Contact Congress about S. 2458: Employee Ownership Financing Act

This bill would create federal loans to help workers buy or grow employee-owned businesses. It would also give workers a chance to buy a plant or company before a full permanent shutdown.

Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

Employee Ownership Financing Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Latest action on S. 2458: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Who this affects: This bill mainly affects workers who want to buy their company or keep a workplace open after an owner plans to sell or shut it down. It also affects businesses that want federal help to become employee-owned or grow as employee-owned companies. Employers planning to permanently close an entire plant or facility would have new notice and disclosure duties.

Why this matters: This bill matters because workers often lack the money and process needed to buy a workplace before it is sold or closed. The bill would add federal loans and a formal chance to bid in full plant shutdowns. It could help some jobs and local businesses continue under employee ownership. But it would not force owners to sell to workers, and the effect would depend on money, demand, business health, and how the program is run.

Key provisions in S. 2458

• The bill creates a new Office of Employee Ownership at the Department of Labor. A Director chosen by the Secretary of Labor would lead it.
• The new office would run two things. It would handle the existing Employee Ownership Initiative under SECURE 2.0 and the new loan program.
• The bill creates loans and loan guarantees for employee ownership deals. Employee stock ownership plans, worker cooperatives, and related trusts could use them to buy company shares or grow employee-owned firms.
• Supported companies must be or become at least 51 percent employee-owned. They could also qualify by raising employee ownership or expanding in a way that keeps or adds jobs.
• Borrowers would have no more than 15 years to repay. Interest could not be higher than the lower of the government's cost-covering rate or a similar market rate.

How Modern Action helps you take action on S. 2458

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 2458

What is S. 2458?

This bill would create federal loans to help workers buy or grow employee-owned businesses. It would also give workers a chance to buy a plant or company before a full permanent shutdown.

How do I support or oppose S. 2458?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 2458?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 2458 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.