GovTrack’s Bill Summary
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S. 2914 (111th): United States Employee Ownership Bank Act
- Introduced:
- Dec 18, 2009 (111th Congress, 2009–2010)
- Sponsor:
- Sen. Bernard “Bernie” Sanders [I-VT]
- Status:
- Died (Referred to Committee)
- See Instead:
- This bill was re-introduced as S. 3419 (112th) on Jul 23, 2012.
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/18/2009--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 decision making throughout the United States. Authorizes the Bank to make loans, on a direct or guaranteed basis, and which may be subordinated to the interests of all other creditors, to employees to purchase a company through an employee stock ownership plan or eligible worker-owned cooperative which is at least 51% employee owned, or will become so as a result of Bank assistance.
Authorizes the bank also to allow:
(1) a company that is less than 51% employee owned to become at least 51% employee owned; and
(2) allow a company that is already at least 51% employee owned to increase the level of employee ownership, expand operations, and increase or preserve employment.
Amends the Worker Adjustment and Retraining Notification Act to require the employer, if it orders a plant or facility closing in connection with the termination of its operations there, to offer its employees an opportunity to purchase such plant or facility through an employee stock ownership plan or an eligible worker-owned cooperative that is at least 51% employee owned.
Exempts from such requirement an employer that orders a plant closing:
(1) but will retain the plant assets to continue or begin a business within the United States; or
(2) intends to continue the business conducted at such plant at another plant within the United States. Amends the Community Reinvestment Act of 1977 to authorize the appropriate federal financial supervisory agency, in assessing and taking into account the record of a financial institution during an examination, to consider capital investments, loans, loan participation, technical assistance, financial advice, grants, and other ventures undertaken by the institution to support or enable employees to establish employee stock ownership plans or eligible worker-owned cooperatives that are at least 51% employee-owned.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 12: BANKS AND BANKING
- Chapter 30: COMMUNITY REINVESTMENT
- Section 2903: Financial institutions; evaluation
- Title 29: LABOR
- Chapter 23: WORKER ADJUSTMENT AND RETRAINING NOTIFICATION
- Section 2102: Notice required before plant closings and mass layoffs