ESOP Association Applauds Introduction of S. 2786

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May 07, 2018, 01:39 ET

WASHINGTON, May 7, 2018 /PRNewswire-USNewswire/ -- The ESOP Association applauds Senator Kirsten Gillibrand (D-NY) for introducing S. 2786, the Main Street Employee Ownership Act of 2018.

The legislation is the companion bill to H.R. 5236, which was introduced by Rep. Nydia Velazquez (D-NY) and passed unanimously by the House Small Business Committee in March. Sen. Gillibrand and Rep. Velazquez collaborated on the two pieces of legislation.

S. 2786 would provide $500 million in support of Employee Stock Ownership Plan (ESOP) programs and would operate through the Small Business Administration. The bill already has six additional sponsors—three Democrats and three Republicans.

ESOP Association President J. Michael Keeling thanked Sen. Gillibrand for her efforts to work with Republicans on this important legislation.

"Senator Gillibrand's bill and the sponsorship it has attracted shows that Democrats and Republicans continue to find common ground in supporting ESOPs and employee ownership," said Keeling. "Supporting employee owned businesses constitutes a great jobs policy because these companies are 7.3 times more likely to retain workers than conventionally owned firms."

Senator Gillibrand discussed S. 2786 while touring three employee owned companies that are ESOP Association corporate members: Syracuse Label & Surround Printing, Schenectady Steel Company, and Adworkshop Inc., in Lake Placid, NY. "Employee-owned businesses have a strong track record of better pay and retirement benefits for workers and a commitment to creating local jobs," said Sen. Gillibrand during her visits. "I will continue to fight as hard as I can in the Senate to pass my bipartisan legislation that rewards work and supports employee ownership around New York and the country."

About the ESOP Association

The ESOP Association is America's largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).

The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.

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SOURCE The ESOP Association