1. Short title
This Act may be cited as the “Emergency Economic and Workforce System Resiliency Act”.
Emergency Economic and Workforce System Resiliency Act
A BILL
To direct the Secretary of Labor to award formula and competitive grants for layoff aversion activities, and for other purposes.
2. Definitions
In general— Except as otherwise provided, the terms used in this Act have the meanings given the terms in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
Employee ownership trust— The term employee ownership trust is an indirect form of employee ownership in which a trust holds a controlling stake in a company on behalf of all its employees and provides an incentive for owners to sell a controlling stake in their business.
Employee stock ownership plan— The term employee stock ownership plan has the meaning given the term in section 4975(e)(7) of the Internal Revenue Code of 1986.
Worker cooperative— The term worker cooperative means a values-driven business that puts worker and community benefit at the core of its purpose, and in which—
workers own the business and they participate in its financial success on the basis of their labor contribution to the cooperative; and
workers have representation on and vote for the board of directors, adhering to the principle of one worker, one vote.