Richard McCormick: Voted NO on S 2403: On Motion to Suspend the Rules and Pass

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Richard McCormick, Sep 16, 2026

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Party line
Voted differently from most Republicans: 191 of 205 voted YES.
As of Sep 16, 2026Source: clerk.house.gov(opens in a new tab)

The bill

Retire through Ownership Act

Topic: Labor and Employment

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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.

Source: Congressional Research Service summary

Bill on congress.gov(opens in a new tab)

Vote source: clerk.house.gov

Every member's vote

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Voted NO on Fast-track passage of the “Retire through Ownership Act” (S 2403)

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The bill

Voted NO on Fast-track passage of the “Retire through Ownership Act” (S 2403)

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Rep. McCormick voted NO on fast-track passage of the “Retire through Ownership Act” (S 2403)

Voted NO on Fast-track passage of the “Retire through Ownership Act” (S 2403)

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The bill

Rep. McCormick voted NO on fast-track passage of the “Retire through Ownership Act” (S 2403)

Voted NO on Fast-track passage of the “Retire through Ownership Act” (S 2403)

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