A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Became Public Law No: 119-124.
Became law
Passed both chambers and was signed by the President, or became law without a signature.
Nothing more in Congress: it is law. When it takes effect depends on the dates written into it — some parts start at once, others a year or more later.
Its path through Congress
- Introduced
- Passed Senate unanimous consent
- Passed House 401–14
- To President
- Became Law
The Senate by unanimous consent (no one objected, so there was no vote): no senator's position on it was recorded.
What this bill would do
This bill is known as the Retire through Ownership Act. It amends the Employee Retirement Income Security Act of 1974. The main purpose is to provide a clear definition of adequate consideration for certain closely held stock. It allows a fiduciary of an employee stock ownership plan to rely in good faith on a valuation provided by an independent valuation expert or business appraiser. This valuation must rely on specific principles and methodologies set forth in Internal Revenue Service Revenue Ruling 59-60. The amendments apply to determinations made on or after the date of enactment of this Act.
Yes· 3 of 4
- Scored +4
Would people over 65 be better off under this?
The act benefits retirees by clarifying the valuation process for employee stock ownership plans.
- Scored +4
Would retired people be better off under this?
Improving the clarity of stock valuation for ESOPs supports more stable retirement transitions.
- Scored +3
Would business owners be better off under this?
Providing clearer valuation standards helps owners of closely held businesses transition ownership through ESOPs.
The opposite
- Scored -2
Does this give the federal government more power?
The bill restricts the expansion of the Secretary's regulatory authority.
What Congress actually voted on
One recorded vote has been taken on this bill.
- The House: a fast-track vote, needing two-thirds to pass The House sets aside its normal procedure to move quickly: no amendments, little debate, and a two-thirds bar instead of a simple majority. It is used for measures expected to be uncontroversial, so a bill that fails here failed despite broad expectations that it would not. Passed 401 yes · 14 no
09/16/2026 · Roll call 314 · recorded as “On Motion to Suspend the Rules and Pass”
Who it would affect, and how
Potential Positive Impacts for People
-
Good Faith Reliance on Valuations: Under Section 2, adding new section (b)(i) allows a fiduciary of an employee stock ownership plan to make a good faith reliance on a valuation provided by an independent valuation expert or business appraiser. This is positive because it gives fiduciaries a clear standard to follow using IRS Revenue Ruling 59-60 principles.
-
Preservation of Fiduciary Obligations: Under Section 2, adding new section (b)(ii)(III) states that the new clause shall not be interpreted to modify a fiduciary's obligations under section 404. This is positive as it ensures existing fiduciary duties and accountability remain in place.
Potential Negative Impacts for People
- As an expert legislative analyst looking strictly at the provided text, there are no explicitly stated negative consequences, burdens, or negative impacts for individuals or groups of people mentioned in the bill.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would retired people be better off under this? — Improving the clarity of stock valuation for ESOPs supports more stable retirement transitions. Would people over 65 be better off under this? — The act benefits retirees by clarifying the valuation process for employee stock ownership plans. Would business owners be better off under this? — Providing clearer valuation standards helps owners of closely held businesses transition ownership through ESOPs.
- Economy And Finance
- Does this make it easier to run a small business? — The act facilitates easier stock transfers within employee stock ownership plans by allowing reliance on expert valuations.
- Governance And Ideology
- Does this give the federal government more power? — The bill restricts the expansion of the Secretary's regulatory authority.
- Public Law (10/16/2026)
The text as it became law
- Enrolled Bill
The final version, on its way to the President
- 10/15/2026
- Signed by President.
- Became Public Law No: 119-124.
- 10/5/2026
- Presented to President.
- 9/16/2026
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
- On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
- Considered as unfinished business. (consideration: CR H5960)
- At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- DEBATE - The House proceeded with forty minutes of debate on S. 2403.
- Considered under suspension of the rules. (consideration: CR H5905-5906)
- Mr. Walberg moved to suspend the rules and pass the bill.
- 10/17/2025
- Held at the desk.
- Received in the House.
- 10/16/2025
- Message on Senate action sent to the House.
- 10/9/2025
- Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
- Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
- 9/11/2025
- Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
- 7/30/2025
- Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 7/23/2025
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Timothy KaineDemocrat · Virginia