Opening Worker-Ownership: A New Economic Resilience Strategy (OWNERS) Amendment Act of 2024

This bill directs the District of Columbia's Department of Licensing and Consumer Protection to survey local businesses and develop a city-wide plan to help owners sell their companies to their employees through worker cooperatives. The legislation aims to address high small business failure rates by creating a formal process that encourages businesses to convert into worker-owned entities, which are often more resilient during economic downturns. Key provisions include defining terms like "community-ownership" and "asset opportunity," and establishing a framework for grants and community coalitions to support these transitions. By mandating this survey and strategy, the bill seeks to revitalize the local economy and build wealth within the communities that need it most.