Bill > S2474

This bill establishes a new position of Advocate for Employee Ownership within the Department of Labor, who will be appointed directly by the Secretary of Labor and will serve as a key resource for promoting and supporting employee ownership across the United States. The Advocate will have several important responsibilities, including consulting with the Employee Ownership Initiative, acting as a liaison between various stakeholders (such as employers, workers, and government agencies), providing public education about employee ownership, helping to resolve disputes related to employee stock ownership plans (ESOPs), and identifying potential legislative and administrative improvements to promote employee ownership. The Advocate will be compensated at a high executive level and will be required to submit an annual report to congressional committees detailing their activities, challenges, and recommendations. This position aims to increase awareness and support for employee ownership as a business strategy and succession planning option, with the broader goal of empowering workers and creating more opportunities for employees to have a financial stake in the companies where they work. The bill specifically mentions coordinating with other federal agencies like the Small Business Administration to advance these objectives.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/2474/all-info