Office of Employee Ownership

(a) Establishment of the Office of Employee Ownership (1) In general Not later than 90 days after the date of enactment of this Act, the Secretary shall establish the Office of Employee Ownership in the Department of Labor, outside of the Employee Benefits Security Administration. (2) Director The Secretary shall appoint the Director of the Office of Employee Ownership to serve as the head of the Office at the pleasure of the Secretary. (3) Staff The Director may select, appoint, and employ such employees as are necessary to carry out the functions of the Office. (b) Functions The Director shall be responsible for— (1) carrying out the Employee Ownership Initiative established under section 346 of the SECURE 2.0 Act of 2022 (29 U.S.C. 3228); and (2) carrying out the Employee Ownership Loan Program under section 4.