Corey Rosen
Senators Steve Daines (R-MT) and Maggie Hassan (D-NH), along with a bipartisan group of cosponsors, have introduced the Promotion and Expansion of Private Employee Ownership Act of 2025 (PDF). This is a companion bill to H.R. 3105, introduced by Representatives Mike Kelly (R-PA, chair of the House Ways and Means Committee) and Jimmy Panetta (D-CA). The bill has four components:
Corey Rosen
The Senate Health, Education, Labor, and Pensions (HELP) committee unanimously voted to advance two pieces of proposed pro-ESOP legislation, making them eligible for full Senate consideration. It also incorporated the text of a third bill on ESOPs, while deferring action on two others.
Corey Rosen
The US House of Representatives Education and Workforce Subcommittee held a hearing on July 22, 2025, on transparency and oversight at the Department of Labor (DOL) Employee Benefits Security Administration (EBSA). The hearing, titled “Restoring Trust: Enhancing Transparency and Oversight at EBSA,” focused on alleged EBSA overreach in enforcing the Employee Retirement Income Security Act (ERISA). EBSA's enforcement includes audits, investigations, and litigation to ensure that companies comply with ERISA's requirements.
Corey Rosen
Emprise, a 100% ESOP-owned holding company that acquires and invests in middle-market consumer product companies, has acquired Nice-Pak Products through its portfolio company Vivos Holdings, LLC, creating one of the largest companies in its field. Emprise, which the company says stands for "employee" and "enterprise," includes a number of personal care companies, including Consumer Product Partners, Surefil, UpLift Brands, and Vi-Jon, as well as INSPR Labs, which provides research and analytical services for the personal care industry. Nice-Pak is a manufacturer of sanitizing wipes for personal care, babies and toddlers, homes, hospitals, and other users.
Corey Rosen
Patricia Hetter Kelso, a leading voice in the promotion of employee ownership and universal capitalism, died yesterday at 98. She was the intellectual and business partner, wife, and coauthor of numerous books on expanding capitalism with her husband, Louis Kelso. Louis Kelso developed the idea of the employee stock ownership plan (ESOP) in 1956. Patricia met Louis in 1963, and they married in 1980.
Corey Rosen
A new Massachusetts bill, "An Act promoting entrepreneurship through employee ownership," appearing in identical versions in the Massachusetts House and Senate as H. 503 and S. 305, respectively, would encourage small business owners to transition their firms to worker cooperatives. Companies must have at least three employees and meet the definition of a small business under Small Business Administration (SBA) standards. The sale must be to a worker cooperative or to an LLC or partnership that otherwise meets the requirements for worker cooperatives, including equal voting power for all employees who are designated as owners under the company’s bylaws. Profits must be distributed based on “patronage," defined as hours worked for the company.
Corey Rosen
Daniel Aronowitz, the nominee to head the Employee Benefit Security Administration (EBSA) in the Department of Labor (DOL), promised to “end the war on ESOPs.”
At Aronowitz’s June 5, 2025, confirmation hearing (the segment with Aronowitz starts at 35:30 in the video), Alaska Republican Senator Lisa Murkowski (who once worked for an ESOP company) noted that Aronowitz was “probably very familiar with the angst that has been expressed by some that ESOPs have been operating under a patchwork of litigation and there has been a need for a single clear regulatory definition of good-faith effort of valuation of ESOP stock.”
Corey Rosen
A bipartisan bill in the Minnesota Senate (Senate File 3520) would amend several provisions of Minnesota’s cannabis statute to allow ESOP companies to own cannabis businesses. Technical issues with the current licensing law make ESOP trusts ineligible to be owners. Similar legislation was recently enacted in Maryland.
Corey Rosen
Senator Bill Cassidy, M.D. (R-LA), chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, just introduced two bills to encourage ESOPs.
