House Small Business Committee Chairman Steve Chabot, R-Cincinnati, said such companies have been bright spots in the economy.
“Our economy works best when America’s entrepreneurs are free to make their own decisions, take their own risks and run their businesses as they see fit – free from government interference,” Chabot said. “That is exactly what employee stock ownership programs – or ESOPS – do.”
Jay Hardy, president of Hardy Diagnostics, a laboratory company that became fully employee owned last year, said his company has grown by 78 percent since then. “The numbers speak for themselves,” he said.
The company has a manufacturing presence in Warren County.
“We hear a lot of talk about income inequality and capitalism being good only for the privileged one percent,” he said. “Why can’t capitalism be accessible for all American workers by owning a portion of the companies that they work for.”