Senate Resolution 408 and House Bill 1550

Senate Community, Economic & Recreational Development Committee

Consideration of Bills

September 23, 2014
12:30 p.m.
Room 8E-B East Wing (Main Capitol)

Agenda


Senate Resolution 408, Printer’s No. 2139 (Greenleaf) | Summary – Senate Resolution 408, Printer’s No. 2139 resolves that the Senate urge the Department of Community and Economic Development (DCED) to establish an employee stock ownership program [in relation to employee stock ownership plans (ESOP)] in this Commonwealth.

  • [A09328] (Ward) – This amendment tweaks the language in the title and body of the legislation to more definitively reflect DCED is merely urged to promote an employee ownership initiative versus establish a program.  It adds as an alternative to DCED itself providing technical assistance by indicating that DCED can also assist in identifying other resources to provide technical assistance.  It also strikes language specifically referencing the training of employees and employers and expands on the types of entities DCED could foster cooperation among in regards to this initiative.

House Bill 1550, Printer’s No. 3650 (Milne) | Summary – House Bill 1550, Printer’s No. 3650, amends Title 12 (Commerce and Trade) and Title 64 (Public Authorities and Quasi-public Corporations) of the Pennsylvania Consolidated Statutes, in economic development financing strategy for the purpose of consolidating five business loan programs under the jurisdiction of the {existing} Pennsylvania Industrial Development Authority (PIDA).  Further providing for definitions; in small business first, for department responsibilities, for capital development loans, for EDA loans, for loans in distressed communities, for pollution prevention assistance loans, and for export financing loans, providing for delegation; and further providing for reporting and inspection; in machinery and equipment loans, further providing for definitions, for establishment, for eligibility for loans and terms and conditions, for application and administration, for powers of secretary, for reporting and inspection, for nondiscrimination, for conflict of interest, for reports to General Assembly and for guidelines; providing for Pennsylvania Industrial Development program in Pennsylvania Industrial Development Authority, providing for general provisions, for Pennsylvania Industrial Development Program and transfer of loans; repealing certain provisions of the Pennsylvania Industrial Development Act; and making editorial changes.