ASBC Statements in Support of the Main Street Employee Ownership Act

campaign reaches across all worker and employee ownership categories and practices to enable America's rising worker owners and their hosting communities to choose and enact the ownership models that best meet their aspirations. ASBC advocates for a leveled tax policy playing field offering an S-Corp ESOP-like corporate income tax exemption, and the ability to deduct both interest and principal on a worker cooperative loan. The Main Street Employee Ownership Act represents a solid step in this direction," said Michael Alden Peck, Executive Director and Co-founder, 1worker1vote.

"As a 100% employee-owned company, we see the value of investing in our employees and the positive impact it has on our community. Our business model works because more and more consumers are choosing to do business with companies that share their values. We commend Senator Gillibrand for introducing the Main Street Employee Ownership Act. This bill will allow more companies like ours the opportunity to become employee-owned and will help existing ESOPs raise money for expansion," said Ashley Peel, Marketing Coordinator at NRS, an outdoor supply company located in Moscow, ID.

"The best motivator to success is full engagement" said Shannon Adkins, CEO and President of Future State, a management consulting firm based in San Francisco. "That's why we're a 100% employee-owned company. Giving employees a seat at the table has made them more engaged and productive. As professional consultants, we also know the power of information. Giving business owners the knowledge they need to implement best business practices, like employee ownership, can be transformational. We support the Main Street Employee Ownership Act and are pleased to see it become law," she said.

April De Simone is Co-founder of designing the WE, which helps community economic development efforts incorporate local businesses and local entrepreneurship. She said, "Worker ownership helps keep profits local and rewards the local workforce, both vital strategies for building strong local economies. We are glad that Senator Gillibrand understands the need to support the many varieties of worker-ownership models. We need all players at the table to help build new engines of prosperity for all community members."

Worker ownership provides benefits across the economic spectrum: companies get workers who are more committed and productive and less likely to leave; employees get more responsibility, greater compensation, another source of retirement income; and communities get greater consumer spending and companies that don't relocate, keeping their wealth in place and creating long-term jobs.

ASBC's report, The High-road Workplace: Route to a Sustainable Economy, describes the benefits of high-road employment practices and public policies, including worker ownership. The report may be found here: https://asbcouncil.org/sites/default/files/asbc_building_the_high_road_report_2017.pdf.