Rep. Loudermilk (R-GA) issued the following statement after voting to get rid of red-tape holding companies back from giving employees more opportunities to own company shares:
“Sharing the profits of business with employees is a proven business model that benefits both the company and its employees. However, the government has made it increasingly difficult for businesses to offer stock to their employees, piling costly reporting requirements and bureaucratic red-tape upon these employers.
“This bill gives regulatory relief to many businesses, and is a perfect example of the kind of thing we can do in Congress to help rebuild a bottom-up, organic economy that made America great in the first place.”
Background
The Encouraging Employee Ownership Act, H.R. 1343, encourages companies to attract and retain employees by offering incentives for employees to have a stake in the company they work hard for every day.