Political Quotes

“Madam President, I wish to reiterate my longstanding support for employee stock ownership plans or ESOPs. During my time in the Senate, I have been dedicated to building on the lasting contributions of my Louisiana predecessors, including Senator Russell B. Long, who, as Chair of the Senate Finance Committee, championed tax provisions to encourage corporations to adopt ESOPs. Senator Long advocated for employee stock ownership as an ``issue that cuts across party lines in an attempt to bring out the best in our free enterprise system.'' He believed that ``it is only fair and right that those who work to make this economy succeed should have an opportunity to share in that success . . . [i]t is a matter of simple common sense and basic equity.'' I couldn't agree more. Designed to expand employee ownership of firms through stock distribution to employees, over time, ESOPs have a proven track record of encouraging capital expansion and economic equality for American workers. The National Center for Employee Ownership estimates that 11 million people are employed by the roughly 12,000 companies that have adopted ESOP and ESOP-like plans and estimates that ESOP participants have about 2.5 times the retirement assets of individuals who do not participate.…”