The ESOP Association Congratulates Lori Chavez-DeRemer on Her Bipartisan Senate Confirmation as U.S. Secretary of Labor

The U.S. Senate today confirmed Lori Chavez-DeRemer to be Secretary of Labor in a bipartisan vote of 67-32. Democratic Senators Bennet (CO), Cortez Masto (NV), Gallego (AZ), Hassan (NH), Hickenlooper (CO), Kaine (VA), Kelly (AZ), Klobuchar (MN), Ossoff (GA), Peters (MI), Rosen (NV), Schiff (CA), Shaheen (NH), Slotkin (MI), Warner (VA), Warnock (GA), and Whitehouse (RI) voted to confirm Chavez-DeRemer. She will formally be sworn into office on Tuesday March 11 during a ceremony at the White House.

“On behalf of the membership of The ESOP Association, I would like to give my most heartfelt congratulations to Lori Chavez-DeRemer on her bipartisan confirmation today. There is a lot of work that can be done quickly to make business ownership a part of every American’s retirement security and we look forward to working with Lori to accomplish that,” said James Bonham, President and CEO of The ESOP Association. “It is important that our new Secretary of Labor has the necessary support to rapidly move forward. To that end, we also ask the Senate to quickly confirm Daniel Aronowitz as Assistant Secretary for EBSA so we can begin the process to unleash the power of ownership and participatory capitalism through ESOPs.  The time has come to end the bureaucratic bias against and harassment of ESOPs that has resulted in millions of Americans being denied the opportunity to own an interest in the companies where they work.”

While serving in Congress, Chavez-DeRemer demonstrated a strong and meaningful interest and understanding of ESOPs and the power that employee ownership brings to job security, retirement security, and local economies. Since President Trump announced Chavez-DeRemer as his Labor Secretary nominee, The ESOP Association has undertaken a comprehensive campaign in support of her nomination including paid advertising, direct engagement with Senators and staff, and mobilization of the Association’s 30,000+ grassroots advocates. 

There are more than 6,700 businesses in the U.S. with an Employee Stock Ownership Plan. Collectively, employee-owned companies represent more than $2 trillion of wealth-producing assets and over 14 million American households. In addition to regular wages and benefits, ESOPs also distribute over $175 billion to employee owners each year in plan payouts as employee-owners retire or depart their companies.

“President Trump and Secretary Chavez-DeRemer understand it’s possible to be pro-business and pro-worker, and ESOPs offer tremendous advantages for both,” said Bonham. “Working together, we hope to end the DOL’s war against ESOPs once and for all and enable more American workers to experience the life-changing benefits of employee ownership.”