ESOP Company Congressional Visits – Part 2

Part 2 of the Congressional visits story. Remember, if you’d like information on how to schedule a Congressional visit at your company, download a copy of The ESOP Association’s Congressional Company Visit Kit.

Don’t forget to share your stories with us, media AT esopassociation.org

Senator Amy Klobuchar Visits Douglas Machine, Inc.

On February 22, 2013, Douglas Machine had the honor of hosting Senator Amy Klobuchar for the purpose of ESOP awareness and education.

After a short meet and greet, CFO, Tom Wosepka, gave a presentation on Douglas’s history, products, and ESOP. The presentation led into a discussion on some of the regulatory hurdles Douglas and other ESOPs have been encountering in recent years. The Senator acknowledged these challenges and understood how they impact Douglas’s business. There was also discussion of S. 273, which would keep the DOL from redefining the term fiduciary as it relates to ESOPs. Senator Klobuchar’s staff indicated that they would work with her to consider co-sponsorship of the bill and the Senator co-sponsored the bill on March 6, 2013.

The Senator took a tour of a portion of the Douglas manufacturing facility and was able to discuss what it means to work at an ESOP company with employee owners, Julie Rubner and Andrew Freyholtz. Along the way she had brief discussions with numerous employee owners and saw some of Douglas’s equipment being tested prior to shipment. During this time the MN/Dakotas Chapter’s Government Relations Committee Co-Chair, Steve Storkan, gave the Senator’s aides a more in-depth understanding of the legislative activity surrounding ESOPs.

As the tour came to a close, the Senator was provided with detailed information on ESOPs and exchanged contact information for future dialogue with high hopes that the Senator will use her influence on Capitol Hill to advocate on behalf of ESOPs.

Senator Klobuchar meets with the employee owners of Douglas Machine, Inc.
Senator Klobuchar meets with the employee owners of Douglas Machine, Inc.

Thanks to MN/Dakotas Chapter Administrator Sue Crockett for sharing information with the Association.

Congressman Raul Labrador Visits Pacific Steel & Recycling

The following was forwarded to the Association by Dana Friede, Director of Marketing for Pacific Steel & Recycling in Great Falls, MT: “I wanted to let you know that Pacific Steel & Recycling hosted Congressman Raul Labrador as a visitor to its new steel sales and steel processing facility in Nampa, Idaho yesterday. Congressman Labrador toured our office and steel warehouse, observing our employee owners at work and asking them questions. He was interested in the concept of an ESOP and was familiar with the way it works. From what I’ve been told, he seemed very pro-business.”

An article about the visit appeared in the Idaho Press-Tribune.

Congressman Raul Labrador meets with the employee owners of Pacific Steel & Recycling.
Congressman Raul Labrador meets with the employee owners of Pacific Steel & Recycling.

Thanks to Northwest Chapter Administrator Donna Walseth for sharing information with the Association.

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