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H.R. 2357 (115th): United States Employee Ownership Bank Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 4, 2017.

United States Employee Ownership Bank Act

This bill requires the Department of the Treasury to establish the U.S. Employee Ownership Bank, which shall be authorized to provide, in accordance with specified terms, conditions, and other requirements, financial assistance to increase employee ownership of a company.

In addition, the bill amends the Worker Adjustment and Retraining Notification Act to specify that, in general, if an employer orders the closing of a plant or facility, the employer must offer its employees an opportunity to purchase the plant or facility though an employee stock-ownership plan or an eligible worker-owned cooperative.