Advocates push for worker ownership to boost wealth building

This article was created by AI using a video recording of the meeting. It summarizes the key points discussed, but for full details and context, please refer to the video of the full meeting. Link to Full Meeting

During a recent public hearing led by Senator Sabina Flores Perez, significant discussions centered on the potential of worker ownership as a means to enhance economic stability and community wealth. The hearing, held on November 8, 2024, featured testimonies from various experts advocating for the adoption of the Limited Cooperative Association (LCA) model, which aims to empower workers through democratic ownership of businesses.

Moe, a representative from the community, emphasized the importance of worker ownership, highlighting its effectiveness in wealth building. He urged the committee to support the LCA, offering his expertise for any further inquiries. This sentiment was echoed by Linda Phillips, senior counsel for the Jason Wiener Public Benefit Corporation, who shared her extensive experience with cooperatives since 1991. Phillips noted that Colorado has successfully implemented the LCA model, resulting in the formation of over 350 cooperatives, which not only create jobs but also retain them within the community.

Phillips explained that the LCA model is versatile, allowing for various types of cooperatives, including grocery, agricultural, and housing cooperatives. She pointed out that this model could be particularly beneficial for Guam, especially as business owners approach retirement and seek to sell their enterprises to their employees, thereby preserving jobs and maintaining the local tax base.

John McNamara, co-director of the Northwest Cooperative Development Center, also contributed to the discussion, emphasizing the LCA's role in providing workers with agency and control over their economic activities. He described the cooperative model as purpose-driven and human-centric, fostering a balance between business needs and community welfare.

The hearing underscored a growing recognition of worker cooperatives as a viable solution for economic empowerment and community resilience. As discussions continue, stakeholders are optimistic about the potential for the LCA to transform local economies and enhance the livelihoods of workers across various sectors.

Converted from Public Hearing - Senator Sabina Flores Perez - November 8, 2024 1PM PT.1 meeting on November 08, 2024
Link to Full Meeting