; employee stock ownership plans or eligible worker-owned cooperatives after layoffs ; and (2) by adding at the end the following: (e) Employee stock ownership plans and eligible worker-Owned cooperatives (1) General rule Except as provided in paragraph (2), if an employer orders a plant or facility closing in connection with the termination of its operations at such plant or facility, the employer shall offer its employees an opportunity to purchase such plant or facility through an employee stock ownership plan (as that term is defined in section 4975(e)(7) of the Internal Revenue Code of 1986) or an eligible worker-owned cooperative (as that term is defined in section 1042(c)(2) of the Internal Revenue Code of 1986) that is at least 51 percent employee owned. The value of the company which is to be the subject of such plan or cooperative shall be the fair market value of the plant or facility, as determined by an appraisal by an independent third party jointly selected by the employer and the employees. The cost of the appraisal may be shared evenly between the employer and the employees. (2) Exemptions Paragraph (1) shall not apply— (A) if an employer orders a plant closing, but will retain the assets of such plant to continue or begin a business within the United States; or (B) if an employer orders a plant closing and such employer intends to continue the business conducted at such plant at another plant within the United States. . 6. Regulations on safety and soundness and preventing competition with commercial institutions Before the end of the 90-day period beginning on the date of enactment of this Act, the Secretary shall prescribe such regulations as are necessary to implement this Act and the amendments made by this Act, including— (1) regulations to ensure the safety and soundness of the Bank