Tax Policymakers Introduce Bipartisan Bill in the Senate to Boost Retirement Security Through Employee Ownership

WASHINGTON, July 25, 2025 /PRNewswire/ -- Yesterday, Senators Steve Daines (R-MT) and Maggie Hassan (D- NH) introduced legislation in the Senate to facilitate the creation of more private employee-owned companies to generate stable jobs, build retirement wealth, and promote business growth. The Promotion and Expansion of Private Employee Ownership Act of 2025 (S.2461) would encourage S corporation business owners to form an Employee Stock Ownership Plans (ESOPs), especially when looking to transition ownership. Additionally, the bill would:

• Provide needed technical assistance for companies that may be interested in forming an ESOP;
  
  
• Assist small businesses that become ESOP-owned in retaining their SBA certification;
  
  
• Create an Advocate for Employee Ownership at the U.S. Department of Labor.

"As more Americans worry about retirement, employee ownership becomes a practical and bipartisan solution that could uplift millions of working families," said Stephanie Silverman, President and CEO of the Employee-Owned S Corporations of America (ESCA). "ESCA appreciates Senator Daines and Senator Hassan for their leadership and looks forward to continuing to work together to helping more Americans retire with dignity."

"ESOPs are beneficial to both employees and business owners by expanding ownership of the economy to the middle class and making it easier for folks to invest in retirement. I'm proud to lead this bipartisan bill with Senator Hassan to support Montana workers and businesses and make the American dream accessible for all," said Daines.

At introduction, Senators Daines and Hassan were joined by 12 original cosponsors: Sen. Marsha Blackburn (R-TN), Sen. Tina Smith (D-MN), Sen. Chuck Grassley (R-IA), Sen. Chris Van Hollen (D-MD), Sen. Thomas Tillis (R-NC), Sen. Bernie Sanders (I-VT), Sen. Todd Young (R-IN), Sen. Peter Welch (D-VT), Sen. James Risch (R-ID), Sen. Mazie Hirono (D-HI), Sen. Maria Cantwell (D-WA), and Sen. Jon Husted (R-OH).   

"Behind every successful business are employees who dedicate time and energy to their work, and employee stock ownership plans give workers a real financial share in the fruits of their efforts," said Senator Hassan. "This bipartisan legislation will make it easier for businesses to establish employee stock ownership plans, helping both Granite State workers and businesses get ahead and stay ahead."

About ESCA: ESCA, the Employee-owned S Corporations of America, is the voice in Washington, DC, which speaks exclusively for employee-owned S corporations ("S ESOPs") and advocates for their interests on Capitol Hill.

SOURCE The Employee-Owned S Corporations of America (ESCA)