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Senate HELP committee advances bipartisan ESOP measures to expand employee ownership
Summary
The Senate HELP Committee voted unanimously to adopt amendments and manager's substitutes for bills clarifying ESOP valuation safe harbors, creating Department of Labor advisory structures, and supporting employee ownership centers.
The Senate Committee on Health, Education, Labor, and Pensions on Tuesday advanced multiple bipartisan measures aimed at expanding employee stock ownership plans (ESOPs) and other forms of worker ownership, adopting amendments and manager's substitutes and reporting the bills favorably out of committee.
Committee Chairman Bill Cassidy, chairman of the Senate HELP Committee, said the panel was "voting on bills to strengthen employee stock ownership plans, ESOPs, empowering workers to have a stake in their company and build wealth for themselves and their families." The measures moved include the Retire Through Ownership Act (S.2403) and the Employee Ownership Representation Act (S.1728).
The measures taken address valuation…
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