Bernie Sanders: Employee Stock Ownership Only Works With 'Strong Worker Protections' From DOL

Forbes Breaking News

During a Senate Health Committee executive meeting in July, Sen. Bernie Sanders (I-VT) spoke about the Retire Through Ownership Act.

Transcript

00:00With that, I'll ask members to raise the amendments they wish to discuss.

00:03I will say that we'll vote on each amendment as it is raised,

00:07that a proxy vote will stand for an amendment.

00:11All people need to be back here, at least on my side.

00:14You guys can take a powder.

00:17All my folks will have to be back here for final passage,

00:19and we will need you in your chair throughout that vote.

00:22But if you need to leave, because everybody has a lot of committees,

00:26then we'll let you know when it's coming back.

00:28We'll coordinate with you.

00:30Okay.

00:30With that, does anybody have an amendment they would like to raise?

00:34Oh, I'm sorry.

00:41S-2292, the over-the-counter monograph drug user fee amendments.

00:47S-1440, the Uniformed Services Leave Parity Act.

00:51S-2301, the Improving Care and Rural America Reauthorization Act.

00:56S-2398, the Kay Hagen-Tick Reauthorization Act.

00:59And S-2403, the Retire Through Ownership Act.

01:03And S-1728, the Employee Ownership Representation Act.

01:08I ask my colleagues to limit remarks to two minutes when discussing either of the bills or offering an amendment,

01:13as we have a lot to go through.

01:15And as a reminder, when discussing an amendment,

01:18please identify which amendment you are discussing by name and by number.

01:21Senator Sanders.

01:23Senator Sanders.

01:24Senator Sanders.

01:24I'll call up Sanders Amendment No. 1, S-2403.

01:32Mr. Chairman, in order for employee ownership to work,

01:35we need clear guidance from the Department of Labor and Strong Worker Protections.

01:39This amendment clarifies that the Department of Labor retains the right to promulgate new regulations

01:43around the valuation of ESOPs to protect workers

01:46and to make sure that fiduciary responsibilities still apply.

01:50I thank Senators Marshall and Cain, the authors of this amendment, for supporting this amendment,

01:56the authors of this legislation, for supporting this amendment,

01:59and I hope my colleagues can support it.

02:02Is there any discussion?

02:07Seeing no discussion, we'll move to vote.

02:10The Chairman will be voting aye.

02:11Please call the roll.

02:12Senator Paul.

02:18I do have my proxy votes.

02:20Right.

02:23Senator.

02:24You can do yes because we changed how we were doing that.

02:27Okay.

02:27So, Senator Yes is yes by.

02:33For an amendment?

02:34No, they waived it.

02:36We waived it.

02:36Oh, we waived it.

02:37Yep.

02:37For the information of everybody, the minority graciously waived the quorum requirement to allow us to proceed.

02:46Okay.

02:47Senator Paul.

02:49No, yes by proxy.

02:51Senator Collins.

02:55Yes by proxy.

02:58Senator Murkowski.

03:00Aye.

03:01Senator Mullin.

03:03Yes by proxy.

03:04Senator Marshall.

03:06No by...

03:06Yes by proxy.

03:09Senator Scott.

03:10Aye.

03:12Senator Hawley.

03:14Yes by proxy.

03:16Senator Tuberville.

03:16Aye.

03:18Senator Banks.

03:20Senator Houston.

03:22Aye.

03:23Senator Moody.

03:24Yes by proxy.

03:25Aye.

03:25Senator Sanders.

03:26Yes.

03:29Yes.

03:32Senator Murray.

03:33Aye.

03:34Senator Baldwin.

03:35Aye.

03:36Senator Murphy.

03:38Aye by proxy.

03:40Senator Kane.

03:41Aye by proxy.

03:42Senator Hassan.

03:43Aye by proxy.

03:45Senator Hickenlooper.

03:46Aye by proxy.

03:48Senator Markey.

03:49Aye by proxy.

03:50Senator Kim.

03:51Aye.

03:52Senator Blunt Rochester.

03:54Aye by proxy.

03:55Senator Ulster Brooks.

03:57Aye by proxy.

03:58Chairman Cassidy.

03:59Aye.

04:00I have 23 ayes.

04:03Zero nays.

04:05Okay.

04:06The amendment.

04:08The amendment passes.

04:09The amendment passes.

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