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Retire through Ownership Act

Public Law 119-124 · S. 2403 · 119th Congress · began in the Senate

Signed by Donald Trump (R) on Oct 15, 2026 · Labor and Employment

Sponsor: Sen. Roger Marshall (R-KS)

Cosponsors (1): Sen. Tim Kaine

Passage votesYeaNay

  • HouseRecorded vote: 401 yea, 14 nay401–14
  • SenateUnanimous consent
Data notes

The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.

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Summary

The Congressional Research Service’s plain-language summary of what the law does.

This bill allows the fiduciary of an Employee Stock Ownership Plan (ESOP) to rely on a valuation provided by an independent valuation expert or business appraiser in determining the fair market value of the plan's securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) and the expert or appraiser follows specified methodologies.

In general, ESOPs are defined contribution pension plans where employees accrue shares of their employers' stock in individual accounts as part of their compensation. After separating from employment or retiring, employees receive the cash value of their shares.

Under the bill, an independent expert or appraiser must adhere to the methodology established under the Internal Revenue Service Ruling 59-60, which prescribes the factors a professional business appraiser should consider in forming a valuation of the stock for a closely held business.

Who voted for it

Every House member of the 119th Congress on the ideology compass. Highlighted: the 401 who voted yea on final passage. Faded: everyone else, including those who voted nay, did not vote, or had not yet taken office.

401 yea14 nay18 present or did not vote

ProEstablishmentAnti
Economic left–right
More liberalMore conservative

Democrats who voted yea(209)

Republicans who voted yea(192)

Data notes

The House’s recorded vote on the final version of the law (roll call 674 in Voteview), matched to the vote the record cites and checked against its totals. Positions are each member’s DW-NOMINATE score for that Congress, as on the Ideology page; left to right is more liberal to more conservative. Paired and announced yea votes count as yea. Lists follow the compass, most liberal first. A name links to a profile only for members of the current Congress. A law passed by voice vote or unanimous consent has no member list, and neither does a vote Voteview has not yet recorded.

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Committees

The committees the bill was sent to, and what each did with it.

Data notes

A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.

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Related bills

1 bill the Library of Congress relates to this one.

  • H.R. 5169Related bill

    Retire through Ownership Act

Data notes

Related bills are identified by the Congressional Research Service, the House and the Senate: companion and identical bills, bills with similar text, bills that were folded into this law, and rules that brought it to the floor. A bill that is itself a public law in this site’s data links here; the others link to Congress.gov.

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Timeline

From introduction to signing, newest first: the committees, the floor and the president. 19 actions.

  1. Oct 15, 2026Became lawBecame law · Became Public Law No: 119-124.
  2. Became lawBecame law · Signed by President.
  3. Oct 5, 2026FloorFloor · Presented to President.
  4. Sep 16, 2026FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
  5. FloorFloor · 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).House roll call 314
  6. FloorFloor · Considered as unfinished business.
  7. FloorFloor · 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.
  8. FloorFloor · DEBATE - The House proceeded with forty minutes of debate on S. 2403.
  9. FloorFloor · Considered under suspension of the rules.
  10. FloorFloor · Mr. Walberg moved to suspend the rules and pass the bill.
  11. Oct 17, 2025FloorFloor · Held at the desk.
  12. FloorFloor · Received in the House.
  13. Oct 16, 2025FloorFloor · Message on Senate action sent to the House.
  14. Oct 9, 2025FloorFloor · Passed Senate with an amendment by Unanimous Consent.
  15. Sep 11, 2025CalendarCalendar · Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
  16. CommitteeCommittee · Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
  17. Jul 30, 2025CommitteeCommittee · Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
  18. Jul 23, 2025CommitteeCommittee · Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
  19. IntroducedIntroduced · Introduced in Senate
Data notes

Every action the Library of Congress lists for the bill, from introduction to signing, plus the dated committee hearings. The source lists many steps twice (the chamber’s own entry and the Library of Congress copy, or a presidential and a became-law entry with the same words); those are shown once. Amendments are listed in their own section.

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Amendments

No amendments to this bill are on record.

Data notes

Amendments offered to this bill in either chamber, as the Library of Congress records them: each with a status read from its last recorded step: agreed to, rejected, withdrawn, ruled out of order, fell with another amendment, or offered with no vote recorded (most Senate amendments are only ever offered). The wording of each amendment is the source’s. Amendments to amendments and amendments to other bills are not listed.

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Official record

The bill’s full text is on Congress.gov. Data through Oct 15, 2026.