United States Employee Ownership Bank Act
Latest action · Dec 18, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 18, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 3
Members who signed on, in the order they did. All signed on Dec 18, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-VT | Patrick J. Leahy | Original | Dec 18, 2009 |
| D-NJ | Robert Menendez | Original | Dec 18, 2009 |
| D-OH | Sherrod Brown | Original | Dec 18, 2009 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 18, 2009 |
Actions 2
Everything that happened, newest first.
- Dec 18, 2009Introduced in Senate
- Dec 18, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 111-1158 | INVESTING IN AMERICAN WORKERS: THE BENEFITS OF EXPANDING EMPLOYEE OWNERSHIP51 pages | Health, Education, Labor, and Pensions Committee | Aug 26, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to provide for the establishment of the United States Employee Ownership Bank, and for other purposes.
- Short Titles as Introduced
- United States Employee Ownership Bank Act
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Corporate finance and management
- Department of the Treasury
- Employee benefits and pensions
- Employment discrimination and employee rights
- Executive agency funding and structure
- Government lending and loan guarantees
- Labor and Employment
- Labor-management relations
- Unemployment
Text 1
Each version as it was printed, newest first.
- Dec 18, 2009Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
