A few United States representatives introduced a bill to Congress that would better facilitate the formation, financing, and legal recognition of co-ops nationally.
As of right now, the Department of Agriculture implements the few national standards in existence while most cooperative law differs from locality to locality. This severely limits co-ops outside of the agricultural industry from achieving codified legitimacy and presence.
The "National Worker Cooperative Development and Support Act" hopes to promote and support worker-owned cooperative businesses through various federal initiatives and collaborations. Heads of certain federal agencies, including the Small Business Administration, IRS, and the Departments of Treasury, Commerce, Agriculture, and Labor, are tasked with implementing programs to support and expand worker-owned cooperatives. They are also responsible for revising regulations to remove barriers, facilitating access to capital and innovative financing options, coordinating with a newly established U.S. Council on Worker Cooperatives, conducting research on the economic impact and barriers to growth for these businesses, providing education and technical assistance for transitioning to worker-owned models, engaging with various organizations to identify best practices, and providing training for federal workers.
Unfortunately with the landmark November elections on the horizon, the representatives who authored and sponsored the bill may have a much more difficult time as seats possibly change in Congress and the administration in the White House.
To read the full bill and the actions taken by Congress so far, click the link above.
