Bill to Create Presidential Commission on Employee Ownership Introduced

Cass Ballenger (R-NC), Rob Portman (R-OH), Nancy Johnson (R-CT) and Dana Rohrabacher (R-CA) have introduced H.R. 1778, the "Employee Ownership for the Twenty-First Century Act." The bill would establish a presidential commission on employee ownership to report on issues surrounding employee ownership within two years. The commission would have fifteen members, six from companies with an employee ownership trust owning at least 50% of the company (three from top management and three who are not from senior management), three academics, three employee ownership non-profits, and three from government. The bill also directs the General Accounting Office to study issues that can affect the creation of employee ownership companies.

At this point, it is far too early to assess prospects for the legislation. Portman has been a leader on issues concerning retirement reform, however.