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Main Street Employee Ownership Act Signed into Law

Yesterday, as part of the Fiscal Year 2019 National Defense Authorization Act, the President signed into law the Main Street Employee Ownership Act. Originally introduced by Senator Gillibrand and Representative Velazquez, this bill is the culmination of many months of hard work by ASBC staff, members, and allies. Worker-owned companies can help spur local economic growth, as well as generate wealth and retirement savings across all income levels for their employees. Most importantly, this law will provide the necessary funding and technical assistance to assist companies transition to being worker-owned and realize these benefits.

ASBC would like to acknowledge our members and partners; it is because of their efforts and support that we were able to pass this important legislation. As many ASBC members are demonstrating, worker ownership is not only good for employees – it is also good for business and the economy. We want to thank the ASBC community, which through our Ownership4All campaign, has helped lead the nationwide movement for worker ownership. The goal is to advance innovative hybrid ownership models for an inclusive economy in every workplace sector. In particular, 1Worker1Vote, through its executive director, co-founder and ASBC board member Michael Peck, also Mondragon’s USA delegate, has been instrumental in coordinating grassroots organizing efforts. Other ASBC community members who have dedicated their support to this campaign include: NRS, New Belgium Brewing, Future State, EILEEN FISHER, Designing the We, Current-C Energy, Mosaic Creation, U.S. Federation of Worker Cooperative, The Honest Company, Trillium Asset Management, Rocky Mountain Employee Ownership Center, Certified Employee- Owned, SOL Economics, South Mountain Company, and Ibis Communications.

While we are very happy that the Main Street Employee Ownership Act is now law, we will continue our work to advocate for more legislation that increases the number of worker-owned companies in the United States.

Read more about our campaign.

Source Author: 
John B. Minor
Source Publication Date: 
August 14, 2018