S. 3419 (112th): United States Employee Ownership Bank Act

Introduced:
Jul 23, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Bernard “Bernie” Sanders [I-VT]
Status:
Died (Referred to Committee)

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

(About Ads | Go Ad-Free for $5)
Status

This bill was introduced on July 23, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 23, 2012
Referred to Committee Jul 23, 2012
Cosponsors
4 cosponsors (4D) (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 Jul 23, 2012.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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

7/23/2012--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. Authorizes the Bank to make loans to employees, on a direct or guaranteed basis (which may be subordinated to the interests of all other creditors), 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 that 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 if the employer:
(1) 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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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.)