WASHINGTON, April 12, 2019 /PRNewswire/ -- The ESOP Association applauds Representatives Ron Kind (D-WI-3) and Jason Smith (R-MO-8), who earlier this week introduced pro-Employee Stock Ownership Plan (ESOP) bill H.R. 2258. The measure, which seeks to encourage the formation of ESOPs, is the House companion to S. 177, which was introduced in the Senate earlier this year by Sen. Pat Roberts (R-KS).
"ESOPs are a powerful way to connect employee owners to the business and to enable them to share in the profits they help generate," said James J. Bonham, President and CEO of The ESOP Association. "This bill will help ensure that more employees get the chance to share in the success of their business.
"I am very encouraged to see the strong bipartisan support for this bill and for S. 177 continuing the rich tradition of support for ESOPs from both sides of the aisle and in both chambers of Congress," said Bonham.
Representatives Kind and Smith were joined in sponsoring the bill by a bipartisan group of their peers on the influential Ways and Means Committee. Those co-sponsors include: Rep. Jason Smith (R-MO-8), Rep. Earl Blumenauer (D-OR-3), Rep. Mike Kelly (R-PA-16), Rep. Tom Reed (R-NY-23), and Rep. Bill Pascrell (D-NJ-9).
ESOP Association members are encouraged to ask their elected officials in May—while attending The ESOP Association's National Conference—to sponsor the House and Senate bills.
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