Release Date: 
05/10/17

Sen. Sanders (for himself, Mrs. Gillibrand, Mr. Leahy and Ms. Hassan) introduced Senate Bill S.1082 which, if enacted, would provide the establishment of the United States Employee Ownership Bank ("Bank") for the purpose of providing loan guarantees, direct loans and technical assistance to companies seeking to sponsor Employee Stock Ownership Plans or worker-owned cooperatives.  The bill proposes initial capitalization of $500 million which capital would be available for feasibility analyses and stock transactions that create or expand ESOP ownership to 51% or more.  An additional precondition before the Bank makes any subordinated loan or guaranty requires the board be elected on a 1 share to 1 vote, except those votes may be cast via direction to the ESOP trustee.

 

Click here to read the Bill.