Recently, some members of Congress have recognized the important role that cooperatives can play in promoting economic development in under-resourced areas.
The National Cooperative Development Act seeks to establish, among other things, a National Cooperative Development Program to provide technical assistance and grants to organizations and communities that seek to promote cooperative development. Here is the text as it stands currently in the House.
As Representative Fattah, who introduced the bill, noted:
“The unique nature of the cooperative ownership model requires that cooperative operators receive specialized training and assistance in setting up the governance, operations, and financial structures that are required to run a successful cooperative.”
GC3 will be tracking the progress of this bill and the details as they develop. Given the success of cooperatives in promoting local and equitable employment opportunities, we hope Congress realizes that this crucial piece of federal legislation may be the impetus to spur our slowing economy, while guaranteeing jobs for those who need them most.
By Shyaam Subramaniam