; and (B) the management and daily business operations of which are controlled by 1 or more socially disadvantaged individuals. (6) Socially disadvantaged individual (A) In general The term socially disadvantaged individual means an individual who has been subjected to racial or ethnic prejudice or cultural bias because of the identity of the individual as a member of a group, without regard to any individual quality of the individual that is unrelated to that identity. (B) Presumption In carrying out this Act, the Agency shall presume that the term socially disadvantaged individual includes any individual who is— (i) Black or African American; (ii) Hispanic or Latino; (iii) American Indian or Alaska Native; (iv) Asian; (v) Native Hawaiian or other Pacific Islander; or (vi) a member of a group that the Agency determines under part 1400 of title 15, Code of Federal Regulations, as in effect on November 23, 1984, is a socially disadvantaged group eligible to receive assistance. 3. Minority Business Development Agency (a) Establishment The Minority Business Development Agency in the Department of Commerce is hereby established. (b) Assistant Secretary (1) Appointment and duties The Agency shall be headed by an Assistant Secretary of Commerce for Minority Business Development, who shall be— (A) appointed by the President, by and with the advice and consent of the Senate; and (B) except as otherwise expressly provided, responsible for the administration of this Act. (2) Compensation The Assistant Secretary shall be compensated at an annual rate of basic pay prescribed for level IV of the Executive Schedule under section 5315 of title 5, United States Code. (c) Report to Congress Not later than 120 days after the date of enactment of this Act, the Secretary shall submit to Congress a report that describes— (1) the organizational structure of the Agency; (2) the organizational position of the Agency in the Department of Commerce