Teacher: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? If you are still confused, see the following example:
SECTION 1. LIABILITY OF BUSINESS ENTITIES PROVIDING USE OF FACILITIES
TO NONPROFIT ORGANIZATIONS.

(a) Definitions.--In this section:
(1) Business entity.--The term ''business entity'' means a
firm, corporation, association, partnership, consortium, joint
venture, or other form of enterprise.
(2) Facility.--The term ''facility'' means any real
property, including any building, improvement, or appurtenance.
(3) Gross negligence.--The term ''gross negligence'' means
voluntary and conscious conduct by a person with knowledge (at
the time of the conduct) that the conduct is likely to be
harmful to the health or well-being of another person.
(4) Intentional misconduct.--The term ''intentional
misconduct'' means conduct by a person with knowledge (at the
time of the conduct) that the conduct is harmful to the health
or well-being of another person.
(5) Nonprofit organization.--The term ''nonprofit
organization'' means--
(A) any organization described in section 501(c)(3)
of the Internal Revenue Code of 1986 and exempt from
tax under section 501(a) of such Code; or
(B) any not-for-profit organization organized and
conducted for public benefit and operated primarily for
charitable, civic, educational, religious, welfare, or
health purposes.
(6) State.--The term ''State'' means each of the several
States, the District of Columbia, the Commonwealth of Puerto
Rico, the Virgin Islands, Guam, American Samoa, the Northern
Mariana Islands, any other territory or possession of the
United States, or any political subdivision of any such State,
territory, or possession.
(b) Limitation on Liability.--
(1) In general.--Subject to subsection (c), a business
entity shall not be subject to civil liability relating to any
injury or death occurring at a facility of the business entity
in connection with a use of such facility by a nonprofit
organization if--
(A) the use occurs outside of the scope of business
of the business entity;
(B) such injury or death occurs during a period
that such facility is used by the nonprofit
organization; and
(C) the business entity authorized the use of such
facility by the nonprofit organization.
(2) Application.--This subsection shall apply--
(A) with respect to civil liability under Federal
and State law; and
(B) regardless of whether a nonprofit organization
pays for the use of a facility.
(c) Exception for Liability.--Subsection (b) shall not apply to an
injury or death that results from an act or omission of a business
entity that constitutes gross negligence or intentional misconduct,
including any misconduct that--
(1) constitutes a crime of violence (as that term is
defined in section 16 of title 18, United States Code) or act
of international terrorism (as that term is defined in section
2331 of title 18) for which the defendant has been convicted in
any court;
(2) constitutes a hate crime (as that term is used in the
Hate Crime Statistics Act (28 U.S.C. 534 note));
(3) involves a sexual offense, as defined by applicable
State law, for which the defendant has been convicted in any
court; or
(4) involves misconduct for which the defendant has been
found to have violated a Federal or State civil rights law.
(d) Superseding Provision.--
(1) In general.--Subject to paragraph (2) and subsection
(e), this Act preempts the laws of any State to the extent that
such laws are inconsistent with this Act, except that this Act
shall not preempt any State law that provides additional
protection from liability for a business entity for an injury
or death with respect to which conditions under subparagraphs
(A) through (C) of subsection (b)(1) apply.
(2) Limitation.--Nothing in this Act shall be construed to
supersede any Federal or State health or safety law.
(e) Election of State Regarding Nonapplicability.--This Act shall
not apply to any civil action in a State court against a business
entity in which all parties are citizens of the State if such State
enacts a statute--
(1) citing the authority of this subsection;
(2) declaring the election of such State that this Act
shall not apply to such civil action in the State; and
(3) containing no other provision.
Solution: Shields a business entity from civil liability relating to any injury or death occurring at a facility of that entity in connection with a use of such facility by a nonprofit organization if: (1) the use occurs outside the scope of business of the business entity; (2) such injury or death occurs during a period that such facility is used by such organization; and (3) the business entity authorized the use of such facility by the organization.
Makes this Act inapplicable to an injury or death that results from an act or omission of a business entity that constitutes gross negligence or intentional misconduct, including misconduct that: (1) constitutes a hate crime or a crime of violence or act of international terrorism for which the defendant has been convicted in any court; or (2) involves a sexual offense for which the defendant has been convicted in any court or misconduct for which the defendant has been found to have violated a Federal or State civil rights law.
Preempts State laws to the extent that such laws are inconsistent with this Act, except State law that provides additional protection from liability. Specifies that this Act shall not be construed to supersede any Federal or State health or safety law.
Makes this Act inapplicable to any civil action in a State court against a business entity in which all parties are citizens of the State if such State, citing this Act's authority and containing no other provision, enacts a statute declaring the State's election that this Act shall not apply to such action in the State.
Reason: This Bill focuses on shielding business entities from civil liability relating to an injury or death depending on the conditions of injury, hence the generated summary is correct.

Now, solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Employee Ownership
Bank Act''.

SEC. 2. FINDINGS.

Congress finds that--
(1) between December 2007 and October 2009, payroll
employment in the United States fell by 8,200,000;
(2) between January 2000 and October 2009, the
manufacturing sector lost 5,617,000 jobs;
(3) as of October 2009, fewer than 12,000,000 workers in
the United States were employed in the manufacturing sector,
the fewest number of factory jobs since March 1941;
(4) at the end of 2008, the United States had a trade
deficit of more than $695,936,000,000, including a record-
breaking $268,039,800,000 trade deficit with China;
(5) preserving and increasing decent paying jobs must be a
top priority of Congress;
(6) providing loan guarantees, direct loans, and technical
assistance to employees to buy their own companies will
preserve and increase employment in the United States; and
(7) just as the United States Export-Import Bank was
created in 1934 in the midst of the Great Depression, as a way
to increase United States jobs through exports, the time has
come to establish the United States Employee Ownership Bank
within the Department of the Treasury to preserve and expand
jobs in the United States.

SEC. 3. DEFINITIONS.

In this Act--
(1) the term ''Bank'' means the Unites States Employee
Ownership Bank, established under section 4;
(2) the term ''eligible worker-owned cooperative'' has the
same meaning as in section 1042(c)(2) of the Internal Revenue
Code of 1986;
(3) the term ''employee stock ownership plan'' has the same
meaning as in section 4975(e)(7) of the Internal Revenue Code
of 1986; and
(4) the term ''Secretary'' means the Secretary of the
Treasury.

SEC. 4. ESTABLISHMENT OF UNITED STATES EMPLOYEE OWNERSHIP BANK WITHIN
THE DEPARTMENT OF THE TREASURY.

(a) Establishment of Bank.--
(1) In general.--Before the end of the 90-day period
beginning on the date of enactment of this Act, the Secretary
shall establish the United States Employee Ownership Bank, to
foster increased employee ownership of United States companies
and greater employee participation in company decision making
throughout the United States.
(2) Organization of the bank.--
(A) Management.--The Secretary shall appoint a
Director to serve as the head of the Bank, who shall
serve at the pleasure of the Secretary.
(B) Staff.--The Director may select, appoint,
employ, and fix the compensation of such employees as
are necessary to carry out the functions of the Bank.
(b) Duties of Bank.--The Bank is authorized to provide loans, on a
direct or guaranteed basis, which may be subordinated to the interests
of all other creditors--
(1) to purchase a company through an employee stock
ownership plan or an eligible worker-owned cooperative, which
shall be at least 51 percent employee owned, or will become at
least 51 percent employee owned as a result of financial
assistance from the Bank;
(2) to allow a company that is less than 51 percent
employee owned to become at least 51 percent employee owned;
(3) to allow a company that is already at least 51 percent
employee owned to increase the level of employee ownership at
the company; and
(4) to allow a company that is already at least 51 percent
employee owned to expand operations and increase or preserve
employment.
(c) Preconditions.--Before the Bank makes any subordinated loan or
guarantees a loan under subsection (b)(1), a business plan shall be
submitted to the bank that--
(1) shows that--
(A) not less than 51 percent of all interests in
the company is or will be owned or controlled by an
employee stock ownership plan or eligible worker-owned
cooperative;
(B) the board of directors of the company is or
will be elected by shareholders on a one share to one
vote basis or by members of the eligible worker-owned
cooperative on a one member to one vote basis, except
that shares held by the employee stock ownership plan
will be voted according to section 409(e) of the
Internal Revenue Code of 1986, with participants
providing voting instructions to the trustee of the
employee stock ownership plan in accordance with the
terms of the employee stock ownership plan and the
requirements of that section 409(e); and
(C) all employees will receive basic information
about company progress and have the opportunity to
participate in day-to-day operations; and
(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 section shall--
(1) bear interest at an annual rate, as determined by the
Secretary--
(A) in the case of a direct loan under this Act--
(i) sufficient to cover the cost of
borrowing to the Department of the Treasury for
obligations of comparable maturity; 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 not to exceed 12 years.

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 adding at the end the
following: ''; employee stock ownership plans or eligible
worker owned cooperatives''; and
(2) by adding at the end the following:
''(e) Employee Stock Ownership Plans and Eligible Worker-Owned
Cooperatives.--
''(1) General rule.--If an employer orders a plant or
facility closing in connection with the termination of its
operations at such plant or facility, the employer shall offer
its employees an opportunity to purchase such 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 at least 51 percent employee owned. The value of
the company which is to be the subject of such plan or
cooperative shall be the fair market value of the plant or
facility, as determined by an appraisal by an independent third
party jointly selected by the employer and the employees. The
cost of the appraisal may be shared evenly between the employer
and the employees.
''(2) Exemptions.--Paragraph (1) shall not apply--
''(A) if an employer orders a plant closing, but
will retain the assets of such plant to continue or
begin a business within the United States; or
''(B) if an employer orders a plant closing and
such employer intends to continue the business
conducted at such plant at another plant within the
United States.''.

SEC. 6. REGULATIONS ON SAFETY AND SOUNDNESS AND PREVENTING COMPETITION
WITH COMMERCIAL INSTITUTIONS.

Before the end of the 90-day period beginning on the date of
enactment of this Act, the Secretary of the Treasury shall prescribe
such regulations as are necessary to implement this Act and the
amendments made by this Act, including--
(1) regulations to ensure the safety and soundness of the
Bank; and
(2) regulations to ensure that the Bank will not compete
with commercial 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 new subsection:
''(l) Establishment of Employee Stock Ownership Plans and Eligible
Worker-Owned Cooperatives.--In assessing and taking into account, under
subsection (a), the record of a financial institution, the appropriate
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 enable 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 are at least 51 percent employee-owned plans
or cooperatives.''.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Secretary to carry
out this Act, $500,000,000 for fiscal year 2010, and such sums as may
be necessary thereafter.
Student:
United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank to foster increased employee ownership and greater employee participation in company decision making throughout the United States.

Authorizes the Bank to make loans, on a direct or guaranteed basis, and which may be subordinated to the interests of all other creditors, to employees to purchase a company through an employee stock ownership plan or eligible worker-owned cooperative which is at least 51% employee owned, or will become so as a result of Bank assistance.

Authorizes the bank also to allow: (1) a company that is less than 51% employee owned to become at least 51% employee owned; and (2) allow a company that is already at least 51% employee owned to increase the level of employee ownership, expand operations, and increase or preserve employment.

Amends the Worker Adjustment and Retraining Notification Act to require the employer, if it orders a plant or facility closing in connection with the termination of its operations there, to offer its employees an opportunity to purchase such plant or facility through an employee stock ownership plan or an eligible worker-owned cooperative that is at least 51% employee owned.

Exempts from such requirement an employer that orders a plant closing: (1) but will retain the plant assets to continue or begin a business within the United States; or (2) intends to continue the business conducted at such plant at another plant within the United States.

Amends the Community Reinvestment Act of 1977 to authorize the appropriate federal financial supervisory agency, in assessing and taking into account the record of a financial institution during an examination, to consider capital investments, loans, loan participation, technical assistance, financial advice, grants, and other ventures undertaken by the institution to support or enable employees to establish employee stock ownership plans or eligible worker-owned cooperatives that are at least 51% employee-owned.