1. Short title This Act may be cited as the Women and Minority Equity Investment Act of 2019 . 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