Support for ESOPs Surges in Congress

by The ESOP Association | May 29, 2018
Two key pro-ESOP bills receive a slew of sponsors in a busy week on Capitol Hill.

Legislatively speaking, last week was both busy and productive for ESOP companies. All told, seven members of Congress sponsored pro-ESOP legislation. In so doing, several of those members made their first public declarations of support for ESOPs.

Between May 21 and May 25, the pro-ESOP bill in the House—H.R. 2092—received four new sponsors:

  • Rep. John Ratcliffe (R-TX)
  • Rep. Robin Kelly (D-IL)
  • Rep. Filemon Vela (D-TX)
  • Rep. Bruce Poliquin (R-ME)

Representatives Ratcliffe, Vela, and Poliquin are first-time supporters of ESOPs.

On the Senate side, the companion bill to H.R. 2092—which is S. 1589—received three new sponsors:

  • Sen. Thom Tillis (R-NC)
  • Sen. Patrick Leahy (D-VT)
  • Sen. Heidi Heitkamp (D-ND)

Senator Tillis is a first time supporter of ESOPs.

As a result of these actions, H.R. 2092 now has 65 sponsors and S. 1589 now has 36 sponsors.

Over the course of this session of Congress, the ESOP community has gained 28 new supporters in total: 21 in the House and seven in the Senate.