A bill to preserve jobs and stabilize communities by facilitating employee, or employee-community, ownership of concerns that would otherwise close down or move out of the community, and for other purposes.
Voluntary Job Preservation and Community Stabilization Act - Directs the Secretary of Commerce to conduct a continuing investigation to identify those industrial, business, agricultural, and service organizations (1) which are in danger of ceasing operation or of outmigration and (2) whose closing or relocation would result in substantial unemployment and economic dislocation in the community.
Provides, through the Secretary, loans for technical assistance and status and operating costs to an employee or employee/community corporation which meets certain requirements in order that it may assume ownership and operation of an organization so identified.
Conditions loans, among other factors, upon certification that the corporation will allow new employees to participate and will adopt a method for acquisition of stock of persons no longer associated with the organization for the purpose of making it available to all employees on a nondiscriminatory basis.
Authorizes loans of up to $15,000 to an employee who wishes to purchase stock in a purchasing corporation and who is unable to secure financing elsewhere.
Referred to House Committee on Banking, Finance and Urban Affairs.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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