Washington, D.C. – Today, Employee-Owned S Corporations of America expressed thanks to U.S. Congressman Brett Guthrie (KY-2) and a group of 26 of his colleagues for sending a letter to President Trump regarding the Department of Labor’s burdensome investigatory and enforcement policies for companies with employee stock ownership plans (ESOPs).
The letter highlights that employee-owned companies often outperform non-employee-owned companies, have lower layoff rates, and higher retirement contributions, underscoring their value to both employees and the economy. The letter asks the president to consider halting the Department of Labor’s current inconsistent regulatory policies and recommends the Department of Labor work with ESOP companies to develop guidelines on valuation.
“Employee stock ownership plans (ESOPs) provide Americans across the country access to a secure retirement. We applaud Rep. Guthrie for his leadership on this issue, as well as the dozens of his House colleagues who are working hard to protect employee-ownership and ESOPs. Effective regulatory guidelines will encourage more businesses to explore creating an ESOP, helping us make strides toward financial security for all of our country’s workers.”
The full letter, which may be read here, was also signed by Reps. Robert Aderholt (AL-4), Rick Allen (GA-12), Lou Barletta (PA-11), Andy Barr (KY-6), Mo Brooks (AL-5), Bradley Byrne (AL-1), Steve Chabot (OH-1), James Comer (KY-1), Ron Estes (KS-4), Brian Fitzpatrick (PA-8), Louie Gohmert (TX-1), Bob Goodlatte (VA-6), Randy Hultgren (IL-14), Lynn Jenkins (KS-2), Steve Knight (CA-25), Jason Lewis (MN-2), Tom Marino (PA-10), Roger Marshall (KS-1), Luke Messer (IN-6), Erik Paulsen (MN-3), David Roe (TN-1), Todd Rokita (IN-4), Lloyd Smucker (PA-16), Elise Stefanik (NY-21), Tim Walberg (MI-7), Joe Wilson (SC-2).