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Committee advances SB 713 to give procurement preference to employee‑owned construction firms
Summary
SB 713 would create a bid preference for construction contractors that operate employee stock ownership plans (ESOPs) on state‑funded construction contracts. Supporters said ESOPs promote retirement security and worker wealth; no opposition testified at the hearing and the bill was moved to Appropriations.
The Senate Transportation Committee voted to advance SB 713, which would create a bid preference in state‑funded construction contracting for firms that operate employee stock ownership plans (ESOPs).
Author Senator Valadares said ESOPs help working people build wealth and retirement security by providing ownership stakes in the companies they work for. Supporters included worker‑owners who described ESOPs as…
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