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Virginia has joined North Carolina and Minnesota in allowing professional corporations to form ESOPs. There are, however a number of requirements. First, the law applies only to accounting, engineering, architecture, land survey, and interior design firms. Medical and law practices are excluded.

The Commonwealth Competition Council and the Secretary of Administration in Virginia have issued a report that recommends the state enact legislation to promote the use of ESOPs in the private sector and in the process of privatizing state-owned or operated entities.

Employee-owned National Van Lines produced a video, featuring the stories of its former owners and its current employee-owners.

The February 7 issue of the Wall Street Journal has a full page of articles on ESOPs. The story was the result of a suggestion to Journal reporters from the NCEO.

Most economists have long argued that as productivity goes up, so do wages and, ultimately, employment. Therefore, if technology increases productivity, more people will be working for more money. Since the industrial revolution, this notion has been well confirmed by actual experience.

By a unanimous vote, both chambers of the Washington State Legislature have passed S.B. 5096, “An act relating to expanding employee ownership.” On May 9, Governor Jay Inslee signed the bill.

A majority of the members of the House Ways and Means Committee have written a letter to the committee's chair and ranking minority member opposing President Clinton's budget proposal to eliminate the UBIT exemption for ESOPs in S corporations.

We the Owners, a documentary about employee ownership in the United States, has been officially selected to screen at the California Independent Film Festival next week, marking the seventh film festival for which it is a selection.

Attendees at our annual conference saw the unveiling of the 4:30-minute trailer of the new film We the Owners: Employees Expanding the American Dream. The trailer is now available to the public at www.wetheowners.com

New data show that the gap in income and wealth between the rich and poor has continued to increase. According to New York University economist Edward Wolff, in 1977, 43.2% of the households owned stock, but 90% of the shares were owned by the top 10% of the shareholders.