The Associated Press reported more than 40 other states have signed the deal and that its terms would benefit many Americans who lost their homes or can't afford their mortgages.
West Virginia's share in the deal have not been made public.
West Virginia Chamber of Commerce President Steve Roberts fired back at state AFL-CIO President Kenny Perdue's criticism of right-to-work laws Tuesday.
State Sen. Karen Facemyer, R-Jackson, gave a floor speech Monday advocating for her right-to-work bill.
Facemyer said the state's lack of right-to-work legislation — which prevents workers from being forced to join and pay dues to a union as part of employment — has been the key stumbling block to attracting businesses to the state.
Perdue, head of the state's largest labor organization, said the state's unions aren't to blame for poor economic conditions.
"That is the most obscene fallacy that they use — to blame somebody for the failure of something without looking at themselves," Perdue said.
"They use right to work as the issue when the unions have done everything they can to help — more than what businesses and the Chamber of Commerce and other entities have offered to help."
He said complaints from Republicans and the Chamber about the state's tax code and court system, along with talk that workers can't get hired because they can't pass drug tests also hurt.
Roberts said Tuesday there could be other factors, but he was confident that right-to-work legislation would make a dramatic effect in the state economy.
"I'm not saying the right-to-work law is the panacea," he said, "but on all the major reports that are out there that evaluate the economic performance, it's on there. So it counts for something."
The Chamber also sent out a release Tuesday afternoon encouraging lawmakers to begin discussion on Facemyer's bill
"As a small business operator and president of the Polymer Alliance Zone, Senator Facemyer sees first hand every day the need to consider all ideas to improve West Virginia's future ... no matter who's for or against the idea," Roberts said in the statement.
"The West Virginia Chamber believes all ideas are worthy of consideration, and shouldn't be dismissed just because some critics attempt to shout them down," he said. "Everyone should understand the labor unions that oppose this concept are in lock-step with Barack Obama, and support his policies — just as they did with the failed Obama stimulus package."
Compiled by Ry Rivard and Jared Hunt