[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2457 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2457

  To amend the Community Reinvestment Act of 1977 to allow community 
  reinvestment credit for investments and other financial support to 
enable employees to establish certain employee stock ownership plans or 
                  eligible worker owned cooperatives.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 18, 2005

Mr. Sanders (for himself, Mr. Manzullo, Mrs. Maloney, Mr. Rohrabacher, 
 and Ms. Lee) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Community Reinvestment Act of 1977 to allow community 
  reinvestment credit for investments and other financial support to 
enable employees to establish certain employee stock ownership plans or 
                  eligible worker owned cooperatives.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Employee Ownership Opportunity 
Act''.

SEC. 2. COMMUNITY REINVESTMENT CREDIT.

    Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 
2903) is amended by adding at the end the following new subsection:
    ``(d) Establishment of Esops and Ewocs.--In assessing and taking 
into account, under subsection (a), the record of a financial 
institution, the appropriate Federal financial supervisory agency shall 
consider as a factor capital investments, loans, loan participation, 
technical assistance, and grants by the institution to support or 
enable employees to establish employee stock ownership plans or 
eligible worker owned cooperatives that are at least 51 percent 
employee-owned plans or cooperatives and employ low- to moderate-income 
workers.''.
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