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119th Congress Labor and Employment

S. 2403: Retire through Ownership Act

Became LawPublic Law 119-124, signed Oct 15, 2026

  1. Introduced (completed)Jul 23, 2025
  2. Passed Senate (completed)Oct 9, 2025
  3. Passed House (completed)Sep 16, 2026, 401–14
  4. To the President (completed)Oct 5, 2026
  5. Became law (completed)Oct 15, 2026

Summary

Passed Senate, Oct 9, 2025

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.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, Sep 16, 2026

On Motion to Suspend the Rules and Pass

Passed 401–14

Yea 401two-thirds 277Nay 14

  • Democrats209 yea, 0 nay
  • Republicans191 yea, 14 nay
  • Independents1 yea, 0 nay

Broke with their party: Keith Self (R-TX), Chip Roy (R-TX), Ralph Norman (R-SC), Rich McCormick (R-GA), Mary Miller (R-IL), Clay Higgins (R-LA), Andy Harris (R-MD), Randall Fine (R-FL), Russ Fulcher (R-ID) and Warren Davidson (R-OH) voted Nay; and 4 more

See how all 415 members voted

Showing 433 of 433 members

Yea 401

Republicans (191)

Democrats (209)

Independents (1)

Nay 14

Republicans (14) broke with their party

Not voting 18

Senate

Passed by unanimous consent

Oct 9, 2025

No recorded vote, so there is no member-by-member tally.

Roll calls

1 vote on this bill

Showing 1 of 1 roll calls

  • Sep 16, 2026HouseOn Motion to Suspend the Rules and PassFinal passagePassed, yea-nay 401–14
    Roll call 314 tally by party
    PartyYeaNayPresentNot voting
    Democrats209005
    Republicans19114013
    Independents1000
    Total40114018

    House roll call 314: On Motion to Suspend the Rules and Pass. Passed.

    14 crossed party lines: 14 Republicans

    How each member voted (433)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

1

Bipartisan support.

Who scored on this bill

244 points earned
  1. 1Roger Marshall R-KS SponsorDrew cross-party cosponsors, introduced, reported, passed Senate, passed House, became law6 events+156
  2. 2Josh Brecheen R-OK1 maverick vote1 event+6
  3. 2Michael Cloud R-TX1 maverick vote1 event+6
  4. 2Andrew Clyde R-GA1 maverick vote1 event+6
  5. 2Eli Crane R-AZ1 maverick vote1 event+6
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Roger Marshall

History

  1. Oct 15, 2026Signed by the President. Became Public Law 119-124.
  2. Oct 5, 2026Presented to the President.
  3. Sep 16, 2026Passed the House, 401–14.
  4. Oct 9, 2025Passed the Senate with an amendment by unanimous consent.
  5. Jul 23, 2025Introduced in the Senate by Roger Marshall.
Show the full action history (25 actions)
  1. Oct 15, 2026Signed by President.
  2. Oct 15, 2026Became Public Law No: 119-124.
  3. Oct 5, 2026Presented to President.
  4. Sep 16, 2026Passed/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)
  5. Sep 16, 2026Considered under suspension of the rules. (consideration: CR H5905-5906)
  6. Sep 16, 2026Considered as unfinished business. (consideration: CR H5960)
  7. Sep 16, 2026On 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)
  8. Sep 16, 2026Mr. Walberg moved to suspend the rules and pass the bill.
  9. Sep 16, 2026Considered under suspension of the rules.
  10. Sep 16, 2026DEBATE - The House proceeded with forty minutes of debate on S. 2403.
  11. Sep 16, 2026At 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.
  12. Sep 16, 2026Considered as unfinished business.
  13. Sep 16, 2026Passed/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).
  14. Sep 16, 2026On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314).
  15. Sep 16, 2026Motion to reconsider laid on the table Agreed to without objection.
  16. Oct 17, 2025Received in the House.
  17. Oct 17, 2025Held at the desk.
  18. Oct 16, 2025Message on Senate action sent to the House.
  19. Oct 9, 2025Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
  20. Oct 9, 2025Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
  21. Sep 11, 2025Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
  22. Sep 11, 2025Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
  23. Jul 30, 2025Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
  24. Jul 23, 2025Introduced in Senate
  25. Jul 23, 2025Read twice and referred to the Committee on Health, Education, Labor, and Pensions.