datamatters24/research-document-archive huggingface dataset:
‘‘(ii) 
REASONABLE
EFFORTS.—An 
open-end investment company or transfer 
agent acting on behalf of such company 
shall be considered in compliance with sub-
paragraph (B)(ii) if such company or 
transfer agent makes a reasonable effort to 
contact the individuals specified by a secu-
rity holder under subsection (h)(2)(A). 
‘‘(E) INTERNAL PROCEDURES.—An open- 
end investment company or transfer agent act-
ing on behalf of such company shall establish 
procedures to carry out the requirements under 
this subsection, including procedures— 
‘‘(i) related to the identification and 
reporting of matters related to the finan-
cial exploitation of specified adults; 
‘‘(ii) to determine whether to release 
or reinvest delayed redemption proceeds, 
taking into account the facts and cir-
cumstances of each case, should the inter-
nal review under subparagraph (B)(iii) 
support the reasonable belief described in 
subparagraph (B)(i); 
‘‘(iii) identifying each employee of the 
company or transfer agent with authority 
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to establish, extend, or terminate a period 
described in paragraph (1) or subpara-
graph (A); 
‘‘(iv) in the case of a transfer agent, 
that are reasonably designed to ensure that 
the employees of such transfer agent com-
ply with this subsection; and 
‘‘(v) in the case of an open-end invest-
ment company, establishing periodic re-
porting requirements under which a trans-
fer agent acting on behalf of such company 
shall notify such company of— 
‘‘(I) each extension under sub-
paragraph (B) authorized by such 
transfer agent; 
‘‘(II) each finding by the transfer 
agent under subparagraph (B)(i); 
‘‘(III) each notification under 
subparagraph (B)(ii) carried out by 
such transfer agent; and 
‘‘(IV) the results of each internal 
review initiated by the transfer agent 
under subparagraph (B)(iii). 
‘‘(F) INFORMATION INCLUDED IN CERTAIN 
STATEMENTS.—An open-end investment com-
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pany shall include in each prospectus or state-
ment of additional information a notification 
that the company or transfer agent acting on 
behalf of such company may postpone redemp-
tion of certain securities under this subsection. 
‘‘(G) RECORD RETENTION.—An open-end 
investment company or transfer agent acting on 
behalf of such company shall— 
‘‘(i) document and retain records of— 
‘‘(I) each postponement of re-
demption under subparagraph (A), 
(B), and (C); 
‘‘(II) each finding under subpara-
graph (B)(i); 
‘‘(III) the name and position of 
each employee described in subpara-
graph (E)(iii); 
‘‘(IV) each notification carried 
out under subparagraph (B)(ii); and 
‘‘(V) the results of each internal 
review initiated under subparagraph 
(B)(iii); and 
‘‘(ii) make such records available to 
the Commission at the request of the Com-
mission. 
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‘‘(3) SPECIFIED ADULT DEFINED.—In this sub-
section, the term ‘specified adult’ means— 
‘‘(A) an individual age 65 or older; or 
‘‘(B) an individual age 18 or older who a 
registered open-end investment company or a 
transfer agent acting on behalf of such com-
pany reasonably believes has a mental or phys-
ical impairment that renders the individual un-
able to protect the individual’s own interests.’’. 
(b) RECOMMENDATIONS.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of the enactment of this section, the Securi-
ties and Exchange Commission, in consultation with 
the entities specified in paragraph (2), shall submit 
to Congress a report that includes recommendations 
regarding the regulatory and legislative changes nec-
essary to address the financial exploitation of secu-
rity holders who are specified adults (as defined in 
subsection (i)(3) of section 22 of the Investment 
Company Act of 1940 (15 U.S.C. 80a–22), as added 
by this section). 
(2) CONSULTATION.—The entities specified in 
this paragraph are as follows: 
(A) The Commodity Futures Trading 
Commission. 
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(B) The Director of the Bureau of Con-
sumer Financial Protection. 
(C) The Financial Industry Regulatory Au-
thority. 
(D) The North American Securities Ad-
ministrators Association. 
(E) The Board of Governors of the Fed-
eral Reserve System. 
(F) The Comptroller of the Currency. 
(G) The Federal Deposit Insurance Cor-
poration. 
Æ 
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‘‘(iii) initiates an internal review of 
the facts and circumstances relating to the 
determination under clause (i); 
‘‘(iv) holds amounts related to the de-
layed payment or satisfaction upon re-
demption of the redeemable security in a 
demand deposit account; and 
‘‘(v) documents and retains records 
related to carrying out clause (iv) and in-
cludes such records in the first required 
account statement of the security holder 
provided after the date on which the deter-
mination is made under clause (i). 
‘‘(C) EXTENSION
BY
GOVERNMENT.—A 
State regulator, administrative agency of com-
petent jurisdiction, or court of competent juris-
diction may extend the period described in sub-
paragraph (A). 
‘‘(D) NOTIFICATION.— 
‘‘(i) 
EXCEPTION.—Subparagraph 
(B)(ii) shall not apply if a registered open- 
end investment company or transfer agent 
acting on behalf of such company reason-
ably believes that an individual required to 
be notified under such subparagraph is, 
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has been, or will subject the security holder 
who identified such individual under sub-
section (h)(2)(A) to financial exploitation. 
‘‘(ii) 
REASONABLE
EFFORTS.—An 
open-end investment company or transfer 
agent acting on behalf of such company 
shall be considered in compliance with sub-
paragraph (B)(ii) if such company or 
transfer agent makes a reasonable effort to 
contact the individuals specified by a secu-
rity holder under subsection (h)(2)(A). 
‘‘(E) INTERNAL PROCEDURES.—An open- 
end investment company or transfer agent act-
ing on behalf of such company shall establish 
procedures to carry out the requirements under 
this subsection, including procedures— 
‘‘(i) related to the identification and 
reporting of matters related to the finan-
cial exploitation of specified adults; 
‘‘(ii) to determine whether to release 
or reinvest delayed redemption proceeds, 
taking into account the facts and cir-
cumstances of each case, should the inter-
nal review under subparagraph (B)(iii) 
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support the reasonable belief described in 
subparagraph (B)(i); 
‘‘(iii) identifying each employee of the 
company or transfer agent with authority 
to establish, extend, or terminate a period 
described in paragraph (1) or subpara-
graph (A); 
‘‘(iv) in the case of a transfer agent, 
that are reasonably designed to ensure that 
the employees of such transfer agent com-
ply with this subsection; and 
‘‘(v) in the case of an open-end invest-
ment company, establishing periodic re-
porting requirements under which a trans-
fer agent acting on behalf of such company 
shall notify such company of— 
‘‘(I) each extension under sub-
paragraph (B) authorized by such 
transfer agent; 
‘‘(II) each finding by the transfer 
agent under subparagraph (B)(i); 
‘‘(III) each notification under 
subparagraph (B)(ii) carried out by 
such transfer agent; and 
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‘‘(IV) the results of each internal 
review initiated by the transfer agent 
under subparagraph (B)(iii). 
‘‘(F) INFORMATION INCLUDED IN CERTAIN 
STATEMENTS.—An open-end investment com-
pany shall include in each prospectus or state-
ment of additional information a notification 
that the company or transfer agent acting on 
behalf of such company may postpone redemp-
tion of certain securities under this subsection. 
‘‘(G) RECORD RETENTION.—An open-end 
investment company or transfer agent acting on 
behalf of such company shall— 
‘‘(i) document and retain records of— 
‘‘(I) each postponement of re-
demption under subparagraph (A), 
(B), and (C); 
‘‘(II) each finding under subpara-
graph (B)(i); 
‘‘(III) the name and position of 
each employee described in subpara-
graph (E)(iii); 
‘‘(IV) each notification carried 
out under subparagraph (B)(ii); and 
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‘‘(V) the results of each internal 
review initiated under subparagraph 
(B)(iii); and 
‘‘(ii) make such records available to 
the Commission at the request of the Com-
mission. 
‘‘(3) SPECIFIED ADULT DEFINED.—In this sub-
section, the term ‘specified adult’ means— 
‘‘(A) an individual age 65 or older; or 
‘‘(B) an individual age 18 or older who a 
registered open-end investment company or a 
transfer agent acting on behalf of such com-
pany reasonably believes has a mental or phys-
ical impairment that renders the individual un-
able to protect the individual’s own interests.’’. 
(b) RECOMMENDATIONS.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of the enactment of this section, the Securi-
ties and Exchange Commission, in consultation with 
the entities specified in paragraph (2), shall submit 
to Congress a report that includes recommendations 
regarding the regulatory and legislative changes nec-
essary to address the financial exploitation of secu-
rity holders who are specified adults (as defined in 
subsection (i)(3) of section 22 of the Investment 
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Company Act of 1940 (15 U.S.C. 80a–22), as added 
by this section). 
(2) CONSULTATION.—The entities specified in 
this paragraph are as follows: 
(A) The Commodity Futures Trading 
Commission. 
(B) The Director of the Bureau of Con-
sumer Financial Protection. 
(C) The Financial Industry Regulatory Au-
thority. 
(D) The North American Securities Ad-
ministrators Association. 
(E) The Board of Governors of the Fed-
eral Reserve System. 
(F) The Comptroller of the Currency. 
(G) The Federal Deposit Insurance Cor-
poration. 
Passed the House of Representatives January 30, 
2023. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Recognizing Gun Vio-
lence as a Public Health Emergency Act’’. 
SEC. 2. REPORT ON EFFECTS OF GUN VIOLENCE ON PUB-
LIC HEALTH. 
(a) IN GENERAL.—Not later than 2 years after the 
date of enactment of this Act, and annually thereafter, 
the Secretary of Health and Human Services, in coordina-
tion with the Director of the Centers for Disease Control 
and Prevention, shall submit to the Congress a report 
on— 
(1) the effects on public health of gun violence 
in the United States during the preceding calendar 
year; and 
(2) the status of actions taken to address such 
effects. 
(b) CONTENTS.—The report under subsection (a) 
shall include the following: 
(1) Data on fatal and nonfatal firearm inci-
dents, disaggregated by age, sex, race, and gender 
identity of the victim. 
(2) ZIP Code- or census tract-level data on 
fatal and nonfatal firearm incidents. 
(3) The impacts of gun violence on communities 
(including communities of color) and community 
members (including young people, health care work-
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ers, and other categories of community members as 
determined by the Secretary of Health and Human 
Services). 
(4) The impacts of gun violence on physical and 
mental health. 
(5) Data on active community-based gun vio-
lence prevention programs and the impacts of such 
programs, disaggregated by ZIP Code or census 
tract. 
(6) Data on rates of firearm deaths and inju-
ries, disaggregated by— 
(A) whether the incident involved— 
(i) homicide or assault; 
(ii) partner violence; 
(iii) suicide or self-harm; 
(iv) law enforcement; or 
(v) terrorism; 
(B) whether the incident was uninten-
tional; 
(C) whether the cause of the incident was 
undetermined; and 
(D) whether the incident belongs in such 
other categories as are determined by the Sec-
retary of Health and Human Services. 
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(7) Data on the types of firearms used in fatal 
and nonfatal firearm incidents, including— 
(A) handguns; 
(B) long guns; 
(C) ghost guns; 
(D) semiautomatic long guns; 
(E) guns that were stolen; 
(F) guns that were not stolen; 
(G) whether the firearm was owned by the 
victim or a family member of the victim; and 
(H) other types of firearms as determined 
by the Secretary of Health and Human Serv-
ices. 
(8) Data on the implementation, effectiveness, 
and availability of— 
(A) firearm violence intervention programs; 
(B) lethal means counseling programs; 
(C) school prevention programs, including 
lockdown drills, threat assessment programs, 
and ‘‘hardening’’ of schools; 
(D) extreme risk protection orders; 
(E) use of domestic violence-related restric-
tions on firearm ownership; 
(F) communication of the conditions used 
in conjunction with the National Instant Crimi-
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nal Background Check System to determine 
whether an individual is prohibited from pur-
chasing a firearm; and 
(G) safe storage laws. 
(9) Data on funding levels for firearm injury 
prevention research. 
(10) Data on the frequency at which funding 
such research translates into publication of research 
results. 
(11) Data on the degree to which the funding 
such research translates into community-level inter-
ventions. 
(12) Other information and data as determined 
appropriate by the Secretary of Health and Human 
Services 
(c) SUPPLEMENT NOT SUPPLANT.—The research 
done for purposes of developing the report required under 
subsection (a) shall be designed to supplement not sup-
plant other research of the Department of Health and 
Human Services or the Centers for Disease Control and 
Prevention. 
Æ 
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I 
118TH CONGRESS 
1ST SESSION H. R. 5011 
To amend the Internal Revenue Code of 1986 and the Small Business 
Act to expand the availability of employee stock ownership plans in 
S corporations, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 27, 2023 
Mr. KELLY of Pennsylvania (for himself, Mr. BLUMENAUER, Mr. WENSTRUP, 
Mrs. MILLER of West Virginia, Mr. ESTES, Mr. PASCRELL, Mr. DAVIS 
of Illinois, and Ms. SEWELL) introduced the following bill; which was re-
ferred to the Committee on Ways and Means, and in addition to the 
Committees on Small Business, and Education and the Workforce, for a 
period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 and the Small 
Business Act to expand the availability of employee stock 
ownership plans in S corporations, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promotion and Expan-
sion of Private Employee Ownership Act of 2023’’. 
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SEC. 2. FINDINGS. 
Congress finds that— 
(1) on January 1, 1998—nearly 25 years after 
the Employee Retirement Income Security Act of 
1974 was enacted and the employee stock ownership 
plan (hereafter in this section referred to as an 
‘‘ESOP’’) was created—employees were first per-
mitted to be owners of subchapter S corporations 
pursuant to the Small Business Job Protection Act 
of 1996 (Public Law 104–188); 
(2) with the passage of the Taxpayer Relief Act 
of 1997 (Public Law 105–34), Congress designed in-
centives to encourage businesses to become ESOP- 
owned S corporations; 
(3) since that time, several thousand companies 
have become ESOP-owned S corporations, creating 
an ownership interest for several million Americans 
in companies in every State in the country, in indus-
tries ranging from heavy manufacturing to tech-
nology development to services; 
(4) while estimates show that 40 percent of 
working Americans have no formal retirement ac-
count at all, every United States worker who is an 
employee-owner of an S corporation company 
through an ESOP has a valuable qualified retire-
ment savings account; 
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(5) recent studies have shown that employees of 
ESOP-owned S corporations enjoy greater job sta-
bility than employees of comparable companies; 
(6) studies also show that employee-owners of S 
corporation ESOP companies have amassed mean-
ingful retirement savings through their S ESOP ac-
counts that will give them the means to retire with 
dignity; 
(7) under the Small Business Act (15 U.S.C. 
631 et seq.) and the regulations promulgated by the 
Administrator of the Small Business Administration, 
a small business concern that was eligible under the 
Small Business Act for the numerous preferences of 
the Act is denied treatment as a small business con-
cern after an ESOP acquires more than 49 percent 
of the business, even if the number of employees, the 
revenue of the small business concern, and the ra-
cial, gender, or other criteria used under the Act to 
determine whether the small business concern is eli-
gible for benefits under the Act remain the same, 
solely because of the acquisition by the ESOP; and 
(8) it is the goal of Congress to both preserve 
and foster employee ownership of S corporations 
through ESOPs. 
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SEC. 3. FULL DEFERRAL OF TAX FOR CERTAIN SALES OF 
EMPLOYER STOCK TO EMPLOYEE STOCK 
OWNERSHIP PLAN SPONSORED BY S COR-
PORATION. 
(a) ACCELERATION OF DEFERRAL.—Section 114(c) 
of the SECURE 2.0 Act of 2022 is amended by striking 
‘‘December 31, 2027’’ and inserting ‘‘the date of the en-
actment of the Promotion and Expansion of Private Em-
ployee Ownership Act of 2023’’. 
(b) REPEAL OF LIMITATION.— 
(1) IN GENERAL.—Section 1042 of the Internal 
Revenue Code of 1986, as amended by section 114 
of the SECURE 2.0 Act of 2022, is amended by 
striking subsection (h). 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall apply to sales after the date 
of the enactment of this Act. 
SEC. 4. DEPARTMENT OF THE TREASURY TECHNICAL AS-
SISTANCE OFFICE. 
(a) ESTABLISHMENT REQUIRED.—Before the end of 
the 90-day period beginning on the date of enactment of 
this Act, the Secretary of the Treasury shall establish the 
S Corporation Employee Ownership Assistance Office to 
foster increased employee ownership of S corporations. 
(b) DUTIES OF THE OFFICE.—The S Corporation 
Employee Ownership Assistance Office shall provide— 
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(1) education and outreach to inform companies 
and individuals about the possibilities and benefits of 
employee ownership of S corporations; and 
(2) technical assistance to assist S corporations 
in sponsoring employee stock ownership plans. 
SEC. 5. SMALL BUSINESS AND EMPLOYEE STOCK OWNER-
SHIP. 
(a) IN GENERAL.—The Small Business Act (15 
U.S.C. 631 et seq.) is amended— 
(1) by redesignating section 49 as section 50; 
and 
(2) by inserting after section 48 the following: 
‘‘SEC. 49. EMPLOYEE STOCK OWNERSHIP PLANS. 
‘‘(a) DEFINITIONS.—In this section— 
‘‘(1) the term ‘ESOP’ means an employee stock 
ownership plan, as defined in section 4975(e)(7) of 
the Internal Revenue Code of 1986; and 
‘‘(2) the term ‘ESOP business concern’ means 
a business concern that was a small business con-
cern eligible for a loan, preference, or other program 
under this Act before the date on which more than 
49 percent of the business concern was acquired by 
an ESOP. 
‘‘(b) CONTINUED
ELIGIBILITY.—In determining 
whether an ESOP business concern qualifies as a small 
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business concern for purposes of a loan, preference, or 
other program under this Act, each ESOP participant 
shall be treated as directly owning his or her proportionate 
share of the stock in the ESOP business concern owned 
by the ESOP.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on January 1 of the first cal-
endar year beginning after the date of the enactment of 
this Act. 
SEC. 6. ESTABLISHMENT OF THE ADVOCATE FOR EM-
PLOYEE OWNERSHIP. 
(a) IN GENERAL.—Subtitle A of title III of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1201 et seq.) is amended by adding at the end 
the following: 
‘‘SEC. 3005. ADVOCATE FOR EMPLOYEE OWNERSHIP. 
‘‘(a) IN GENERAL.—The Secretary of Labor shall ap-
point an Advocate for Employee Ownership within the 
Employee Ownership Initiative established under section 
346(b)(1) of the SECURE 2.0 Act of 2022 (division T 
of the Consolidated Appropriations Act, 2023 (Public Law 
117–328)). The appointment shall be made without regard 
to the provisions of title 5, United States Code, relating 
to appointments in the competitive service or Senior Exec-
utive Service. 
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‘‘(b) DUTIES.—The Advocate for Employee Owner-
ship shall— 
‘‘(1) consult with the head of the Employee 
Ownership 
Initiative 
established 
under 
section 
346(b)(1) of the SECURE 2.0 Act of 2022 (division 
T of the Consolidated Appropriations Act, 2023 
(Public Law 117–328)); 
‘‘(2) act as a liaison between the Department of 
Labor, employee ownership advocates, employers 
considering employee ownership, workers interested 
in employee ownership, and other stakeholders, in-
cluding employee stock ownership plan sponsors and 
participants; 
‘‘(3) provide public education and assistance re-
lated to the expansion of employee ownership 
through the establishment and maintenance of prac-
tices that promote employee ownership, including the 
use of employee stock ownership plans; 
‘‘(4) provide assistance for purposes of resolving 
a dispute with the Department of Labor to any em-
ployee stock ownership plan sponsor, fiduciary, or 
participant and help facilitate communication be-
tween such entities and the Department of Labor for 
such purposes; 
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