Rep. Phillips Poses ESOP Question During House Small Business Committee Budget Hearing

Today, during a Small Business Administration Budget Hearing, Rep. Dean Phillips (MN-3) engaged Administrator Isabel Guzman of the Small Business Administration on the issue of employee ownership.  Rep. Phillips is a member of the House Small Business Committee who is a former businessman with a family history of employee ownership. 

Rep. Phillips describes employee ownership as “the American Dream” and inquires how the SBA might “do better to reduce barriers to employee ownership and to promote the concept” as well as “educate business owners, especially as it relates to succession planning.”   Rep. Phillips then asks what Congress might do in partnership with the SBA to help promote employee ownership.      

Administrator Guzman, a supporter of employee ownership dating back to her time in California, provides thoughts and details about how Congress and the SBA can work together in this regard.

The ESOP Association was pleased and excited when Administrator Guzman attended and spoke at our National Conference in Washington, DC last year, and greatly appreciates her outlook and support for employee ownership.     

Representative Dean Phillips question starts at minute 34 of the hearing.