Employee ownership is continuing to see support in Congress, coming off two huge wins in the U.S. Senate. This time the House Appropriations Committee is considering a bill that would continue to direct the Small Business Administration to act in support of employee ownership. This effort continues the drumbeat in Congress, led by The ESOP Association, supporting employee ownership. Details are below.
The House Appropriations Committee will soon consider the Financial Services and General Government Appropriations bill, one of several annual bills needed to set funding levels for federal agencies. Like most legislation, this bill is accompanied by a committee report which outlines spending directives and instructions from Congress to various federal agencies. This particular bill funds the Small Business Administration (SBA) and, similar to last year’s version (now law), the committee report includes language supporting employee ownership and directing the SBA to take several actions that help promote it. Additionally, the SBA is directed to help address business succession planning, something desperately needed as the baby boom generation departs the workforce, but which provides a key opportunity for transitioning more small businesses to ESOPs.
You can read the committee’s report language by downloading the Appropriations Bill PDF to the right.
The ESOP Association is urging those in the districts of House Appropriations Committee members to act by contacting their Member of Congress to show support. Once the bill passes through the committee, it could proceed to the full House of Representatives for consideration. This effort is a great way to raise awareness among lawmakers of ESOPs, help them realize the critical role of the SBA, and direct resources and investments into employee ownership.
To stay on top of the latest activity in Washington, DC and receive regular public policy updates, please take a moment to sign up for the Employee Ownership Action Network (EOAN), which is the Association’s free grassroots advocacy network. EOAN is your best place for information on the policies that affect your ESOP. To join, click here.