Women's Business Equity Act

Women's Business Equity Act - Amends the Small Business Act to establish the Office of Women Business Enterprise (the Office) to promote executive branch programs which facilitate women's business enterprises. Authorizes the Office to develop comprehensive interagency plans and specific program goals for women's business enterprises. Sets forth certification guidelines for such enterprises.

Adds to existing goals for participation of small business concerns in Federal procurement contracts the participation of small business concerns owned and controlled by women. Requires the head of each Federal agency to report to the Small Business Administration (SBA) on the extent that small business concerns owned and controlled by women participate in procurement contracts and subcontracts.

Declares it to be the policy of the United States that small business concerns owned and controlled by women shall have the maximum opportunity to participate in the performance of contracts and subcontracts let by any Federal agency. Precludes the award of any contract unless the procurement authority determines that the offeror's plan includes the maximum opportunity for participation of small business concerns owned and controlled by women.

Requires the SBA to report annually to certain congressional committees on subcontracting plans found acceptable by any Federal agency which the SBA determines do not contain maximum opportunities for small business concerns owned and controlled by women.

Requires each Federal agency having procurement powers to: (1) affirmatively solicit offers from small business concerns owned and controlled by women and socially and economically disadvantaged individuals; and (2) include at least one bid from a women-owned business enterprise for specified small purchases of such agency.

Imposes penalties for the misrepresentation of a business concern as one owned or controlled by women.