109 HR 2457 IH: Employee Ownership Opportunity Act U.S. House of Representatives 2005-05-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 1st Session H. R. 2457 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.

1.

Short title

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

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..