Telling Our Story: ESOP Advocacy Day 2025

The ESOP Association’s 2025 ESOP Advocacy Day was a powerful display of grassroots energy, dedication, and the growing influence of ESOPs and employee ownership. On Wednesday, May 14, over 250 employee owners, company leaders, and professionals from across the country traveled to Washington, D.C., to meet with Members of Congress and their staff. Their goal was clear: advocate for policies that will protect and expand ESOPs. These volunteer advocates gave their time, their voices, and their stories to help make a difference. ESOPs across the country will benefit from their success for years to come. 

During their meetings on the Hill, attendees focused on four key policy priorities. 

• Regulatory Clarity: Advocates urged Members to support a strong and clear Department of Labor rulemaking on adequate consideration that replaces conflicting guidance and provides clarity for ESOP valuations. They also encouraged support for two House bills — H.R. 2869, which increases transparency around long investigations, and H.R. 2958, which would bring visibility to DOL’s common interest agreements — as well as the swift confirmation of Daniel Aronowitz as Assistant Secretary for EBSA.
• 404 and 415 Limits: Advocates asked Senators to support S. 1727, Senator Cassidy’s bill to ensure ESOP contributions are excluded from restrictive IRS limits, which would remove unnecessary barriers to building retirement security.
• American Ownership and Resilience Act (AORA): Advocates promoted the bipartisan American Ownership and Resilience Act (AORA), which would unlock access to private capital for companies transitioning to employee ownership and existing ESOPs.
• Private Equity Awareness: Finally, they called on Congress to view attempts to weaken ESOP protections, especially proposals that subsidize private equity stock bonus plans under the guise of ESOPs, with deep skepticism.

Advocates from all walks of life were united on ESOP Advocacy Day by their belief in the power of employee ownership. After participating in the ESOP Advocacy Academy the day before, they were well-prepared to speak confidently about the policy issues. Even first-time advocates had experience practicing their pitch with their groups. However, advocates didn’t need to practice to make the most impact in Congressional meetings, they just had to tell their ESOP story. 

One of those advocates was a single mother who told lawmakers how difficult it had been to save for retirement through her 401(k) early in her career. Without her ESOP, she said, she would have had little retirement savings and no idea when she could retire. But because of her ESOP, she is now on track to retire as a multi-millionaire. That’s a story that everyone in the room will remember. 

Some meetings turned into unforgettable moments. In the Maryland group’s meeting with Sen. Chris Van Hollen’s staff, advocates asked whether they could thank him in person for being the lead cosponsor of AORA. Minutes later, the Senator himself walked in to thank them for their work. When advocates met with staff from Rep. Eric Swalwell’s office, the Congressman surprised them by joining the meeting to say, “I heard you were talking about ESOPs. I love ESOPs!”

Moments like these are what make Advocacy Day so fun! Members of Congress from both sides of the aisle take time out of their packed schedules to meet with employee owners because your stories matter. Thanks to the passion, preparation, and persistence of more than 250 advocates, ESOPs had a strong and unified presence on Capitol Hill. The ESOP Association is deeply grateful for your time and dedication. We are committed to building on this momentum with you in the months ahead.