‘‘(I) is owned more than 50 per-
cent by 1 or more individuals who are 
women or minorities; and 
‘‘(II) is managed by, and the 
daily business operations of which are 
controlled by, 1 or more individuals 
who are women or minorities.’’. 
(2) TECHNICAL AMENDMENTS.—Section 132(i) 
of the Higher Education Act of 1965 (20 U.S.C. 
1015a(i)(4)) is amended— 
(A) in paragraph (3), as redesignated by 
paragraph (1), by striking ‘‘paragraph (1)’’ and 
inserting ‘‘paragraphs (1) and (2)’’; 
(B) in paragraph (4), as redesignated by 
paragraph (1), by striking ‘‘paragraph (1)’’ and 
inserting ‘‘paragraphs (1) and (2)’’; and 
(C) in paragraph (6)(A), as redesignated 
by paragraph (1)— 
(i) in clause (iii) by striking ‘‘para-
graph (6)’’ and inserting ‘‘paragraph (7)’’ 
each place the term appears; and 
(ii) in clause (vi) by striking ‘‘para-
graph (1)’’ and inserting ‘‘paragraphs (1) 
and (2)’’. 
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(3) DATA COLLECTION.—Paragraph (5) of sec-
tion 132(i) of the Higher Education Act of 1965 (20 
U.S.C. 1015a(i)(4)), as redesignated by paragraph 
(1), is amended— 
(A) by striking ‘‘The Commissioner’’ and 
inserting the following: 
‘‘(A) IN
GENERAL.—The Commissioner’’; 
and 
(B) by adding at the end the following: 
‘‘(B) RULES
FOR
ASSET
REPORTING.— 
With respect to the information described in 
clauses (i), (ii), and (iii) of paragraph (2)(A), 
the Secretary of Education (acting through the 
Commissioner for Education Statistics), the Se-
curities and Exchange Commission, and the 
Under Secretary of Commerce for Minority 
Business Development shall, jointly, issue rules 
to establish a standardized form and manner 
for collecting and reporting such information.’’. 
(4) RULE OF CONSTRUCTION.—Nothing in the 
amendments made by this section may be construed 
to limit the authority of the Secretary of Education 
to collect additional diversity information not specifi-
cally described in the amendments made by this sec-
tion. 
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(b) ANALYSIS AND REPORT BY THE MINORITY BUSI-
NESS DEVELOPMENT AGENCY.— 
(1) IN GENERAL.—After the end of the 1-year 
period beginning on the date that information is 
first reported under section 132(i)(2) of the Higher 
Education Act of 1965 (as added by subsection (a)), 
the Under Secretary of Commerce for Minority 
Business Development shall, in consultation with 
representatives from industry (including minority- or 
women-owned investment advisers and minority- or 
women-owned asset management firms)— 
(A) analyze all information reported under 
that paragraph (2); and 
(B) issue a report to the Congress, and 
make such report available to the public, con-
taining— 
(i) any recommended best practices 
the Under Secretary may have for substan-
tially increasing the use of minority- or 
women-owned investment advisers and 
minority- or women-owned asset manage-
ment firms in the investment and bond 
transactions of institutions of higher edu-
cation; and 
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(ii) any recommendations the Under 
Secretary may have for regulatory or legis-
lative changes to increase the use of such 
advisers and firms. 
(2) UPDATED REPORTS.—The Under Secretary 
of Commerce for Minority Business Development 
shall update the report required under paragraph 
(1)(B) every 2 years. 
(3) DEFINITIONS.—In this subsection, the 
terms 
‘‘investment 
advisor’’, 
‘‘minority’’ 
and 
‘‘minority- or women-owned’’ have the meaning give 
those terms in section 132(i)(2) of the Higher Edu-
cation Act of 1965 (as added by subsection (a)). 
SEC. 3. MBDA CONFERENCE. 
(a) IN GENERAL.—The Under Secretary of Com-
merce for Minority Business Development shall, in con-
sultation with the Secretary of Education, every 2 years, 
convene a conference of institutions of higher education, 
minority- or women-owned investment advisers, minority- 
or women-owned asset management firms, and investment 
consultants to help those institutions, advisers, and firms 
to share best practices for investment and bond trans-
actions, including increasing opportunities for such advis-
ers and asset management firms, and learn about the ben-
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efits of using such advisers and firms for investment and 
bond transactions. 
(b) DEFINITIONS.—In this section, the terms ‘‘invest-
ment advisor’’, ‘‘minority’’ and ‘‘minority- or women- 
owned’’ have the meaning give those terms in section 
132(i)(2) of the Higher Education Act of 1965 (as added 
by section 2(a)). 
(c) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Under Secretary of 
Commerce for Minority Business Development $3,000,000 
to carry out this section. 
Æ 
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