Following speculation and legislative hearings featuring testimony from interested parties, the state of Washington has officially eliminated its employee ownership program. Signed into law on May 19 by Governor Bob Ferguson (D), HB 2047 disbands and defunds the employee ownership program initially launched in 2023. The program was cut for purely fiscal reasons, with hopes of improving the state's budget.
I was honored to testify on behalf of the employee ownership community on the benefits of employee ownership and am saddened at this result.