119th Congress Finance and Financial Sector
S. 1645: American Ownership and Resilience Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill creates an investment facility to support the conversion of private businesses into employee-owned businesses.
Specifically, the Department of Commerce must establish an investment facility that provides leverage to ownership investment companies (OICs) licensed by Commerce.
Under the bill, OICs
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- manage capital for the purpose of financing the sale of a private business to an employee stock ownership plan (ESOP) or eligible worker-owned cooperative,
- have the authority to borrow money and issue securities or other obligations to finance the sale, and
- have the full faith and credit of the United States to guarantee the payment of all such amounts.
In a sale to an ESOP, an independent trustee must be appointed to obtain a fairness opinion on the investment from an independent financial advisor.
New OICs may be mentored by other OICs through the Protégé OIC program established by the bill.
The bill also establishes private capital requirements, third-party debt limitations, and enforcement provisions.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Tammy Baldwin D-WIOriginal
- Jerry Moran R-KSOriginal
- Jeanne Shaheen D-NHOriginal
- Eric Schmitt R-MOOriginal
- Peter Welch D-VTOriginal
- Todd Young R-INOriginal
- Marsha Blackburn R-TN
- Timothy Kaine D-VA
Who scored on this bill
- 1Chris Van Hollen SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Chris Van Hollen.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.