; 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) In general (A) Opportunity to purchase Except as provided in paragraph (2), if an employer orders a plant or facility closing in connection with the termination of the operations of the employer at that plant or facility, the employer shall offer the employees of the employer an opportunity to purchase that 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 not less than 51 percent employee-owned. (B) Determination of value The value of the company that is to be the subject of a plan or cooperative described in subparagraph (A) shall be the fair market value of the plant or facility, as determined by an appraisal— (i) conducted by an independent third party jointly selected by an employer described in that subparagraph and the employees of that employer; and (ii) the cost of which 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 that plant to continue or begin a business within the United States; or (B) if an employer orders a plant closing and that employer intends to continue the business conducted at that plant at another plant within the United States. . 6. Regulations on safety and soundness and preventing competition with commercial institutions Not later than 90 days after 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 regulations to ensure— (1) the safety and soundness of the Bank