U.S. Sen. Bill Cassidy (R-LA) on Oct. 10 applauded action by the U.S. Senate to approve his bill to strengthen Employee Stock Ownership Plans (ESOPs) in which stock in the company is held collectively by the company’s employees and often supplements a 401(k).
“Every American deserves to retire with dignity and security,” said Sen. Cassidy. “By strengthening ESOPs, we empower workers to have a stake in their company and build wealth for themselves and their families.”
The Senate on Oct. 9 approved the Employee Ownership Representation Act of 2025, S. 1728, which Sen. Cassidy sponsored on May 13 to expand the membership of the Advisory Council on Employee Welfare and Pension Benefit Plans to include two representatives of employee ownership organizations.
The advisory council generally advises and makes recommendations to the U.S. Department of Labor about the department’s functions under the Employee Retirement Income Security Act of 1974 (ERISA), according to the Congressional Record bill summary.
If enacted, S. 1728 would add the two new ESOP board members to the ERISA Advisory Council to advocate for the interests of employee-owned companies, according to Sen. Cassidy.
The U.S. Senate Health, Education, Labor, and Pensions Committee, which Sen. Cassidy chairs, approved S. 1728 on Sept. 11. The bill now heads to the U.S. House of Representatives for action.