The Employee Ownership Act of 1999

The Employee Ownership Act of 1999

"The Employee Ownership Act of 1999" (H.R. 1462) was a bill introduced in the United States House of Representatives drafted by Coronado, California Republican Dana Rohrabacher. The bill's stated purpose was to influence businesses (through tax incentives) to offer their employees ownership and control of the companies they work for. The bill states, "It is the policy of the United States, that by the year 2010, 30 percent of all United States corporations are owned and controlled by employees of the corporations." [] The U.S. Senate was considering a similar bill at the time. [] The bill was introduced on Apr 15, 1999, but the 106th congress did not debate nor vote on this bill. Thus, it did not become law.

Congressman Rohrabacher has been a long time supporter of Employee-owned corporation (ESOPs). This bill would have created a new kind of corporation under the law, the Employee Owned and Controlled Corporation (EOCC). The three primary characteristics of these EOCCs would have been:
*Employees would own at least 50% of all voting stock in the form of an employee trust. At least 90% percent of employees who worked more than 1000 hours a year would have to be allowed to participate in this trust.
*Employees would be allowed to vote on all corporate issues, including board elections.
*Distribution and valuation rules correspond to existing ESOP rules.

The bill had 36 co-sponsors in the House, which included members from both sides of the isle. These included Marcy Kaptur (D-OH), Dennis Kucinich (D-OH), Harold Ford, Jr. (D-TN), Collin Clark Peterson (D-MN),Mary Bono (R-CA), Gary Miller (R-CA), Lindsey Graham (R-SC) and current Republican presidential candidates Ron Paul of Texas and Tom Tancredo of Colorado. [] []

External links

* [ HR 1462,] Full text and bill status
* [ HR 1462, Library of Congress] Full text

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Employee ownership — occurs when a corporation is owned in whole or in part by its employees. Employees are usually given a share of the corporation after a certain length of employment or they can buy shares at any time. A corporation owned entirely by its employees …   Wikipedia

  • Employee Democracy — articleissues cleanup=August 2008 tone=August 2008 refimprove=August 2008Employee Democracy is a term initiated by Dean Adams Curtis to combine the concept of the employee owned corporation with the ideas underpinning workplace democracy,… …   Wikipedia

  • The Office (U.S. TV series) — The Office Genre Sitcom Mockumentary Created by Ricky Gervais Stephen Merchant …   Wikipedia

  • The Fellowship (Christian organization) — For other groups of similar name, see The Fellowship. Fellowship Foundation Formation 1935 Headquarters Cedars, a mansion in Arlington, Virginia[1] Associate Director Douglas Coe …   Wikipedia

  • The Rolling Stones — Rolling Stones redirects here. For other uses, see Rolling Stones (disambiguation). The Rolling Stones Mick Jagger, Keith Richards, Ronnie Wood, Charlie Watts …   Wikipedia

  • Emergency Economic Stabilization Act of 2008 — This article is about one division of an enacted statute. For the entire statute, see Public Law 110 343. For the enacted rescue program, see Troubled Asset Relief Program. The Emergency Economic Stabilization Act of 2008 (Division A of Pub.L.… …   Wikipedia

  • Copyright law of the United States — The copyright law of the United States governs the legally enforceable rights of creative and artistic works under the laws of the United States. Copyright law in the United States is part of federal law, and is authorized by the U.S.… …   Wikipedia

  • Gramm-Leach-Bliley Act — The Gramm Leach Bliley Act , also known as the Gramm Leach Bliley Financial Services Modernization Act , USStatute|106|102|113|1338|1999|11|12, is an Act of the United States Congress which repealed part of the Glass Steagall Act, opening up… …   Wikipedia

  • Automotive industry in the United States — The American automobile industry began in the 1890s and rapidly evolved into the largest automotive producer in the world through the use of mass production. The United States was the world s leader amongst motor vehicles main manufacturers many… …   Wikipedia

  • Copyright law of the United Kingdom — The modern concept of copyright originated in the United Kingdom, in the year 1710, with the Statute of Anne. The current copyright law of the United Kingdom is to be found in the Copyright, Designs and Patents Act 1988 (the 1988 Act), as amended …   Wikipedia