Blog on Senator Sanders' Bills to Promote ESOPs

A new blog (http://ownershipforall.wordpress.com/) provides an opportunity for people interested in legislation introduced by Senator Bernie Sanders of Vermont to promote employee ownership. The site allows for comments and has suggestions for what supporters can do. The first bill (S.2909), the Worker Ownership, Readiness and Knowledge (WORK) Act, 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 bill is co-sponsored by Sen. Leahy of Vermont, Sen. Brown of Ohio, Sen. Lincoln of Arkansas, and Sen. Menendez of New Jersey.

The second bill (S.2914), the U.S. Employee Ownership Bank Act, would provide loans and loan guarantees to employees to purchase a business through an ESOP or a worker-owned cooperative. The federal government currently provides a wide variety of federal loans, loan guarantees, and other technical assistance to American companies as a way to increase U.S. jobs through exports. Providing federal loans and loan guarantees for the expansion of employee ownership would increase and retain jobs in the U.S. and strengthen the U.S. economy. The bill is co-sponsored by Sen. Leahy of Vermont, Sen. Brown of Ohio, and Sen. Menendez of New Jersey.