HARRY HUGHES, Governor

2145

JOINT RESOLUTIONS SIGNED

by the

PRESIDENT OF THE SENATE

and the

SPEAKER OF THE HOUSE OF DELEGATES

No. 1

(Senate Joint Resolution No. 6)

A Senate Joint Resolution concerning

Employee Stock Ownership Plans

FOR the purpose of urging the Department of Economic    and

Community Development to study the ways in which   the

State of Maryland may encourage and promote      the
establishment of Employee Stock Ownership Plans.

WHEREAS, The General Assembly of Maryland recognizes
the declaration of the Joint Economic Committee of the
Congress of the United States that broadening the ownership
of capital should be a twin pillar of economic policy, along
with achieving full employment; and

WHEREAS, The General Assembly of Maryland recognizes
the important contribution that Employee Stock Ownership
Plans, as defined in the United States Internal Revenue
Code, make toward the broadening of capital ownership; and

WHEREAS, The General Assembly of Maryland recognizes
that increased use of Employee Stock Ownership Plans can
substantially increase the income and financial security of
citizens of Maryland, assure them greater control of their
economic futures, improve productivity, improve
labor-management relations, contribute to the national
effort to combat inflation, strengthen the free enterprise
system, and put Maryland in the forefront of contemporary
economic trends; now, therefore, be it

RESOLVED BY THE GENERAL ASSEMBLY OF MARYLAND, That the
Department of Economic and Community Development be urged to
undertake a study of ways in which the State of Maryland may
encourage and promote the establishment of Employee Stock
Ownership Plans in Maryland. The study should include and
evaluate methods for the encouragement and promotion of such
plans that may be undertaken under present Maryland law, as
well as recommend legislation that will accomplish this
purpose. The Secretary of the Department of Economic and
Community Development and those under his supervision are
urged to cooperate fully in the preparation of this study.
The study should include, but not be limited to, methods in
which State employee pension funds, the Public Service
Commission, State inheritance laws, and various development