Presidential Candidate Senator McCain Declares Support for Employee Stock Ownership Plans (ESOPs)

Posted by Aaron Juckett, CPA, CPC, QPA, QKA on Tue, Sep 23, 2008
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A press release announces that Republican Presidential Candidate Senator John McCain released a statement declaring his support for ESOPs:

WASHINGTON, Sept. 23 /PRNewswire-USNewswire/ -- Today, The ESOP Association was pleased to receive a statement by Republican Candidate for President, Senator John McCain, declaring his support for employee stock ownership through the employee stock ownership plan (ESOP) model. This statement was conveyed to The ESOP Association by a Senior Policy Advisor to the McCain-Palin Campaign. It reads as follows:

"For millions of Americans owning a stake in the company they work for is extremely rewarding. Many Americans are able to 'work for themselves' through their participation in Employee Stock Ownership Plans (ESOPs). These broadened ownership plans allow American workers the ability to participate directly in the growth and success of the companies for which they work.

About 90 percent of ESOPs are in small businesses with less than 500 employees. We all know that small and entrepreneurial businesses are the lifeblood of the American economy. These businesses that are often unable to match the substantial health care and other benefits that are normally provided by major corporations, due to the cost, are able to provide employees increased retirement benefits and stable employment because of ESOPs. Research has shown that ESOP-owned companies are usually more productive and profitable than other companies, as well as having better survival rates.

For these reasons, I am proud to support ESOP-owned companies and the role they play in the American economy. As President, I would endorse efforts to learn from the successes of ESOP companies and see how their positive impact can be expanded."

The President of The ESOP Association, J. Michael Keeling, had this comment in response to Senator McCain's statement:

"Senator McCain's statement will be welcomed with gratitude by the ESOP community. The Senator is the first candidate for the highest office in our nation to endorse employee ownership through an ESOP and to pledge support for these important national polices since former President Ronald Reagan. Senator McCain's statement wasn't demanded by any interest group or spurred by any questionnaire. He is committed to these goals, and The ESOP Association will share his statement with its 2,500 members and the one million ESOP participants working for Association members. Again, I emphasize that The ESOP Association welcomes Senator McCain's commitment to this cause."

The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy.

Topics: legislation, ESOP, employee stock ownership plan

Aaron Juckett, CPA, CPC, QPA, QKA
Written by Aaron Juckett, CPA, CPC, QPA, QKA

Aaron is President and founder of ESOP Partners and provides implementation, administration, and consulting services to hundreds of companies. He is a member of The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO).

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