,,ii #aac? ,,congress #b;d ,session ,s4 #bdaa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #b1 #bjad ,mr4 ,s&]s 7= himself1 ,mr4 ,leahy1 & ,mr4 ,br[n7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to provide = ! e/abli%m5t ( ! ,unit$ ,/ates ,employee ,own]%ip ,bank1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,unit$ ,/ates ,employee ,own]%ip ,bank ,act4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 betwe5 ,janu>y #bjjj & ,april #bjad1 ! manufactur+ sector lo/ #e1ahc1jjj jobs2 7#b7 z ( ,april #bjad1 only #ab1ajj1jjj work]s 9 ! ,unit$ ,/ates 7 employ$ 9 ! manufactur+ sector1 l[] ?an ,june #aida2 7#c7 at ! end ( #bjac1 ! ,unit$ ,/ates _h a trade deficit ( #dgd1hfd1jjj1jjj1 includ+ a recordbreak+ #cah1dag1bjj1jjj trade deficit ) ,*9a2 7#d7 pres]v+ & increas+ dec5t pay+ jobs mu/ be a top priority ( ,congress2 7#e7 provid+ loan gu>antees1 direct loans1 & te*nical assi/ance to employees to buy _! own companies w pres]ve & increase employm5t 9 ! ,unit$ ,/ates2 & 7#f7 ! "t has come to e/abli% ! ,unit$ ,/ates ,employee ,own]%ip ,bank to pres]ve & exp& jobs 9 ! ,unit$ ,/ates ?r\gh ,employee ,/ock ,own]%ip ,plans & work]-own$ coop]atives4 #c4 ,def9itions ,9 ?is ,act-- 7#a7 ! t]m ,bank means ! ,unit$ ,/ates ,employee ,own]%ip ,bank1 e/abli%$ "u section #d2 7#b7 ! t]m eligible work]-own$ coop]ative has ! same mean+ z 9 section #ajdb7;c77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7#c7 ! t]m employee /ock own]%ip plan has ! same mean+ z 9 section #dige7;e77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7#d7 ! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 #d4 ,e/abli%m5t ( ,unit$ ,/ates ,employee ,own]%ip ,bank )9 ! ,dep>tm5t ( ! ,treasury 7a7 ,e/abli%m5t ( ,bank 7#a7 ,9 g5]al ,be=e ! end ( ! #ij-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% ! ,unit$ ,/ates ,employee ,own]%ip ,bank1 to fo/] increas$ employee own]%ip ( ,unit$ ,/ates companies & great] employee p>ticipation 9 company decisionmak+ ?r\gh\t ! ,unit$ ,/ates4 7#b7 ,organization ( ! ,bank 7,a7 ,managem5t ,! ,secret>y %all appo9t a ,director to s]ve z ! head ( ! ,bank1 :o %all s]ve at ! pleasure ( ! ,secret>y4 7,b7 ,/aff ,! ,director may select1 appo9t1 employ1 & fix ! comp5sation ( su* employees z are necess>y to c>ry out ! functions ( ! ,bank4 7b7 ,duties ( ,bank ,! ,bank is au?oriz$ to provide loans1 on a direct or gu>ante$ basis1 :i* may be subord9at$ to ! int]e/s ( all o!r cr$itors-- 7#a7 to pur*ase a company ?r\gh an employee /ock own]%ip plan or an eligible work]-own$ coop]ative1 :i* %all be at lea/ #ea p]c5t employee own$1 or w become at lea/ #ea p]c5t employee own$ z a result ( f9ancial assi/ance f ! ,bank2 7#b7 to all[ a company t is less ?an #ea p]c5t employee own$ to become at lea/ #ea p]c5t employee own$2 7#c7 to all[ a company t is already at lea/ #ea p]c5t employee own$ to increase ! level ( employee own]%ip at ! company2 & 7#d7 to all[ a company t is already at lea/ #ea p]c5t employee own$ to exp& op]ations & increase or pres]ve employm5t4 7c7 ,preconditions ,be=e ! ,bank makes any subord9at$ loan or gu>antees a loan "u subsection 7b77#a71 a bus9ess plan %all be submitt$ to ! bank t-- 7#a7 %[s t-- 7,a7 n less ?an #ea p]c5t ( all int]e/s 9 ! company is or w be own$ or controll$ by an employee /ock own]%ip plan or eligible work]-own$ coop]ative2 7,b7 ! bo>d ( directors ( ! company is or w be elect$ by %>ehold]s on a "o %>e to "o vote basis or by memb]s ( ! eligible work]-own$ coop]ative on a "o memb] to "o vote basis1 except t %>es held by ! employee /ock own]%ip plan w be vot$ accord+ to section #dji7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 ) p>ticipants provid+ vot+ in/ructions to ! tru/ee ( ! employee /ock own]%ip plan 9 accordance ) ! t]ms ( ! employee /ock own]%ip plan & ! requirem5ts ( t section #dji7;e72 & 7,c7 all employees w receive basic in=mation ab\t company progress & h ! opportunity to p>ticipate 9 day-to-day op]ations2 & 7#b7 includes a feasibility /udy f an objective ?ird p>ty ) a positive det]m9ation t ! employee /ock own]%ip plan or eligible work]-own$ coop]ative w g5]ate en\gh ( a m>g9 to pay back any loan1 subord9at$ loan1 or loan gu>antee t 0 made possible ?r\gh ! ,bank4 7d7 ,t]ms & conditions = loans & loan gu>antees ,not)/&+ any o!r provision ( law1 a loan t is provid$ or gu>ante$ "u ?is section %all-- 7#a7 be> int]e/ at an annual rate1 z det]m9$ by ! ,secret>y-- 7,a7 9 ! case ( a direct loan "u ?is ,act-- 7i7 suffici5t to cov] ! co/ ( borr[+ to ! ,dep>tm5t ( ! ,treasury = obligations ( comp>able maturity2 or 7ii7 ( #d p]c5t2 & 7,b7 9 ! case ( a loan gu>ante$ "u ?is section1 9 an am\nt t is equal to ! curr5t applicable m>ket rate = a loan ( comp>able maturity2 & 7#b7 h a t]m n to exce$ #ab ye>s4 #e4 ,employee "r ( fir/ refusal be=e plant or facility clos+ ,section #c ( ! ,work] ,adju/m5t & ,retra9+ ,notification ,act 7#bi ,u4,s4,c4 #bajb7 is am5d$-- 7#a7 9 ! section head+1 by add+ at ! end ! foll[+3 2 employee /ock own]%ip plans or eligible work]-own$ coop]atives2 & 7#b7 by add+ at ! end ! foll[+3 7e7 ,employee /ock own]%ip plans & eligible work]-,own$ coop]atives 7#a7 ,g5]al rule ,if an employ] ord]s a plant or facility clos+ 9 connection ) ! t]m9ation ( its op]ations at su* plant or facility1 ! employ] %all (f] its employees an opportunity to pur*ase su* plant or facility ?r\gh an employee /ock own]%ip plan 7z t t]m is def9$ 9 section #dige7;e77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 or an eligible work]-own$ coop]ative 7z t t]m is def9$ 9 section #ajdb7;c77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 t is at lea/ #ea p]c5t employee own$4 ,! value ( ! company :i* is to be ! subject ( su* plan or coop]ative %all be ! fair m>ket value ( ! plant or facility1 z det]m9$ by an appraisal by an indep5d5t ?ird p>ty jo9tly select$ by ! employ] & ! employees4 ,! co/ ( ! appraisal may be %>$ ev5ly betwe5 ! employ] & ! employees4 7#b7 ,exemptions ,p>agraph 7#a7 %all n apply-- 7,a7 if an employ] ord]s a plant clos+1 b w reta9 ! assets ( su* plant to cont9ue or beg9 a bus9ess )9 ! ,unit$ ,/ates2 or 7,b7 if an employ] ord]s a plant clos+ & su* employ] int5ds to cont9ue ! bus9ess conduct$ at su* plant at ano!r plant )9 ! ,unit$ ,/ates4 4 #f4 ,regulations on safety & s\ndness & prev5t+ competition ) comm]cial in/itutions ,be=e ! end ( ! #ij-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all prescribe su* regulations z are necess>y to implem5t ?is ,act & ! am5dm5ts made by ?is ,act1 includ+-- 7#a7 regulations to ensure ! safety & s\ndness ( ! ,bank2 & 7#b7 regulations to ensure t ! ,bank w n compete ) comm]cial f9ancial in/itutions4 #g4 ,community re9ve/m5t cr$it ,section #hjd ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,e/abli%m5t ( employee /ock own]%ip plans & eligible work]-,own$ coop]atives ,9 assess+ & tak+ into acc\nt1 "u subsection 7a71 ! record ( a f9ancial in/itution1 ! appropriate ,f$]al f9ancial sup]visory ag5cy may consid] z a factor capital inve/m5ts1 loans1 loan p>ticipation1 te*nical assi/ance1 f9ancial advice1 grants1 & o!r v5tures und]tak5 by ! in/itution to support or enable employees to e/abli% employee /ock own]%ip plans or eligible work]-own$ coop]atives 7z ^? t]ms are def9$ 9 sections #dige7;e77#g7 & #ajdb7;c77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 respectively71 t are at lea/ #ea p]c5t employee own$ plans or coop]atives4 4 #h4 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,secret>y to c>ry out ?is ,act1 #ejj1jjj1jjj = fiscal ye> #bjae1 & su* sums z may be necess>y = ea* fiscal ye> !reaft]4