Husted joins bipartisan bill to boost Americans’ retirement savings and support businesses

August 19, 2025
“An ESOP is good for employees and local communities because it gives workers an ownership stake that builds retirement and job security, while keeping businesses rooted locally and strengthening community prosperity.”
WASHINGTON – Sen. Jon Husted (R-Ohio) has joined Sens. Steve Daines (R-Mont.) and Maggie Hassan’s (D-N.H.) Promotion and Expansion of Private Employee Ownership Act of 2025. This bipartisan bill would increase employees’ retirement savings by removing tax and regulatory barriers that prevent S corporations from shifting the ownership of a business to its employees through Employee Stock Ownership Plans (ESOPs). This shift gives employees a direct stake in the business and a stronger path to retirement security.

“An ESOP is good for employees and local communities because it gives workers an ownership stake that builds retirement and job security, while keeping businesses rooted locally and strengthening community prosperity,”said Husted.“It’s good for Ohio small business-owners, their employees and communities when a company is sold to employees rather than private equity firms that have no stake in the community.”

Research shows that47%of U.S. private sector workers do not have an employee-sponsored retirement account. ESOPs provide a qualified retirement plan to all participating employees by offering retirement income and tax advantages.

The bill would:
Full text of the bill is availablehere.