Mike Honda: “as a Member of the Silicon Valley Congressional Delegation, I fully support H.R. 3574, the Stock Option Accounting…”

“as a Member of the Silicon Valley Congressional Delegation, I fully support H.R. 3574, the Stock Option Accounting Reform Act. This sensible and balanced legislation promotes corporate transparency while protecting broad-based employee stock option plans. Such plans are good for workers, good for business and good for our Nation! I would caution my colleagues against believing that stock options are bestowed upon a privileged few. A 2002 study concluded that 13 percent of American workers held stock options. That equals 14.6 million Americans, 85 percent of whom are in non-management positions. It is no wonder then that workers are some of the most vocal opponents to expensing of stock options. Just consider the comments submitted to FASB by one San Jose employee, ``I have never felt the same ownership as I do now because of stock options. I am not an executive in the company but a supervisor- level engineer. This sense of ownership is true even for the entry- level technicians who also receive options.'' Another high tech employee rightly concludes, ``Making stock options less available only hurts the little guys--your constituents.'' I ask my colleagues to act in the best interests of their constituents.”