A press release from Congressman Randy Hultgren:
House Passes Hultgren Bill to Expand Company Ownership for Hardworking Employees
“We should be encouraging employee ownership from the board room to the shop floor.”
Washington, DC — Today, the House of Representatives voted 331-87 to pass the Encouraging Employee Ownership Act (EEOA), H.R. 1343, bipartisan legislation introduced by U.S. Representative Randy Hultgren (R-IL-14).
The bill aims to open up more opportunities for employees to share a stake in the companies they work for every day. EEOA cuts through red tape and eases the ability of companies to offer ownership to their hardworking employees.
Original cosponsors include Reps. John Delaney (D-MD-06), Steve Stivers (R-OH-15), Kyrsten Sinema (D-AZ-09), Brian Higgins (D-NY-26) and Tom MacArthur (R-NJ-03). Rep. Hultgren delivered a supporting statement on the House floor during debate:
“Today, I am pleased to speak in support of H.R. 1343, the “Encouraging Employee Ownership Act of 2017,” or EEOA. My legislation is based on a simple principle: Employees who own a stake in the company they work hard for every day want to see it do well, and will do their best to make sure that business succeeds. Their sense of ownership over details large and small makes a real difference to the bottom line and, just as importantly, to the quality of life of the employers and employees. When the company succeeds, the employee succeeds. The business in turn receives a large boost in productivity, enabling it to expand its reach and invest in new technology and equipment. EEOA would make it easier for companies in Illinois and nationwide to let hardworking employees own a stake in the business they pour their sweat into every day.”
“This idea championed in the JOBS Act – that the law should treat employee compensation securities differently than traditional securities – has not been extended to SEC Rule 701. My bill is a simple, bipartisan fix. EEOA raises the outdated threshold for enhanced disclosure from $5 million to $10 million, keeping pace with inflation every 5 years. We are taking something that is already working and making it available to more companies and more employees.”
“We should applaud employee ownership from the board room to the shop floor.”