S.1982 - United States Employee Ownership Bank Act110th Congress (2007-2008)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 08/02/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||08/02/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1982 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (08/02/2007)
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.