The ESOP Association Launches Paid Media Campaign to Support Lori Chavez-DeRemer’s Confirmation as U.S. Secretary of Labor

The ESOP Association, the only comprehensive national trade association representing businesses owned fully or partially by an Employee Stock Ownership Plan (ESOP), launched a targeted paid media campaign this week in support of Lori Chavez-DeRemer’s confirmation to be Secreatary of Labor. The campaign will be sustained through her confirmation vote.

“Lori Chavez-DeRemer has a strong record of pro-business and pro-worker leadership, which is exactly what we need at the Department of Labor,” said James Bonham, President and CEO of The ESOP Association. “She understands our businesses and recognizes the value ESOPs contribute to our economy. She should be swiftly confirmed as Secretary of Labor with bipartisan support, and we encourage all Senators to vote in favor of her confirmation.”

The ESOP Association is advertising on multiple national and congressional focused digital platforms this week to coincide with Chavez-DeRemer’s Senate confirmation hearing, scheduled for 10:00 a.m. ET on Wednesday, February 12. The Association is asking Senators to help end the regulatory uncertainty ESOPs have faced for decades by confirming Chavez-DeRemer, who was a champion of ESOP businesses during her time in the U.S. House of Representatives. 

“ESOPs need a leader who will work to overturn the longstanding bias against ESOPs embedded in the career bureaucracy and instill fairness and common sense at the DOL,” said Bonham. “Lori Chavez-DeRemer is the kind of leader that can drive the regulatory and cultural change we need at EBSA so more Americans can benefit from holding an ownership stake in their places of employment. When ESOPs flourish, they create new jobs in our communities and build wealth and financial security for millions of Americans.” 

In addition to paid advertising, The ESOP Association is also mobilizing its 30,000+ grassroots advocates and engaging with key Senators and staff. In January, volunteer leaders from The ESOP Association’s 19 chapters nationwide visited 95 U.S. Senate offices to inform their elected officials about why Chavez DeRemer’s nomination is of vital importance to ESOPs. 

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.

For more information, please visit The ESOP Association’s dedicated site, www.esopassociation.org/confirmlcd.