Legislation

In the 114th Congress, Senators Pat Roberts (R-KS) and Ben Cardin (D-MD) along with Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) introduced the Promotion and Expansion of Private Employee Ownership Act (S. 1212/H.R. 2096) 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;
  • Ensure small businesses that become ESOPs retain their SBA certification;
  • Encourage the flow of bank capital to ESOP-owned S corporations (house bill only); 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. 1212) in the 114th Congress here, and read the text of the House bill (H.R. 2096) in the 114th Congress here.

Current list of cosponsors for the Senate bill (S. 1212) in the 114th Congress:

Republicans

Sen. Pat Roberts (R-KS)

Sen. John Thune (R-SD)

Sen. Roy Blunt (R-MO)

Sen. Mike Crapo (R-ID)

Sen. Susan Collins (R-ME)

Sen. James Risch (R-ID)

Sen. Kelly Ayotte (R-NH)

Sen. Mark Kirk (R-IL)

Sen. Jerry Moran (R-KS)

Sen. John Hoeven (R-ND)

Sen. John Boozman (R-AR)

Sen. Rob Portman (R-OH) 

Sen. Steve Daines (R-MT)

Sen. Johnny Isakson (R-GA)

Sen. Joni Ernst (R-IA)

Sen. Chuck Grassley (R-IA)

Sen. Pat Toomey (R-PA)

Independents

Sen. Bernie Sanders (I-VT)

Sen. Angus King (I-ME)

Democrats

Sen. Ben Cardin (D-MD)

Sen. Debbie Stabenow (D-MI)

Sen. Amy Klobuchar (D-MN)

Sen. Patrick Leahy (D-VT)

Sen. Sheldon Whitehouse (D-RI)

Sen. Al Franken (D-MN)

Sen. Tammy Baldwin (D-WI)

Sen. Heidi Heitkamp (D-ND)

Sen. Jack Reed (D-RI)

Sen. Gary Peters (D-MI)

Sen. Maria Cantwell (D-WA)

Sen. Claire McCaskill (D-MO)

Sen. Kirsten Gillibrand (D-NY)

Sen. Sherrod Brown (D-OH)

Sen. John Tester (D-MT)

Senate Finance, *Original Cosponsor

Click here to download the current list of cosponsors for the Senate bill (S. 1212) in the 114th Congress.

Current list of cosponsors for the House bill (H.R. 2096) in the 114th Congress:

Republicans

Rep. Dave Reichert (R-WA-8) – Lead

Rep. Charles Boustany (R-LA-7)

Rep. Erik Paulsen (R-MN-3)

Rep. Patrick Tiberi (R-OH-12)

Rep. Robert Dold (R-IL-10)

Rep. Rodney Davis (R-IL-13)

Rep. Bob Goodlatte (R-VA-6)

Rep. Kenny Marchant (R-TX-24)

Rep. Jason Smith (R-MO-8)

Rep. Kevin Cramer (R-ND-AL)

Rep. Kevin Yoder (R-KS-3)

Rep. Peter Roskam (R-IL-6)

Rep. Ralph Abraham (R-LA-5)

Rep. Glenn Grothman (R-WI-6)

Rep. Kristi Noem (R-SD-AL)

Rep. Rod Blum (R-IA-1)

Rep. Lynn Jenkins (R-KS-2)

Rep. Michael Simpson (R-ID-2)

Rep. Randy Hultgren (R-IL-14)

Rep. Patrick Meehan (R-PA-7)

Rep. Cathy McMorris Rodgers (R-WA-5)

Rep. Jim Renacci (R-OH-16)

Rep. Bill Huizenga (R-MI-2)

Rep. Glenn Thompson (R-PA-5)

Rep. Ryan Costello (R-PA-6)

Rep. Robert Hurt (R-VA-5)

Rep. Reid Ribble (R-WI-8)

Rep. Tom Emmer (R-MN-6)

Rep. Mike Coffman (R-CO-6)

Rep. Michael Fitzpatrick (R-PA-8)*

Rep. Robert Pittenger (R-NC-9)*

Rep. Tom Reed (R-NY-23)*

Rep. David Young (R-IA-3)*

Rep. Pete Sessions (R-TX-32)*

Rep. Richard Hanna (R-NY-22)*

Rep. Bradley Byrne (R-AL-1)*

Rep. Ryan Zinke (R-MT-AL)*

Rep. Mike Kelly (R-PA-3)*

Rep. Michael Conaway (R-TX-11)*

Rep. Todd Rokita (R-IN-4)*

Rep. Diane Black (R-TN-6)*

Rep. Robert Aderholt (R-AL-4)*

Rep. Tom Marino (R-PA-10)*

Rep. Luke Messer (R-IN-6)

Rep. Steve Chabot (R-OH-1)

Rep. Steve King (R-IA-4)

Rep. Kay Granger (R-TX-12)

Rep. Adam Kinzinger (R-IL-16)

Rep. Stephen Knight (R-CA-22)

Rep. Ed Royce (R-CA-39)*

Rep. Lamar Smith (R-TX-21)*

Rep. Ken Calvert (R-CA-42)*

Democrats

Rep. Ron Kind (D-WI-5)

Rep. Earl Blumenauer (D-OR-3)

Rep. Bill Pascrell (D-NJ-8)

Rep. Richard Neal (D-MA-1)

Rep. Gwen Moore (D-WI-4)

Rep. Brad Ashford (D-NE-2)

Rep. John Conyers (D-MI-13)

Rep. Tim Walz (D-MN-1)

Rep. Collin Peterson (D-MN-7)

Rep. Sam Farr (D-CA-20)

Rep. Keith Ellison (D-MN-5)*

Rep. Julia Brownley (D-CA-26)*

Rep. Robert Brady (D-PA-1)*

Rep. Peter Welch (D-VT-At Large)*

Rep. Louise Slaughter (D-NY-25)*

Rep. Rick Larsen (D-WA-2)*

Rep. Mark Takai (D-HI-1)*

Rep. Linda Sanchez (D-CA-38)*

Rep. Mike Thompson (D-CA-5)*

Rep. David Loebsack (D-IA-2)*

Rep. Joyce Beatty (D-OH-3)*

Rep. Suzanne Bonamici (D-OR-1)*

Rep. Rick Nolan (D-MN-8)*

Rep. Janice Hahn (D-CA-44)

Rep. Luis Gutierrez (D-IL-4)

Rep. Ruben Hinojosa (D-TX-15)

Rep. Chellie Pingree (D-ME-1)

Rep. Robin Kelly  (D-IL-2)

Rep. Danny Davis (D-IL-7)*

Rep. Jan Schakowsky (D-IL-9)*

Rep. Mark Pocan (D-WI-2)*

Rep. Krysten Sinema (D-AZ-9)*

Rep. Adam Schiff (D-CA-28)*

House Ways and Means Member, *Added following ESCA Conference

Click here to download the current list of cosponsors of the House bill (H.R. 2096) in the 114th Congress.

 

ESCA Comments

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