H.R. 2969 · 108th Congress
United States Employee Ownership Bank Act
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SandersSponsor18 cosponsors · 15 D, 3 R
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Andrews
MB
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Bordallo
DC
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Christensen
VG
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Goode
RG
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Grijalva
CK
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Kilpatrick
TL
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Lantos
WL
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Lipinski
BL
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Lee
CM
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Maloney
DM
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Manzullo
MM
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Michaud
MOD
Owens
DR
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Rohrabacher
TR
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Ryan
JS
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Serrano
EC
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Case
JC
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Carson16 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank in order to foster increased employee ownership and participation in company decision-making throughout the United States.
What it does: CRS summary · Introduced in House · Jul 25, 2003
United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank in order to foster increased employee ownership and participation in company decision-making
throughout the United States.
Lists among the Bank's duties providing loans to enable employees to purchase a business through an employee stock ownership plan or eligible worker-owned cooperative that is at least 51 percent employee-owned.
States that such loans are subordinated to the interests of all other creditors, loan guarantees, and technical assistance programs.
Amends the Community Reinvestment Act of 1977 to provide that in assessing and taking into account the record of a financial institution, the appropriate Federal financial supervisory agency may consider as a factor capital investments, loans, loan participation, technical assistance, financial advice, grants, and other ventures undertaken by the institution to support or enable manufacturing employees to establish employee stock ownership plans or eligible worker owned cooperatives that are at least 51 percent employee-owned plans or cooperatives.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: United States Employee Ownership Bank Act
Latest action (Aug 4, 2003): Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 25, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.