119th Congress · Senate bill · Last action Oct 15, 2026
S. 2403Signed Into LawLabor and Employment
Retire through Ownership Act
Sponsor: Sen. Marshall, Roger (R-KS)1 cosponsorIntroduced Jul 23, 2025
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In plain English
S. 2403, sponsored by Sen. Roger Marshall (R-KS), allows fiduciaries of Employee Stock Ownership Plans to use valuations from independent appraisers or valuation experts when determining the fair market value of company stock that is not publicly traded, provided the appraiser follows the methodology established under IRS Ruling 59-60. The bill modifies the definition of "adequate consideration" for purposes of ESOP valuations to permit reliance on these independent expert valuations.
Generated by ThePolitibase from the bill text and CRS summary. Read the official text →
Note: the official CRS summary for this bill was written on 2026-10-15, but the bill text was revised on 2026-10-16T03:59:59Z. Provisions may have been added since the summary was written — the section list above reflects the current text.
Where it is in the process
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Introduced
Jul 23
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Senate committee
Jul 30
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Senate floor
Oct 9
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House
Sep 16
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Signed
Public law
What happens next: Signed into law. Now in force.
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Sponsor
Cosponsors (1)
TS
All Democratic.
Activity timeline
Oct 15
Oct 15
Oct 15
Became Public Law No: 119-124.
Oct 15
Oct 15
Oct 15
Became Public Law No: 119-124.
Oct 15
Oct 15
Oct 15
Signed by President.
Oct 15
Oct 15
Oct 15
Signed by President.
Oct 5
Oct 5
Oct 5
Presented to President.
Oct 5
Oct 5
Oct 5
Presented to President.
Sep 16
Sep 16
Sep 16
Motion to reconsider laid on the table Agreed to without objection.
Sep 16
Sep 16
Sep 16
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
Sep 16
Sep 16
Sep 16
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
Sep 16
Sep 16
Sep 16
Considered as unfinished business. (consideration: CR H5960)
Read the bill text
Official text via Congress.gov. Opens in a new tab.
Full action log
All 25 recorded actions since introduction · Source: Congress.gov
2026
Oct 15
Became Public Law No: 119-124.
Oct 15
Became Public Law No: 119-124.
Oct 15
Signed by President.
Oct 15
Signed by President.
Oct 5
HOUSEPresented to President.
Oct 5
Presented to President.
Sep 16
HOUSEMotion to reconsider laid on the table Agreed to without objection.
Sep 16
HOUSEOn motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
Sep 16
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
Sep 16
HOUSEConsidered as unfinished business. (consideration: CR H5960)
Sep 16
HOUSEAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Sep 16
HOUSEDEBATE - The House proceeded with forty minutes of debate on S. 2403.
Sep 16
HOUSEConsidered under suspension of the rules. (consideration: CR H5905-5906)
Sep 16
HOUSEMr. Walberg moved to suspend the rules and pass the bill.
2025
Oct 17
HOUSEHeld at the desk.
Oct 17
HOUSEReceived in the House.
Oct 16
SENATEMessage on Senate action sent to the House.
Oct 9
SENATEPassed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
Oct 9
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Sep 11
SENATEPlaced on Senate Legislative Calendar under General Orders. Calendar No. 158.
Sep 11
SENATECommittee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Sep 11
Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Jul 30
SENATECommittee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
Jul 23
SENATERead twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jul 23
Introduced in Senate
All 1 cosponsor
1 Democrat · 0 Republicans
Democrats (1)
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