Resolution

The ESOP Association Applauds Introduction of Resolution Supporting Employee Ownership through ESOPs by Congressmen Maurice Hinchey and Dana Rohrabacher

Congressmen Maurice Hinchey (D-NY) and Dana Rohrabacher (R-CA) introduced on April 24, 2008 House Concurrent Resolution 333, which expresses continued support for employee stock ownership plans (ESOPs) in the U.S.

J. Michael Keeling, President of The ESOP Association, had this to say about the Resolution: I welcome the bi-partisan efforts of Congressman Maurice Hinchey (D-NY) and Congressman Dana Rohrabacher (R-CA). The leadership of these House senior members to reiterate the thirty plus years of support for employee ownership through ESOPs is important. Clearly change is in the wind but a commitment by Congress to a fair and more equitable form of ownership is as important in the 21st century as in the 20th. On behalf of the 2,500 plus members of The ESOP Association, I urge all members of Congress to co-sponsor this resolution. Research has consistently shown that employee owned companies are high performing, have better sales, and provide more retirement savings compared to their non-ESOP counterparts.

To view a copy of House Concurrent Resolution 333, please visit http://thomas.loc.gov/ Then enter H.CON.RES.333 in the Search Bill Text box and also check the bullet circle by the "Bill Number".

If you have questions about how to contact your member of Congress about co-sponsoring this Resolution, please visit, http://www.esopassociation.org/, and download a copy of the Advocacy Kit, http://www.esopassociation.org/pdfs/Spring_08_Advocacy_Kit.pdf, and a copy of the Congressional Company Visit Kit, http://www.esopassociation.org/pdfs/Congressional_Visit_Kit_Spring08.pdf for more information. If you have any questions about the Resolution, please send an email to govrel@esopassociation.org.

We have included the text of the Resolution below for your convenience.

Expressing continued support for employee stock ownership plans. (Introduced in House)

HCON 333 IH

110th CONGRESS

2d Session

H. CON. RES. 333

Expressing continued support for employee stock ownership plans.

IN THE HOUSE OF REPRESENTATIVES

April 24, 2008

Mr. HINCHEY (for himself and Mr. ROHRABACHER) submitted the following concurrent resolution; which was referred to the Committee on Education and Labor

CONCURRENT RESOLUTION

Expressing continued support for employee stock ownership plans.

Whereas in the Employee Retirement Income Security Act of 1974, Congress codified a technique of corporate finance which utilizes employee stock ownership, officially named an employee stock ownership plan (ESOP);

Whereas in the 33 years since the statutory recognition of ESOPs, there have been ample data collected by objective research indicating that the vast majority of corporations sponsoring employee stock ownership through ESOPs are high performing companies that, among other indicia of high performing companies, have better sales, are more sustainable, pay better, and provide more retirement savings compared to similar companies that are not employee-owned; and

Whereas Congress, in more than 15 laws since 1974, has made it explicit that ESOPs are to serve the dual purpose of providing retirement savings and stock ownership for employees, as well as being a financing technique for corporations: Now, therefore, be it

Resolved by the House of Representatives (the Senate concurring), That Congress expresses its continued support for employee stock ownership plans.

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