in subparagraph (A), in the matter preceding
clause (i), by striking ``For purposes'' and inserting
``Except as provided in subparagraph (C), for
purposes'';
(B) by redesignating subparagraph (C) as
subparagraph (D); and
(C) by inserting after subparagraph (B) the
following:
``(C) For purposes of determining eligibility for an award
under this subsection, the term `socially and economically
disadvantaged small concern' includes any small business
concern that meets the requirements of subparagraph (B) and--
``(i) for which less than 51 percent is
unconditionally owned by 1 or more socially and
economically disadvantaged individuals or by an entity
described in subclause (II) or (III) of subparagraph
(A)(i) because the small business concern--
``(I) is not more than 50 percent owned and
controlled by 1 or more equity investment or
venture capital firms; or
``(II) is not less than 51 percent owned
and controlled by 1 or more equity investment
or venture capital firms owned by 1 or more
socially disadvantaged individuals or by an
entity described in subclause (II) or (III) of
subparagraph (A)(i); or
``(ii) in the case of any publicly owned business,
for which less than 51 percent of the stock is
unconditionally owned by 1 or more socially and
economically disadvantaged individuals or by an entity
described in subclause (II) or (III) of subparagraph
(A)(ii) because the small business concern--
``(I) is not more than 50 percent owned and
controlled by 1 or more equity investment or
venture capital firms; or
``(II) is not less than 51 percent owned
and controlled by 1 or more equity investment
or venture capital firms owned by 1 or more
socially disadvantaged individuals or by an
entity described in subclause (II) or (III) of
subparagraph (A)(ii);''; and
(2) in subsection (m)(1), by striking subparagraph (B) and
inserting the following:
``(B) Small business concern owned and controlled
by women.--
``(i) In general.--The term `small business
concern owned and controlled by women'--
``(I) has the meaning given the
term in section 3(n); and
``(II) includes a small business
concern described in subclause (I) for
which less than 51 percent is
unconditionally owned by 1 or more
women because the small business
concern--
``(aa) is not more than 50
percent owned and controlled by
1 or more equity investment or
venture capital firms; or
``(bb) is not less than 51
percent owned and controlled by
1 or more equity investment or
venture capital firms owned by
women.
``(ii) Ownership.--For purposes of clause
(i), ownership shall be determined without
regard to any community property law.''.
(b) Regulations.--Not later than 1 year after the date of enactment
of this Act, the Administrator of the Small Business Administration
shall promulgate regulations to amend parts 124 and 127 of chapter I of
title 13, Code of Federal Regulations, to carry out the amendments made
by subsection (a).
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