Subjects: NPT, LEG, SBS, AVO
ESOP Association Celebrates Passage of S. 1538 in Committee
WASHINGTON, March 16, 2018 /PRNewswire-USNewswire/ -- The ESOP Association applauds Senator Gary Peters (D-MI) and Senator James Risch (R-ID) for their roles this week in supporting S. 1538, the Small Business Employee Ownership Promotion Enhancement Act of 2017. The bill was introduced by Sen. Peters in July 2017 and was passed this week by the Senate Committee on Small Business & Entrepreneurship.
Sen. Risch chairs the Senate Committee and sponsored the bill in July. The bill now moves for consideration by the full Senate.
S. 1538 aims to provide resources and information to businesses considering forming employee stock ownership plans (ESOPs). The bill tasks SCORE?a non-profit organization and partner to the Small Business Administration?to appoint an Employee Ownership Director who will lead efforts to distribute information about ESOPs and provide general technical assistance about setting up an ESOP to interested businesses.
"We thank Senators Peters and Risch for their work on this bill and for continuing a long tradition of bipartisan support of ESOPs," said ESOP Association President J. Michael Keeling. "Such collaboration demonstrates that helping businesses and employees is a goal that stretches across party lines. It also underscores the fact that shared capitalism is a tremendous tool for engaging employees in efficiently and effectively running a business today, while also providing just rewards to help them save for retirement tomorrow."
Keeling added: "I thank our ESOP companies in the states of Michigan and Idaho that have hosted Senators Peters and Risch, giving them the opportunity to learn firsthand of the power and promise that employee ownership provides."
About the ESOP Association
The ESOP Association is America's largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).
The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.
SOURCE The ESOP Association
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