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[Page S2810]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TRIBUTE TO J. MICHAEL KEELING
Mr. WYDEN. Madam President, I wish to pay tribute to J. Michael
Keeling, a lifelong advocate for employee retirement benefits who
believed in creating engaged workforces through Employee Stock
Ownership Plans, or ESOPs.
A proud graduate of Harvard and the University of Texas School of
Law, and a lifelong student of history, Mr. Keeling's support of ESOPs
began in the 1970s when he served as chief of staff for former
Congressman J.J. ``Jake'' Pickle, an ardent supporter of these plans.
When Mr. Keeling joined the ESOP Association, he distinguished
himself as an outstanding advocate and lawyer on behalf of employees
and their companies seeking to establish Employee Stock Ownership Plans
during the 1980s.
In 1991, after serving as general counsel to the organization, Mr.
Keeling was chosen by the ESOP Association's board of directors to lead
its operations as president and chief staff officer. It was during his
distinguished 28-year tenure in this position that many important
achievements benefitting thousands of businesses and millions of
employee owners took place.
Thanks to his efforts, the ESOP Association developed a nationwide
network of chapters facilitating education, training, and networking
among employee owners. These local groups help hundreds of companies
better engage their employee owners and successfully navigate the often
complex regulations guiding ESOPs.
Recognizing that good policy is predicated on good data, Mr. Keeling
worked with the ESOP Association to establish the Employee Ownership
Foundation to fund research on the economic and personal effects of
ESOPs and broad-based employee ownership. Since its inception in 1997,
the foundation has donated millions of dollars to fund academic
research. Its support was the key factor in establishing the first
academic center devoted specifically to employee ownership: the
Institute for the Study of Employee Ownership and Profit Sharing, at
Rutgers University.
Thanks to foundation-funded research, as a nation we now have clear
evidence that companies with employee stock ownership are much more
likely to withstand difficult economic times, more likely to invest in
employee training, and are far less likely than conventionally owned
firms to lay off employees. The foundation also has funded the academic
study of dozens of fellows and researchers interested in employee
ownership and its role in the U.S. economy.
During his tenure at the ESOP Association, Mr. Keeling visited nearly
600 ESOP companies. The breadth of insight he gained, coupled with his
deep understanding of ERISA and tax law, made him a uniquely credible
voice in the retirement plan community.
Mr. Keeling is retiring from his role as head of the ESOP Association
this year, and I ask my colleagues to join me in recognizing his
longterm, passionate efforts to preserve and advance the retirement
benefits of millions of working Americans.
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