{"bill":{"id":"119-s-1645","congress":119,"type":"S","number":1645,"title":"American Ownership and Resilience Act","originChamber":"Senate","introducedDate":"2025-05-07","sponsors":[{"bioguideId":"V000128","fullName":"Sen. Van Hollen, Chris [D-MD]","party":"D","state":"MD","district":null}],"cosponsorsCount":8,"latestAction":{"actionDate":"2025-05-07","text":"Read twice and referred to the Committee on Finance."},"policyArea":"Finance and Financial Sector","subjects":[],"actions":[{"date":"2025-05-07","text":"Read twice and referred to the Committee on Finance.","type":"IntroReferral","chamber":"Senate","hasVote":false},{"date":"2025-05-07","text":"Introduced in Senate","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>American Ownership and Resilience Act</strong></p><p>This bill creates an investment facility to support the conversion of private businesses into employee-owned businesses.</p><p>Specifically, the Department of Commerce must establish an investment facility that provides leverage&nbsp;to ownership investment companies (OICs) licensed by Commerce.&nbsp;</p><p>Under the bill, OICs</p><ul><li>manage capital for the purpose of financing the sale of a private business to an employee stock ownership plan (ESOP) or eligible worker-owned cooperative,&nbsp;</li><li>have the authority to borrow money and issue securities or other obligations to finance the sale, and</li><li>have the full faith and credit of the United States to guarantee the payment of all such amounts.</li></ul><p>In a sale to an&nbsp;ESOP, an independent trustee must be appointed to obtain a fairness opinion on the investment from an independent financial advisor.</p><p>New OICs may be mentored by other OICs through the Protégé OIC program established by the bill.</p><p>The bill also establishes private capital requirements, third-party debt limitations, and enforcement provisions.</p>","updateDate":"2026-05-22T19:48:25Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":93,"ts":"2026-05-29T23:37:19.807Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"https://simplefunctions.dev/api/public/query-gov?q=American%20Ownership%20and%20Resilience%20Act"}]}}