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United States Employee Ownership Bank Act

Introduced: August 2, 2007 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 2, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 2, 2007
Sponsor introductory remarks on measure. (CR S10821)
Aug 2, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now August 2, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1