HARRY HUGHES, Governor                                2869

FOR the purpose of declaring the policy of this State to
encourage Employee Stock Ownership Plans; establishing
the Broadened Ownership Act; requiring certain agencies
to discuss their efforts to comply with promote the
policies of the Broadened Ownership Act in their annual
reports; and generally relating to the Broadened
Ownership Act.

BY adding to

Article 41 - Governor - Executive and

Administrative Departments
Section 14-I

Annotated Code of Maryland
(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 - Governor - Executive and
Administrative Departments

14-I.

(A)  IT IS THE POLICY OF THIS STATE TO RECOGNIZE 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. THE GENERAL ASSEMBLY OF
MARYLAND FINDS THAT EMPLOYEE STOCK OWNERSHIP PLANS, AS
DEFINED IN THE UNITED STATES INTERNAL REVENUE CODE, MAKE AN
IMPORTANT CONTRIBUTION TOWARD THE BROADENING OF CAPITAL
OWNERSHIP, INCREASE THE INCOME AND FINANCIAL SECURITY OF
CITIZENS OF THIS STATE, ASSURE CITIZENS GREATER CONTROL OF
THEIR ECONOMIC FUTURES, IMPROVE PRODUCTIVITY AND
LABOR-MANAGEMENT RELATIONS, CONTRIBUTE TO THE NATIONAL
EFFORT TO COMBAT INFLATION, STRENGTHEN THE FREE ENTERPRISE
SYSTEM, AND PUT THE STATE IN THE FOREFRONT OF CONTEMPORARY
ECONOMIC TRENDS. IT IS THE POLICY OF THIS STATE TO
ENCOURAGE THE BROADENING OF THE BASE OF CAPITAL OWNERSHIP
AMONG WIDER NUMBERS OF MARYLAND CITIZENS, AND TO ENCOURAGE
THE USE OF EMPLOYEE STOCK OWNERSHIP PLANS AS ONE MEANS OF
BROADENING THE OWNERSHIP OF CAPITAL.

(B)  THE DIVISION OF ECONOMIC DEVELOPMENT OF THE
DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT, THE
MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY, THE
DEVELOPMENT CREDIT CORPORATION OF MARYLAND, THE MARYLAND
STATE OFFICE OF MINORITY BUSINESS ENTERPRISE, THE DIVISION
OF LABOR AND INDUSTRY OF THE DEPARTMENT OF LICENSING AND
REGULATION, AND THE PUBLIC SERVICE COMMISSION SHALL INCLUDE
A DISCUSSION OF THEIR EFFORTS TO COMPLY WITH PROMOTE THESE
POLICIES IN THEIR RESPECTIVE ANNUAL REPORTS AS REQUIRED BY

LAW. THE ENUMERATION OF THESE AGENCIES AND

INSTRUMENTALITIES FOR PURPOSES OF THE REPORTING REQUIREMENTS