Supporting Employee Ownership
On December 18, 2009, Senator Bernard Sanders of Vermont introduced two new bills that would seek to expand employee ownership in the United States.
The first bill, the Worker Ownership, Readiness and Knowledge (WORK) Act (S.2909) would create an Office of Employee Ownership and Participation within the Department of Labor. This Office would promote employee ownership and employee participation in company decision making by providing education and outreach, training, grants, and technical support for local programs dedicated to the promotion of employee ownership and participation.
The second bill, the U.S. Employee Ownership Bank Act (S.2914), would provide loans and loan guarantees to employees to purchase a business through an ESOP or a worker-owned cooperative.
The bills are co-sponsored by Senator Patrick Leahy of Vermont, Senator Sherrod Brown of Ohio, and Senator Robert Menendez of New Jersey.
Related Documents:
Text of WORK Act
Text of U.S. Employee Ownership Bank Act