S 2458
Employee Ownership Financing Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Employee Ownership Financing Act establishes the Office of Employee Ownership within the Department of Labor to promote employee ownership of U.S. companies. It creates an Employee Ownership Loan Program designed to provide loans and loan guarantees to eligible worker-owned cooperatives and employee stock ownership plans. The bill also includes provisions to protect employee rights during plant closures and establishes an Advisory Council to advise the Secretary on employee ownership initiatives. Finally, it amends the Worker Adjustment and Retraining Notification Act to offer employees the opportunity to purchase a company during a plant closing if it's at least 51% employee-owned.
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