[Congressional Record Volume 165, Number 80 (Tuesday, May 14, 2019)]
[Senate]
[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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