Bill > S1728

This bill expands representation and support for employee ownership in the United States by making several key changes. First, it increases the membership of the ERISA (Employee Retirement Income Security Act) Advisory Council from 15 to 17 members, specifically adding two representatives from employee ownership organizations. The bill also establishes a new Office of Employee Ownership within the Department of Labor, which will be led by a Director appointed by the Secretary of Labor and tasked with carrying out the Employee Ownership Initiative. Additionally, the legislation creates a new Advisory Council on Employee Ownership, consisting of seven members representing employees, companies with employee stock ownership plans (ESOPs), ESOP providers, and related associations. The bill further introduces an Advocate for Employee Ownership, who will serve as a liaison between various stakeholders, provide public education about employee ownership, help resolve disputes, recommend legislative changes, and submit annual reports to Congress about the state of employee ownership in the United States. The Advocate will work to promote and expand employee ownership practices, coordinate with other federal agencies, and help businesses explore employee ownership as a succession planning option.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/1728/all-info