Bill > HR5958

This bill aims to promote and support worker-owned cooperative businesses across multiple federal agencies by establishing a comprehensive framework for their development and expansion. The legislation creates the United States Council on Worker Cooperatives, which will be chaired by the Secretary of Labor and comprised of representatives from various federal agencies, to develop a national strategy for supporting worker cooperatives, identify regulatory barriers, and coordinate research and educational initiatives. The bill requires covered agencies like the Small Business Administration, Treasury Department, and others to implement programs that support worker cooperatives, including facilitating access to capital, conducting research on their economic impact, providing technical assistance to help businesses transition to cooperative models, and offering education and outreach materials. Additionally, the bill extends and expands the Small Business Intermediary Lending Pilot Program, increasing potential lending from $20 million to $60 million, and instructs Community Development Financial Institutions to provide education about worker-owned cooperative businesses. A worker-owned cooperative is defined as an entity majority owned or controlled by its employees, organized under state cooperative laws. The Council established by this bill will operate for 10 years and is required to submit annual reports to Congress detailing progress, challenges, and policy recommendations.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5958/all-info