A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of employee stock ownership plans.

Amends the Internal Revenue Code to require employee stock ownership plans to permit plan participants to maintain voting control over employer securities allocated to their respective accounts, whether or not such securities are publicly or privately traded.

Requires stock ownership plans to adopt a consistent formula for valuing securites contributed to such plans upon both contribution to, and withdrawal from, the plan.