Take Action

There are many ways for our ESCA members to take tangible steps toward protecting and promoting S ESOPs - two of which are hosting a district visit and joining our grassroots letter campaign. District Visits provide an opportunity for Members of Congress to meet virtually or visit company locations and meet employee-owners in person. Our grassroots letter campaign offers an easy and effective advocacy tool for constituents to send their Members of Congress a letter to thank them for their support of The Promotion and Expansion of Private Employee Ownership Act.

Legislation

In the 117th Congress, the Promotion and Expansion of Private Employee Ownership Act was introduced in the Senate by Senators Ben Cardin (D-MD) and Rob Portman (R-OH) as S. 1300 and in the House by Reps. Ron Kind (D-WI) and Jason Smith (R-MO) as H.R. 4141. This legislation will 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
  • Encourage the flow of bank capital to ESOP-owned S corporations
  • (House bill only) 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
  • Affirm the importance of preserving the S ESOP structure in the Internal Revenue Code

Current list of cosponsors for the Senate bill (S. 1300) in the 117th Congress:

Democrats

Sen. Ben Cardin (D-MD) – Lead
Sen. Debbie Stabenow (D-MI)
Sen. Maria Cantwell (D-WA)
Sen. Sherrod Brown (D-OH)
Sen. Bob Casey (D-PA)
Sen. Sheldon Whitehouse (D-RI)
Sen. Maggie Hassan (D-NH)
Sen. Cory Booker (D-NJ)
Sen. Tammy Duckworth (D-IL)
Sen. Amy Klobuchar (D-MN)
Sen. Patrick Leahy (D-VT)
Sen. Patty Murray (D-WA)
Sen. Gary Peters (D-MI)
Sen. Jeanne Shaheen (D-NH)
Sen. Jon Tester (D-MT)
Sen. Chris Van Hollen (D-MD)
Sen. Jack Reed (D-RI)
Sen. Tammy Baldwin (D-WI)

Independents

Sen. Bernie Sanders (I-VT)
Sen. Angus King (I-ME)

Republicans

Sen. Rob Portman (R-OH) – Lead
Sen. Mike Crapo (R-ID)
Sen. Steve Daines (R-MT)
Sen. Roy Blunt (R-MO)
Sen. John Boozman (R-AR)
Sen. Susan Collins (R-ME)
Sen. Joni Ernst (R-IA)
Sen. Deb Fischer (R-NE)
Sen. James Risch (R-ID)
Sen. John Kennedy (R-LA)
Sen. Jerry Moran (R-KS)
Sen. Chuck Grassley (R-IA)
Sen. John Hoeven (R-ND)
Sen. Patrick Toomey (R-PA)
Sen. John Thune (R-SD)

Current list of cosponsors for the House bill (H.R. 4141) in the 117th Congress:

Democrats

Rep. Ron Kind (D-WI-3) – Lead
Rep. Earl Blumenauer (D-OR-3)
Rep. Bill Pascrell (D-NJ-9)
Rep. Danny Davis (D-IL-7)
Rep. Dean Phillips (D-MN-3)
Rep. Linda Sanchez (D-CA-38)
Rep. Dan Kildee (D-MI-5)
Rep. Dwight Evans (D-PA-3)
Rep. Brendan Boyle (D-PA-2)
Rep. Robin Kelly (D-IL-2)
Rep. Tom Suozzi (D-NY-3)
Rep. Brian Higgins (D-NY-26)

Republicans

Rep. Jason Smith (R-MO-8) – Lead
Rep. Mike Kelly (R-PA-16)
Rep. Tom Reed (R-NY-23)
Rep. Jackie Walorski (R-IN-2)
Rep. Mo Brooks (R-AL-5)
Rep. Rodney Davis (R-IL-13)
Rep. Lloyd Smucker (R-PA-11)
Rep. Fred Keller (R-PA-12)
Rep. Burgess Owens (R-UT-4)
Rep. Tim Burchett (R-TN-2)
Rep. Rick Crawford (R-AR-1)
Rep. Ben Cline (R-VA-6)
Rep. Cathy McMorris Rodgers (R-WA-5)
Rep. Vicky Hartzler (R-MO-4)
Rep. Young Kim (R-CA-39)
Rep. John Curtis (R-UT-3)
Rep. Markwayne Mullin (R-OK-2)
Rep. Brad Wenstrup (R-OH-2)
Rep. Jodey Arrington (R-TX-19)
Rep. Blake Moore (R-UT-1)
Rep. Van Taylor (R-TX-3)