American Ownership and Resilience Act
Sponsored By: Representative Moore (UT)
Introduced
Summary
Creates a federally guaranteed Ownership Leverage Facility to finance sales and investments that make workers majority owners via employee stock ownership plans and eligible worker cooperatives. It backs debentures and trust certificates so funds and lenders can provide debt-like financing that supports worker control.
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- Workers: Employees gain clearer financing paths to majority ownership through employee stock ownership plans (ESOPs) and eligible worker-owned cooperatives, with required safeguards like independent trustees and fairness opinions.
- Small business sellers and founders: Owners get a way to sell to worker-controlled buyers using Department-guaranteed leverage while rules limit employee self-financing and enforce fiduciary protections during transactions.
- Ownership Investment Companies and applicants: Licensed entities face organizational and capital rules, including a minimum private capital requirement of $10.0 million and access to an annual federal leverage pool capped at $5.0 billion. The program also creates a Protege mentoring track and detailed reporting, examination, and enforcement authorities.
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 1 benefits, 1 costs, 5 mixed.
Annual cap on program lending
The program’s lending would be capped at $5 billion each year. No more than 20% of that amount—up to $1 billion—could go to Protege funds. This cap could limit how much financing reaches eligible businesses in high‑demand years.
Stronger safeguards for employee ownership
If enacted, this would add protections when a company is sold to employees. An independent trustee would be required before an ESOP deal, with a fairness opinion on price and terms. Workers could direct votes on their allocated shares, and trustees would mirror those directions for unallocated shares. Sale money would be split as if all ESOP shares were fully allocated, based on pay rules. The ESOP would need to keep at least the sale‑date share count while the investment company has an interest, unless the trustee waives it. The investment company would not be allowed to take control of the business, and employees generally could not use personal loans to fund the deal.
New financing rules for worker-owned deals
This would set how ownership investment companies can fund worker‑owned transactions. They could use loans, preferred stock, equity, or a mix. They could require you to refinance old debt with them and to get approval before taking new debt. Loans could run up to 20 years, with up to 10 more years to aid wind‑down, and rates would be set by the Secretary. While federal financing is outstanding, one business could not receive more than 10% of an investment company’s private capital plus its projected leverage, unless the Secretary approves an exception.
Licensing start dates and program sunset
The Department would need to start taking license applications within 540 days and approve the first licenses within two years. Twenty years after the first approval, the Department would stop issuing new licenses, but existing funds could still draw previously committed financing. To qualify, a fund would need to be a corporation, LLC, or limited partnership formed only for this program, with at least 30‑year succession if incorporated and 10‑year if a limited partnership. Articles, operating areas, and branch offices would need Department approval.
Looser SEC rules and limited U.S. liability
The SEC could exempt some fund securities from certain registration rules when it protects investors. Senior securities that the Department guarantees would not face some Investment Company Act limits. At the same time, the bill says the United States would not be liable for a fund’s debts or promises unless the Act clearly says so.
Tougher oversight and penalties for licensees
The Secretary would get strong oversight tools over licensed funds. Exams would occur at least every two years, and the Department could bill the fund for exam costs. The Secretary would set conflict‑of‑interest and public‑disclosure rules. For serious violations, the Secretary could suspend managers, revoke licenses, and ask courts to appoint a receiver; appeals must be filed within 30 days and do not automatically pause orders.
Ethics disclosures and yearly outcome reports
Managers would have to tell the Department who they paid to speed applications and how much. Before receiving help, they would have to agree not to hire certain former Department staff for two years after assistance. The Secretary would need to report to Congress within one year and then yearly on losses, leverage, and ESOP and cooperative results. Each licensed fund would also file an annual report with detailed ESOP numbers and available demographics.
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Sponsors & CoSponsors
Sponsor
Moore (UT)
UT • R
Cosponsors
Trahan
MA • D
Sponsored 5/7/2025
Johnson (SD)
SD • R
Sponsored 5/7/2025
Foster
IL • D
Sponsored 5/7/2025
Baumgartner
WA • R
Sponsored 5/15/2025
Houlahan
PA • D
Sponsored 5/15/2025
Fitzpatrick
PA • R
Sponsored 6/4/2025
Craig
MN • D
Sponsored 6/4/2025
Vindman
VA • D
Sponsored 10/10/2025
Case
HI • D
Sponsored 4/14/2026
Roll Call Votes
No roll call votes available for this bill.
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