“…two bills introduced to relatively little fanfare Thursday. The first, the WORK (“Worker Ownership, Readiness and Knowledge”) Act, would direct more than $45 million in funding to state-level employee ownership centers, aimed at providing training and technical assistance to current and prospective worker-owners. A second piece of legislation would establish something called the U.S. Employee Ownership Bank, via $500 million in funds for low-interest rate loans and financial assistance for workers who want to buy out the businesses where they work and either incorporate them as worker-owned cooperatives or establish employee stock ownership plans (ESOPs), which give workers an ownership stake in their company.
“By expanding employee ownership and participation, we can create stronger companies in Vermont and throughout this country, prevent job losses and improve working conditions for struggling employees,” Sanders said in a statement. “Simply put, when employees have an ownership stake in their company, they will not ship their own jobs to China to increase their profits, they will be more productive, and they will earn a better living.”