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S. 3419 112th Congress Senate

United States Employee Ownership Bank Act

Official title: A bill to provide for the establishment of the United States Employee Ownership Bank, and for other purposes.

Introduced: July 23, 2012 Introduced by: Bernard Sanders Independent · Vermont See on congress.gov
Labor and Employment Bank accounts, deposits, capitalBanking and financial institutions regulationCorporate finance and managementDepartment of the Treasury
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Employee benefits and pensionsEmployment discrimination and employee rightsExecutive agency funding and structureGovernment lending and loan guaranteesLabor-management relationsUnemployment
This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 2012
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 23, 2012
Introduced in Senate
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 Latest action July 23, 2012

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

 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.

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.


 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 3419: United States Employee Ownership Bank Act. 112th Congress. Open America. https://openamerica.io/bill/112-S-3419/
MLA
"S. 3419: United States Employee Ownership Bank Act." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-S-3419/.
Bluebook (legal)
S. 3419, 112th Cong. (2026), https://openamerica.io/bill/112-S-3419/.
Markdown link
[S. 3419: United States Employee Ownership Bank Act](https://openamerica.io/bill/112-S-3419/)
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