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Panel moves bill to give state contracting preference to employee‑owned firms
Summary
SB 713 would create a bid preference for construction contractors that operate employee stock ownership plans (ESOPs) on state‑funded contracts; proponents said ESOPs improve retirement security and local economic stability.
Senator Valadares presented SB 713, which would provide a bid preference on state‑funded construction contracts to companies that operate employee stock ownership plans (ESOPs). The bill follows prior state work on worker ownership and is intended to expand wealth building for employees.
Worker‑owners spoke in support. Joseph Lewis, a general superintendent at Pavement Recycling Systems and 100‑percent employee‑owned company, said the ESOP restored retirement security for his family: "Employee ownership... gave me back my vision and my goal to support myself and my family and give us our dreams back." Stephen Ward, who sold his small business to an ESOP 23 years ago, described improved retirement outcomes for employees and urged the committee to support the approach.
No opposition witnesses registered at the hearing. Vice Chair Strickland moved SB 713; the committee voted to report the bill to Appropriations. The motion passed on roll call and the measure was left on call for absent members.
