S. 1982 (110th): United States Employee Ownership Bank Act

Introduced:
Aug 02, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Bernard “Bernie” Sanders [I-VT]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 2914 (111th) on Dec 18, 2009.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on August 2, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2007
Referred to Committee Aug 02, 2007
Cosponsors
2 cosponsors (2D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to provide for the establishment of the United States Employee Ownership Bank, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Aug 02, 2007.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/2007--Introduced.
United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank to foster increased employee ownership and greater employee participation in company decisionmaking throughout the United States. Requires the Bank to make:
(1) loans (subordinated to the interests of all other creditors) and loan guarantees to employees to purchase a business through an employee stock ownership plan or eligible worker-owned cooperative; and
(2) grants to states and nonprofit and cooperative organizations with experience in developing employee-owned businesses and worker-owned cooperatives to provide education, outreach, and technical assistance to such employee business efforts.
Requires the Bank to insure such loans or loan guarantees against nonrepayment of the outstanding loan balance.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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