Pennsylvania Senate Passes Employee Ownership Resolution

On October 6, the Pennsylvania Senate approved a resolution supporting employee ownership, noting that ESOPs provide an "effective tool for companies going through ownership transition by preserving their companies and jobs through employee ownership rather than closing or selling them to out-of-state or foreign buyers." Senator Stewart Greenleaf, speaking on the floor of the Senate, argued that "ESOPs prevent American jobs from being moved overseas, and ESOP businesses are far less likely to lay off employees during a recession." The employee-owners of NewAge Industries hosted Sen. Greenleaf earlier in the year.