Connecticut State Senate Introduces Bill to Promote Employee Ownership

Connecticut State Senator Donald Williams—the president pro tempore of the Connecticut senate—and Senator Martin Looney, both Democrats, introduced Committee Bill No. 3, "An Act Establishing an Employee Ownership Program to Promote Business Retention and Growth." The bill allocates up to $500,000 for a "community development corporation, regional economic development corporation or other nonprofit organization to establish and administer a program to encourage employee stock ownership plans and other forms of employee ownership in existing and start-up businesses."

The impetus for the bill is a meeting the NCEO arranged with Senator Williams to discuss how employee ownership legislation could benefit the state's economy. Attendees included Joe Quinn, the general counsel for the Connecticut Senate Democrats; Richard Orr, general counsel for the University of Connecticut and former BL Companies executive; Cecil Ursprung, former CEO of Reflexite Corporation; and employee-owners from Web Industries and BL Companies.