To amend the Employee Retirement Income Security Act of 1974 to permit employee stock ownership plan participants to benefit from the full amount of beneficial ownership that can be accrued in the plan while also fully realizing the benefits of saving for retirement in a defined contribution plan.

HR9792, introduced by Rep. Scott Perry (R-PA) on July 20, 2026, proposes to amend the Employee Retirement Income Security Act of 1974 (ERISA) to permit employee stock ownership plan (ESOP) participants to benefit from the full amount of beneficial ownership that can be accrued in the plan while also fully realizing the benefits of saving for retirement in a defined contribution plan. The bill has been referred to the Committee on Ways and Means and the Committee on Education and Workforce, both standard for ERISA-related legislation. As of the event date, there are zero cosponsors, indicating limited initial support. The sponsor is a junior member of the House, further reducing the likelihood of rapid advancement. The bill does not authorize any specific funding; it is a policy change to ERISA that would affect plan design and participant benefits. The legislative path requires committee hearings, markups, and floor votes in both chambers, which is unlikely in the near term given the current session's focus. No convergence with other signals is identified; this bill stands alone as a procedural proposal. Structural winners would be companies that administer ESOPs or provide related trust services, such as Northern Trust (NTRS), State Street (STT), and BNY Mellon (BK), but the impact is too speculative at this stage. The bill's early stage and lack of momentum mean no actionable market signal exists.