Dana Rohrabacher: “I rise as a reluctant supporter of the rule before us today because the bill, H.R. 3448, repeals a part of Ronald…”

“I rise as a reluctant supporter of the rule before us today because the bill, H.R. 3448, repeals a part of Ronald Reagan's legacy, a tax provisions that encourages the creation of employee owned companies where the employees own a majority of the stock in the company. Employee ownership, I call it workers capitalism, because it turns laborers into employee owners and gives them a stake in the American dream. We are talking about the opportunity of working Americans to share in the profit and success of their company and an opportunity they do not have as hourly wage earners. Employee ownership is a Republican idea. It is a Democrat idea. It is as American an idea as homesteading and homeownership. Years ago President Ronald Reagan teamed up with Democrat Senator Russell Long to craft laws promoting employee ownership. They set aside their partisanship to work together because employee ownership is a great idea. Now we are dismantling part of that great idea. H.R. 3448 repeals the section 133 ESOP lender interest exclusion.”