(Washington, DC) - U.S. Senator Jeanne Shaheen, a senior member of the U.S. Senate Committee on Small Business and Entrepreneurship, helped introduce the Employee Equity Investment Act, which would make it easier for private companies to transfer ownership of the business to their employees. The legislation is led by U.S. Senators Marco Rubio (R-FL) and Chris Van Hollen (D-MD). Companion legislation was also introduced in the House of Representatives.
“Helping businesses transition to employee ownership supports local economies, maintains and creates quality jobs and helps to guarantee financial security for our workforce,” said Shaheen. “The Employee Equity Investment Act would help business owners transition to employees rather than selling and allowing those jobs to leave their communities. As a former small business owner, I know the importance of ensuring employees feel empowered and invested in their work.”
The Employee Equity Investment Act (EEIA) would utilize the SBA’s Small Business Investment Company (SBIC) program to expand employee ownership. These investment funds would assist with the process of selling a company to its employees, while also working to sustain and expand existing employee-owned firms. By providing loan guarantees on a zero-subsidy basis with fees paid for by the investment funds, access to employee ownership is expanded without costing taxpayers.
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