Lori Chavez-Deremer, the recently confirmed Labor secretary, held the keynote address on Friday at the National Conference of the Esop Association (TEA) in Washington, DC. It was her first public speech that has been directly related to retirement since it was confirmed.
Chavez deremer was formerly the representative of Oregons 5TH District and was strongly supported by tea to lead the Labor Department of Labor (DOL). Chavez-Deremer is known for being familiar with the employees of employee shares (ESOP), and presented Bob's Red Mill, a large ESOP in her former district, with members.
The secretary said that “I want you to know that the Trump administration recognizes the actual transformative power of employees of employees.” With regard to regulations and enforcement measures that were rejected by the ESOP community, she added: “We are here to reverse the culture of harassment that affected the growth of the ESOPs.
In the last days of the bidges administration, the employees of the employees of Benefit Security Administration (EBSA) proposed a regulation on the definition of “appropriate consideration” or an appropriate procedure for evaluating shares in an ESOP. This proposal was rejected by tea in a way.
The Trump government withdrew this proposal. In the event of a new proposal, Chavez deremer explained: “We appreciate your comments through this process” and the DOL should promote the ESOPs for “rather discouraging”.
She expressly raised the law on the participation in equity investment, a legislative template that proposed the last congress, “facilitating companies to change the owner of the employees”. A similar draft law, the law on American property and resilience, was proposed and would create an investment facility to support the financing of the ESOP acquisition.
“I understand how bad regulation and misguided agency agents can directly affect business success,” said the secretary. “It is my mission to support them and not to forget them.”
“We know that if you have a voice and a share, we know more in the mission, the result and future of your company,” said Chavez deremer. She noted that Esops “have more than 2 trillion US dollars of assets of 2 trillion US dollars” and “the Ministry of Labor in this mission is with them”.
“Together we will ensure that ESOPs support and thrive.”
Photo loan: Cheyenne Arnold, the Esop Association