Press release:

Senator Sanders and Colleagues Propose Innovative Ideas to Encourage Employee Ownership

Date: Thursday, June 5, 2014

June 4, 2014 (Washington, DC) – The ESOP Association praised legislation introduced on June 2, 2014, by Senator Bernard Sanders (I-VT), and co-sponsored by two Senate colleagues:  Senators Sherrod Brown (D-OH) and Patrick J. Leahy (D-VT).  The first bill, S. 2411, will provide for the establishment of the United States Employee Ownership Bank. The second, S. 2412, would establish an Employee Ownership and Participation Initiative.

S. 2411 would provide loans and loan guarantees to employees to assist in the purchase of a business through an ESOP or a worker owned cooperative. It would provide grants for the expansion of employee ownership. S. 2412 would promote employee ownership and employee participation in U.S. companies.

“Again, Senator Sanders has taken the lead to address issues that relate to increasing ownership shares among average pay Americans. The fact is that the Senator’s consistent support of broadened ownership is in sync with those who believe concentrated ownership does not increase American competitiveness, does not encourage productivity, and does not provide sustainable jobs,” said ESOP Association President, J. Michael Keeling.  “We also thank Senator Brown and Senator Leahy who have joined their colleague in support of employee ownership.”

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website - www.esopassociation.org and blog – www.esopassociationblog.org.

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