The ESOP Association was pleased to receive this statement from the current Republican candidate for U.S. Senate in the state of Virginia, former Virginia Governor, George Allen, declaring his support for ESOPs. Governor Allen is the second U.S. Senatorial candidate that has declared his support for ESOPs in the past months following Indiana State Treasurer Richard Mourdock who is running for a U.S. Senate seat in Indiana.
We welcome Governor Allen’s commitment to the ESOP community. The statement follows:
“I have long been a strong supporter of ESOPs and co-sponsored two major bipartisan ESOP bills when I served in the U.S. Senate — the ESOP Promotion and Improvement Acts of 2004 and 2005. In my view, employee ownership and incentives are truly positive principles. It makes a great deal of sense that having employees actually own part of the company is powerful — motivation because they share in its success.
“Research continues to confirm the strength of ESOP companies, which have been a bright spot in the current weak economy. Research also confirms what I have observed from the time I was Governor of Virginia and what Ronald Reagan discovered in the 1970s, that the increased productivity of employee-owners helps profitable ESOP companies generate new jobs and build a healthy economy.
“From Tidewater to Southside and Southwest Virginia to the Shenandoah Valley and Northern Virginia, thousands of employee-owners of ESOP companies have benefited for many years from a ‘piece of the action.’ If I have the honor and privilege of again serving Virginia in the U.S. Senate, I will work to see that ESOPs play an even more significant role in U.S. economic policy and I will continue to support legislation that promotes and improves ESOPs.”