(2) includes a feasibility study from an objective 
third party with a positive determination that the 
employee stock ownership plan or eligible worker- 
owned cooperative will generate enough of a margin 
to pay back any loan, subordinated loan, or loan 
guarantee that was made possible through the Bank. 
(d) TERMS AND CONDITIONS FOR LOANS AND LOAN 
GUARANTEES.—Notwithstanding any other provision of 
law, a loan that is provided or guaranteed under this sec-
tion shall— 
(1) bear interest at an annual rate, as deter-
mined by the Secretary— 
(A) in the case of a direct loan under this 
section— 
(i) that is sufficient to cover the cost 
of borrowing to the Department of the 
Treasury for obligations of comparable ma-
turity; or 
(ii) of 4 percent; and 
(B) in the case of a loan guaranteed under 
this section, in an amount that is equal to the 
current applicable market rate for a loan of 
comparable maturity; and 
(2) have a term of not longer than 12 years. 
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SEC. 5. EMPLOYEE RIGHT OF FIRST REFUSAL BEFORE 
PLANT OR FACILITY CLOSING. 
Section 3 of the Worker Adjustment and Retraining 
Notification Act (29 U.S.C. 2102) is amended— 
(1) in the section heading, by inserting ‘‘; EM-
PLOYEE STOCK OWNERSHIP PLANS OR ELIGI-
BLE
WORKER-OWNED
COOPERATIVES’’ after 
‘‘LAYOFFS’’; and 
(2) by adding at the end the following: 
‘‘(e) EMPLOYEE STOCK OWNERSHIP PLANS AND EL-
IGIBLE WORKER-OWNED COOPERATIVES.— 
‘‘(1) IN GENERAL.— 
‘‘(A) OPPORTUNITY
TO
PURCHASE.—Ex-
cept as provided in paragraph (2), if an em-
ployer orders a plant or facility closing in con-
nection with the termination of the operations 
of the employer at that plant or facility, the 
employer shall offer the employees of the em-
ployer an opportunity to purchase that plant or 
facility through an employee stock ownership 
plan (as that term is defined in section 
4975(e)(7) of the Internal Revenue Code of 
1986) or an eligible worker-owned cooperative 
(as that term is defined in section 1042(c)(2) of 
the Internal Revenue Code of 1986) that is not 
less than 51 percent employee-owned. 
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‘‘(B) DETERMINATION
OF
VALUE.—The 
value of the company that is to be the subject 
of a plan or cooperative described in subpara-
graph (A) shall be the fair market value of the 
plant or facility, as determined by an ap-
praisal— 
‘‘(i) conducted by an independent 
third party jointly selected by an employer 
described in that subparagraph and the 
employees of that employer; and 
‘‘(ii) the cost of which may be shared 
evenly between the employer and the em-
ployees. 
‘‘(2) EXEMPTIONS.—Paragraph (1) shall not 
apply— 
‘‘(A) if an employer orders a plant closing, 
but will retain the assets of that plant to con-
tinue or begin a business within the United 
States; or 
‘‘(B) if an employer orders a plant closing 
and that employer intends to continue the busi-
ness conducted at that plant at another plant 
within the United States.’’. 
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SEC. 6. REGULATIONS ON SAFETY AND SOUNDNESS AND 
PREVENTING COMPETITION WITH COMMER-
CIAL INSTITUTIONS. 
Not later than 90 days after the date of enactment 
of this Act, the Secretary shall prescribe such regulations 
as are necessary to implement this Act and the amend-
ments made by this Act, including regulations to ensure— 
(1) the safety and soundness of the Bank; and 
(2) that the Bank will not compete with com-
mercial financial institutions. 
SEC. 7. 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: 
‘‘(e) ESTABLISHMENT OF EMPLOYEE STOCK OWNER-
SHIP PLANS AND ELIGIBLE WORKER-OWNED COOPERA-
TIVES.—In assessing and taking into account, under sub-
section (a), the record of a financial institution, the appro-
priate Federal financial supervisory agency may consider 
as a factor capital investments, loans, loan participation, 
technical assistance, financial advice, grants, and other 
ventures undertaken by the institution to support or en-
able employees to establish employee stock ownership 
plans or eligible worker-owned cooperatives (as those 
terms are defined in sections 4975(e)(7) and 1042(c)(2) 
of the Internal Revenue Code of 1986, respectively), that 
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are not less than 51 percent employee-owned plans or co-
operatives.’’. 
SEC. 8. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated to the Sec-
retary to carry out this Act, $500,000,000 for fiscal year 
2020, and such sums as may be necessary for each fiscal 
year thereafter. 
Æ 
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