Members of Congress to Learn More About Employee Ownership and S ESOPs from ESCA Member Companies and Employee-Owners

December 27, 2012

Home News Members of Congress to Learn More About Employee Ownership and S ESOPs from ESCA Member Companies and Employee-Owners

Members of Congress continued to show their support for employee-owned companies in 2012. Over the course of the year, 24 policymakers visited and observed employee-owned companies in action in their home states and districts.

In Kansas City, Rep. Erik Paulsen (R- MN) visited Board company Inland Truck Parts. In Charlotte, North Carolina, Rep. Mel Watt (D- NC) visited Schweitzer Engineering Laboratories, Inc.  In Stafford, Texas, Rep. Pete Olsen (T- TX) celebrated Puffer-Sweiven’s recent expansion. In Milford, Delaware, Senator Chris Coons (D- DE) met with two dozen employee-owners at Baltimore Aircoil Company to hear first-hand the importance of employee-ownership in their lives.

ESCA Board company Lifetouch also welcomed Senator Al Franken (D-MN) to their National School Studios in Bloomington, Minnesota this year and his enthusiasm for S ESOPs was evident. Senator Franken told the employee-owners, “you had me at ESOP,” as he explained his reasoning for signing onto S. 1512, the Promotion and Expansion of Employee Ownership Act. “Retirement savings are security, and security means freedom, and that’s what I love about ESOPs,” he continued.

Through their visits, Members of Congress learned about the retirement security and peace of mind that S ESOPs provide. They also had the chance to see the culture of ownership within S ESOP companies and how employee-owners’ personal and financial stake in the company pushes them to work harder and more efficiently.

Many of these personal experiences with employee-owners influenced conversation and legislation in Washington. This past July, ESCA members attending the ESCA/Foundation for Private Employee Ownership federal policy conference heard from key Members of Congress such as:

Senate Finance Committee Chairman Max Baucus (D-MT) and Finance Committee Senator Maria Cantwell (D-WA), as well as House Majority Leader Eric Cantor (R-VA)and  Rep. Dave Reichert (R-WA) and Rep. Ron Kind (D-WI) of the House Ways & Means Committee. The conference culminated with the 100th cosponsor of H.R.1244 and S. 1512 – the Promotion and Expansion of Private Employee Ownership Act of 2011.

It is important for Members of Congress to know that S ESOPs provide meaningful benefits to thousands of hardworking Americans across the country, and are a valuable piece to the retirement savings solution. Overall, when policymakers take the time to visit S ESOPs companies and employee-owners in their district or state, they see firsthand just how successful these S ESOP companies are in all aspects of business.

ESCA would like to thank all the legislators who have taken a vested interest in supporting and promoting employee-owned companies.

Latest News