Legislation

In the 115th Congress, Senators Pat Roberts (R-KS) and Ben Cardin (D-MD) introduced the Promotion and Expansion of Private Employee Ownership Act (S. 1589) to help more Americans gain retirement savings and security through private employee ownership. Specifically, the bill seeks to:

  • Incentivize owners of S corporations to sell their stock to an ESOP;
  • Provide needed technical assistance for companies that may be interested in forming an S ESOP;
  • Level the playing field between S and C ESOPs;
  • Ensure small businesses that become ESOPs retain their SBA certification ; and
  • Affirm the importance of preserving the S ESOP structure in the Internal Revenue Code.

You can read the text of the Senate bill (S. 1589) in the 115th Congress here.

Current list of cosponsors for the Senate bill (S. 1589) in the 115th Congress:

Republicans

Sen. Pat Roberts (R-KS) – Lead

Sen. Roy Blunt (R-MO)

Sen. Susan Collins (R-ME)

Sen. Chuck Grassley (R-IA)

Sen. Rob Portman (R-OH)

Sen. Mike Crapo (R-ID)

Sen. John Thune (R-SD)

Sen. James Risch (R-ID)

Sen. Jerry Moran (R-KS)

Sen. Johnny Isakson (R-GA)

Democrats

Sen. Ben Cardin (D-MD) – Lead

Sen. Sheldon Whitehouse (D-RI)

Sen. Debbie Stabenow (D-MI)

Sen. Kirsten Gillibrand (D-NY)

Sen. Amy Klobuchar (D-MN)

Sen. Robert Casey Jr. (D-PA)

Sen. Al Franken (D-MN)

Sen. Jon Tester (D-MT)

Sen. Sherrod Brown (D-OH)

Sen. Maria Cantwell (D-WA)

Sen. Tammy Baldwin (D-WI)

Sen. Gary Peters (D-MI)

ESCA Comments

ESCA Statement on the Promotion and Expansion of Private Employee Ownership Act, H.R. 2092 – April 2017

ESCA Statement on the Reaffirmation of ESOPs In The 2016 Republican Party Platform – July 2016

ESCA Testimony to the House Committee On Small Business – April 2016

ESCA Statement to the Senate Finance Committee’s Savings and Investment Working Group – April 2015

ESCA Comments to the Senate Finance Committee – Retirement Savings Hearing, September 2014

ESCA Comments to the House Ways and Means Committee Pensions/Retirement Working Group

ESCA Comments to the Department of Labor

ESCA Letter to the President’s Economic and Recovery Advisory Board

Phillip Swagel submission to Senate Finance Committee hearing