Promotion and Expansion of Private Employee Ownership Act of 2023

Bill 118 s 2515, also known as the Promotion and Expansion of Private Employee Ownership Act of 2023, is a piece of legislation introduced in the US Congress. The main goal of this bill is to encourage and support the growth of private employee ownership in businesses across the country.

The bill includes provisions that aim to provide resources and assistance to businesses interested in transitioning to employee ownership models, such as employee stock ownership plans (ESOPs) and worker cooperatives. These models give employees a stake in the company and a say in decision-making, which can lead to increased job satisfaction and productivity.

Additionally, the bill seeks to expand access to financing options for businesses looking to implement employee ownership structures. This includes creating a loan program specifically for employee-owned businesses and providing technical assistance to help companies navigate the process of transitioning to employee ownership. Overall, the Promotion and Expansion of Private Employee Ownership Act of 2023 is designed to promote economic stability and prosperity by empowering workers and promoting a more equitable distribution of wealth within businesses. It is currently being debated in Congress and has garnered support from both Democrats and Republicans.