The ESOP Association reports that Senator Blanche Lincoln [D-AR], member of the Senate Finance Committee, has introduced on May 7, 2007, S. 1322, the ESOP Promotion and Improvement Act of 2007. The bill is similar to the proposed ESOP Promotion and Improvement Act of 2005.
A summary of the legislation may be found in The ESOP Association’s Spring 2007 Advocacy Kit, at http://www.esopassociation.org/members/pdfs/2007_Advocacy.pdf.
We respectfully urge all Association members to ask their U.S. Senators to co-sponsor S. 1322.
Having a significant number of Senators express publicly their support for ESOPs, both S and C, is the proven, most effective way to demolish cynical views towards ESOPs that support restrictions on employee ownership through ESOPs by eliminating current ESOP benefits for companies and employees.
S. 1322, if it becomes law, provides modest incentives for creation of more ESOPs, and modest improvements in the operation of current ESOPs.
Inquires about this legislative development may be directed to govrel@esopassociation.org.